Mr. Mazen Alnaimi reports

ARGEX TITANIUM HOLDS FINAL CLOSING OF PRIVATE PLACEMENT FOR $255,750

Argex Titanium Inc. has held the final closing of its previously announced private placement at which it issued an aggregate of 5,115,000 "hard-dollar" units to "accredited investors" at a price of five cents per unit for gross proceeds to Argex of $255,750.

Each of the HD unit is composed of one common share and one common share purchase warrant. Each full warrant entitles its holder to acquire one additional Argex common share at a price of six cents for a period of 24 months.

Argex will use the net proceeds from the sale of the HD unit for engineering and working capital.

Argex issued an aggregate of 30,174,940 HD unit in its private placement for gross proceeds to Argex of $1,508,747 as well as 6.4 million "flow-through" unit for gross proceeds of $320,000.

"We are very pleased with the interest that our private placement generated. It will provide Argex with an increased margin of manoeuvre and will allow us to concentrate on the financing and the construction of our Technology Center, thus pursuing our goal of succeeding as a low-cost and cleaner emerging producer of TiO2," said Mazen Alnaimi, chairman and chief executive officer of Argex Titanium.

At the final closing, Argex issued an aggregate of 358,050 "broker warrants" to various securities dealers, representing an amount equal to 7 per cent of the number of HD unit sold through such dealers. Each of the "broker warrants" entitles its holder to purchase one additional Argex common share at a price of 5.844 cents for a period of 24 months.

The securities issued at the final closing of the private placement are subject to a four-month "hold period" under applicable securities regulations.

We seek Safe Harbor.