Mr. Michael Dehn reports:
INITIAL POSITIVE METALLURGICAL RESULTS YIELD HIGH QUALITY CONCENTRATE
Argex Mining Inc. (TSX-V:RGX) (FSE: ASV) (OTCBB: ARGEF), formerly Argex Silver Capital Inc., reports that it has received results from metallurgical tests performed to date by Process Research Ortech on samples from Argex's La Blache properties.
"We are extremely excited with the metallurgical results received to date and the pace and professionalism exhibited by Process Research Ortech. We expect to have the initial metallurgical test work with Process Research Ortech completed on schedule. Results to date have exceeded our expectations and will demonstrate that La Blache is truly a world class titanium-iron-vanadium deposit," stated Argex President and CEO Michael Dehn.
Preliminary leaching tests using Process Research Ortech leaching technology demonstrated high extraction efficiencies for the iron ((greater than)90%), titanium ((greater than)85%), vanadium ((greater than)90%) and chromium ((greater than)90%). Further test-work is being conducted to optimize the extraction of iron and titanium.
In the tests recently completed, Process Research Ortech made two composite samples from drill core samples that Argex had previously analyzed with ALS Chemex. The two composites (of approximately 100 kg each) were made from samples containing the lowest amount of iron (approximately 41% Fe expected) and the highest amount of iron (approximately 47% Fe expected). Initial testwork has concentrated on the processing of the high iron composite. Below is the head analysis of the high iron composites.
Fe Ti TiO2 V V2O5 Cr Cr2O3
(%) (%) (%)* (%) (%)* (%) (%)* Lab
1 48.51 11.97 19.97 0.17 0.30 0.10 0.15 AGAT Laboratories
2 44.02 11.51 19.20 0.20 0.36 0.13 0.19 AGAT Laboratories
Grind size and screen analysis were performed after various grind times. Subsequently, various physical separation methods (flotation, gravity, and magnetic separation) were applied for pre-concentration of the ore.
"Enrichment of samples by magnetic separation appears to have been very successful as the upgraded samples are indicative of effective elimination of the waste rock and impurities," noted Michael Dehn, "This can be expected to mean reduced plant tonnage throughput and overall cost savings for the metallurgical process," he added.
Magnetic separation results show that iron, vanadium and chromium are enriched in the magnetic fractions and depleted from the non-magnetic fractions. Results from the gravity separation using spiral tests show that iron and titanium are evenly distributed among the spiral fractions. Results also demonstrate a slight enrichment of vanadium and chromium in the spiral concentrates. Magnetic separation on the spiral fractions showed that iron, vanadium and chromium are enriched in the magnetic fraction. There also appears to be a slight enrichment of titanium in the non-magnetic fractions.
Michael Dehn added, "Additional work is planned to include a closed loop system to recycle hydrochloric acid in the process, we expect this to be a very energy efficient, cost effective and environmentally friendly process" he added.
Argex's La Blache properties are located 100 kilometres north-west of Baie-Comeau, Quebec. The La Blache Properties comprise three known lenses of massive titaniferous magnetite (Fe-Ti-V) mineralization: West Hervieux, East Hervieux and Schmoo Lake. A historic estimate of the property is 79 million tons at 48% Fe, 20.5% TiO2, and 0.36% V2O5 (a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon).
In addition, the Company's shareholders have approved the name change of the Corporation to Argex Mining Inc. at the annual general meeting held on June 21, 2010. Argex also reports that it has issued a total of 1,300,000 incentive stock options on June 21, 2010. Officers and directors of Argex were granted 1,050,000 incentive stock options. The balance of the stock options was issued to consultants of the Company. These incentive stock options are exercisable at $0.26 with an expiry date of June 21, 2015.
Argex is also pleased to announce that Eric Harkonen, P.Eng., MBA has joined the company as a Project Manager/Mining Engineering consultant. Mr. Harkonen is an accomplished Project Manager and Mine Engineer with 16 years of diverse and progressive experience in Project Management, Mine Engineering and Operations in both consulting and operating mines in Canada. He is a Qualified Person under the terms of National Instrument 43-101 and has reviewed the content of this press release and approved its dissemination.
Argex is a junior titanium, iron, vanadium and magnesium explorer with projects in Quebec, Canada. Headquartered in Montreal, Quebec, with plans to rapidly advance towards production at the 100% owned La Blache deposit located near Baie-Comeau, Quebec. Argex also owns 100% of the Mouchalagane Iron Ore project, located 300 km north of Baie-Comeau, Quebec and of the same type of deposit type to ore bodies currently being mined by Quebec Cartier Mining's (Arcelor Mittal) Fire Lake Mine and Consolidated Thompson's Bloom Lake Mine. Recently, Argex expanded its land holdings near Baie-Comeau, Quebec surrounding Consolidated Thompson's Titanium-Iron-Vanadium deposit. For additional information please visit our website at www.argex.ca.
This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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