Argex receives updated Titanium Dioxide pricing forecasts

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• TiO₂ global price is now expected to reach $6,000 per metric tonne by 2015

MONTREAL, Aug. 31, 2011 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) has received an updated price forecast to the "Global TiO₂ Profile Report" by Gary Cianfichi of Ti Insight, LLC. The updated price forecast for high quality Titanium Dioxide (TiO₂) pigment exceeds $6,000 per metric tonne in 2015 for all global sales regions. This is a significant increase from the previously forecasted 2015 global price for TiO₂ of $4,800 per metric tonne in last year's report.

The forecast is based on Ti Insight's assessment of TiO₂ market dynamics and built by region into a global average annual price forecast.

Rising TiO₂ pigment prices are being driven by favourable supply and demand dynamics and by rising input costs, titanium ore costs in particular.

The rate of TiO₂ pigment price increases slows over time, consistent with forecasted increases in TiO₂ supply, yet TiO₂ industry utilization rates are expected to remain at levels high enough through the forecast period for prices to increase in each of the forecasted years, barring a significant global economic slowdown.

On a constant dollar basis, TiO₂ pigment prices in 2011 are just now reaching price levels obtained in 1980 and they remain well below the peak prices levels of 1989 and 1990. The graph below provides a perspective of TiO₂ price levels over the past 30 years on both a nominal and constant 2010 dollar basis. Prices in 2011 would need to increase by approximately 30% to reach the peak constant dollar level obtained in 1989.

About Ti Insight LLC

Ti Insight, LLC is a Titanium Dioxide consulting company formed by Gary Cianfichi and Augustus Williamson, both executives with a combined fifty years of experience in TiO₂ industry marketing, sales, strategic planning, competitive intelligence, supply chain, communications and business management functions.

About Argex Mining Inc.

ARGEX MINING INC. has recently transitioned from a mining exploration company to a near-term producer of commodities that the world needs: Titanium Dioxide, Iron and Vanadium Pentoxide. With a primary goal of advancing rapidly towards production, Argex has adopted a simple and low risk strategy for the scale-up of its proprietary process that allows it to produce high purity TiO₂ directly from its 100% owned deposit.

The process is running continuously at the company's mini-plant in Mississauga, Ontario. The closed-loop process is environmentally friendly and produces minimal inert tailings.

Additionally, the company owns 100% of the Mouchalagane property which is a large Labrador Trough iron ore property that represents further potential upside for the Argex shareholders.

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.

Image with caption: "TiO2 World Annual Average Price Forecast (CNW Group/ARGEX MINING INC.)". Image available at: http://photos.newswire.ca/images/download/20110831_C7450_PHOTO_EN_2689.jpg

Image with caption: "Global Annual Average TiO2 Price (CNW Group/ARGEX MINING INC.)". Image available at: http://photos.newswire.ca/images/download/20110831_C7450_PHOTO_EN_2690.jpg