ARGEX TO ACQUIRE QUINTO'S CLAIMS ON THE LAC BRULE PROPERTY

Argex Mining Inc. has entered into a letter agreement with Quinto Mining Corp., a wholly owned subsidiary of Cliffs Natural Resources Inc., to acquire the claims located on the Lac Brule property, which is located 95 kilometres northwest of the city of Forestville on the Quebec North Shore.

The Lac Brule property is composed of one block of 35 map-designated claims covering a total of 19.6 square kilometres and is located at the center of Argex's existing claim block in the sector.

The Lac Brule property covers part of the Labrieville anorthosite complex which hosts known magmatic iron oxide deposits strongly mineralized in titanium. Historical exploration work completed on the property in the 1950s and 1970s outlined three massive ilmenite lenses. An internal study completed in 2005 following definition drilling completed on lens A and lens B reported a mineral resource estimate totalling 3.8 million tonnes, and having an average grade of 30.1 per cent titanium dioxide (TiO2). Such tonnage is, however, not confirmed by the NI 43-101 report.

A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves and Argex is not treating the historical estimate as current mineral resources or mineral reserves.

Argex's president and chief executive officer Roy Bonnell commented on the acquisition: "This acquisition will complete our current set of properties in the Lac Brule area. It will provide us with a strong complement to our La Blache deposits with the potential contribution of higher-grade TiO2 mineralization. Processing significantly higher-grade TiO2 through the hydrometallurgical plant should strongly increase the project's potential cash flow without increasing capital costs."

The letter agreement provides that, upon signature of a definitive agreement following successful completion of the due diligence review, Argex will purchase all rights, title and interest in the Lac Brule property for a consideration of $1.15-million payable as follows:

regards

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