(Please note that I have changed Telephone to TeleProbe)

Akto, perhaps, I misread your post, but I am just trying to understand it and its connection with FNC Magpie ore processing. Here are my comments.

1. It's correct that the updated NI-43-101 for FNC suggests that an economic analysis should be carried out. So we wait for FNC to come up with a PEA which would be expected to contain a detailed flowsheet for the separation process. For a short little while, I am willing to wait for the detailed information from FNC management.

2. Argex PEA, mini-plant for La Blache, bench test for Brulé, and Sensitivity Study using third party feed with various Ti grades and Fe/Ti ratio.

- Argex PEA is still valid for the economic viability of La Blache. The mini-plant in Mississaga demonstrates that the separation process is successful, hence it's a go for La Blache (i.e. RGX is not going to abandon La Blache due to its "lower" grade... I thought the grade there is pretty decent).

- Brulé bench test show that the results are better due to the higher grade. So, after further drilling to define the deposit and a PEA, there is a good chance that Brulé would be a promissing project as well.

- Sensitivity study: It's the quantitative assessment that they were after. It's quite obvious that the yield would be better with higher Ti feed and lower Fe/Ti ratio. The numerical results appear to suggest that La Blache results could be improved by adding higher Ti content feed stock from other producers (and RGX will have to pay them) to the La Blache feed to increase the yield? This is where I don't quite understand your conclusion below (the underlined portion) that

"Argex is looking for high grade TiO2 -ore and is not intended to mine La Blache and not even their higher grade Lac Brulé".

With respect to your interpretation below (for FNC Magpie I assume).

"The suggestion I read about using the new CTL-hydrometallurgical proces from Argex brings no solution in my opinion."

Would it be possible to do the same with Magpie? In other words, the economics would significantly improve if higher Ti-content feed (e.g. from Brulé, or bought from other manufacturers) is added to the feed from Magpie.

Please clarify, if I misinterpreted your post.

goldhunter