Argex announces successful Lac Brule initial metallurgy (cnw)

• RESULTS DEEMED BETTER THAN LA BLACHE
• AIRBORNE SURVEY COMPLETED

MONTREAL, April 23, 2012 /CNW Telbec/ - Argex Mining Inc. ("Argex") (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) announced today that it has successfully completed preliminary testing of the Lac Brûlé massive mineralization using the patented CTL process. The testing demonstrated improved leaching results than the ones obtained using the La Blache massive mineralization. In addition, Argex completed a high resolution airborne geophysical survey covering the main area of the Lac Brûlé property, including the recently acquired claim block from Quinto Mining Corporation.

Bench Testing of the Lac Brûlé Massive Mineralization

During the first quarter of 2012, Argex, in collaboration with Process Research Ortech of Mississauga, Ontario, completed bench scale testing of the Lac Brûlé massive mineralization using the patented CTL process.

Bench testing initial results are as follows:

• 94% of the TiO2 leached (compared to 92% of TiO2 leached for La Blache).
• 95% of the V2O5 leached.
• 99% of the iron oxides leached.

"With the higher TiO2 average grade of 34% vs. the 18% TiO2 in the La Blache mineralization and lower iron content, it is expected that the throughput with similar capital expenditure would be approximately 90% higher than what would have been obtained with La Blache. I am pleased with the progress we have made, and we will be running the existing pilot plant with Lac Brûlé material over the next few months to make TiO2 pigment." said Argex's Chief Operating Officer, Mr. Enrico Di Cesare. "As part of our due diligence process, we are now conducting batch testing on higher grade TiO2 ilmenite concentrates selected from existing feedstock producers from around the world. This pre-qualification of potential feedstock will be used as part of advanced-stage studies."

The patented closed-loop CTL Process involves the leaching of titanium-bearing ore material in chloride acid media under conditions for both iron and titanium in the ore to be leached into solution. The energy efficient process operates at atmospheric pressure and does not require pre-treatment of the ore (no oxidation and/or reduction is required). The CTL Process operates with relatively low concentration of hydrochloric acid and avoids the need to handle chlorine, carbon or carbon containing chemicals at very high temperatures.

"The CTL Process has shown an enormous flexibility to operate successfully on different ore bodies," commented Roy Bonnell, President and Chief Executive Officer of Argex, " which should provide us with even greater optionality in growing the company as we move forward."

The sample processed was collected by Quinto in 2005 as part of a trenching program completed on the Lac Brûlé main deposit (Lens A) and stored in the nearby municipality of Longue-Rive since then.

High-resolution Airborne Survey

In January 2012, Argex mandated Geotech Ltd of Aurora, Ontario ("Geotech") to conduct a high-resolution magnetic and electromagnetic helicopter-borne geophysical survey of the Lac Brûlé property using the VTEM plus time-domain system. During February and March 2012, a total of 1,590 line kilometres were flown by Geotech with 60-metre line spacing. The preliminary survey data has been validated for quality control by Argex's geophysical consultant and the final report is expected in the coming days.

"This survey allows us to get a detailed geophysical picture of the known massive hemo-ilmenite deposits occurring on the property," stated Argex's Vice-President, Mining and Geology, André Laferrière. "This new geophysical dataset will significantly enhance our understanding of the geology in the area, which will help us optimize the next exploration program on the property."

Lac Brûlé Property

The Lac Brûlé 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 50's and 70's 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% TiO2. Such tonnage is however not confirmed by the recent 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.

The technical information disclosed in this news release has been reviewed and approved by André Laferrière, P.Geo., Qualified Person for Argex as defined by National Instrument 43-101 for the Standards of Disclosure for Mineral Projects.

About Argex Mining Inc.