MONTREAL, Québec (FSCwire) - Argex Titanium Inc. (TSX: RGX) (“Argex” or the “Corporation”) is pleased to provide an update on technical developments towards the design of a commercial Titanium Dioxide (Ti02) manufacturing facility to be located in Quebec, Canada.
Product improvements have been continuous since the beginning of the year. We achieved consistent morphology and particle size but in addition, the color, brightness and opacity of Argex TiO2 product meet or exceed those of industry leaders in the paint industry. A last finishing step is being finalized with validation from external labs.
At this time, basic engineering is progressing with contributions from WSP and SNC Lavalin. It is approximately half way completed and we expect to finalize in late summer of this year. We continue to collect data in the Valleyfield laboratory in support of the engineering effort as design parameters will be developed.
Upon the completion of the basic engineering package we will be contracting for the detail design activity and project capital cost estimate which is expected to be completed by the end of 2017.
“We have engineered the process using best practices and in less than one year since restart, we accomplished a sizeable reduction in energy which will improve our operating costs. The Argex process can use various feedstock sources and that flexibility will be an additional competitive advantage to our low cost of production. We are in discussions with preferred feedstock suppliers in preparation for the detail engineering package”, said Carroll Moore, COO of Argex.
We will hold an Annual Shareholder Meeting on June 29, 2017 at 2 pm at the office of Fasken Martineau in Montreal.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. The Corporation’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
Forward-Looking Statements This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2016, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Contact:
Mazen Alnaimi
Chairman and Chief Executive Officer
Argex Titanium Inc.
info@argex.ca
Gladys Caron
Corporate Communications and Investor Relations
Argex Titanium Inc.
Gladys.caron@argex.ca
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ArgexJune222017.pdfSource: Argex Titanium Inc. (TSX:RGX)
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