Akto,

You are certainly entitled to your own interpretation and opinion and I am not attempting to change your opinion. However, I would invite you to look at a recent interview (video) with Argex CEO by SmallCapPower where Argex CEO gave a comprehensive picture of where the company is going. There is also a summary that indicate a two-pronged approach being taken by Argex

- Vertical integrated high-purity producer (using initially (underlined is mine) ore from Brule due to its higher grade @~30% compared to La Blache ~18%, and

- Standalone processor of TiO2 with feed stock coming from outside suppliers. This is to take advantage of their own proprietaty technology. (Note: They could even licence the technology to others if the price is right at the risk of creating potential competitors).

So, they are not doing just doing the 2nd prong only as you have suggested "For that reason I think they won't mine la Blache and/or Lac Brulé. They will concentrate on there processing technology, and will buy their feedstock - the highest grade Ilmenite- to get the best revenues."

FNC has a similar two-pronged strategy as well (see March 2012 Magpie presentation).

- high volume production of DSO of iron ore with Ti and Va credits to Chinese smelters (so FNC plans to mine Magpie, just like RGX plans to mine Brule/La Blache in that order of priority), and

- low volume production of premium marketable products of iron ore, Ti02 and V205 (they have done tests and demonstrated successful hydrometalurgical process). Correct me if I am off the mark, but I believe they have their own proprietary processing technology.

The above 2-pronged approach FNC is telling investors is not quite the same as what you have interpreted: "I suppose that Magpie is not primarily a TiO2-deposit, but an iron-project with Vanadium and Titanium dioxide and Aluminium oxide as by-products."

Do your own DD at least for verification purposes and happy investing.

goldhunter