NEAR TERM PRODUCER - TiO2

Titanium dioxide – prices are expected to double by 2015

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Message: Argex in the TSX Venture 50

Hi Turcotte

We're waiting for feasability study outcome, looks like the MMs have been doing their usual this week and shaking out loose shares. Venture market is getting pushed as well, so day to day price suffering.

Fundamentally nothing has changed, the CTL process is still where the value is in this company. I'm in this one for the long term after nearly two years accruing when possible. No rush for my plans but not so good for those just in at the recent highs.

We never heard any more on the spinco shares, must be too far down the priority list for RGX right now.

Let's see if news comes out by the end of this month, if no news then a NR updating us should be warranted on the status of the study.

GLTA longs

Max

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