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ARGEX RECEIVES UPDATED TITANIUM DIOXIDE PRICING FORECASTS TiO2 global price is now expected to reach $6,000 per metric tonne by 2015

Montreal, Quebec August 31, 2011 - Argex Mining Inc. (Argex) (TSX-V: RGX) (FSE: ASV) (OTCBB: ARGEF) has received an updated price forecast to the Global TiO2 Profile Report by Gary Cianfichi of Ti Insight, LLC. The updated price forecast for high quality Titanium Dioxide (TiO2) pigment exceeds $6,000 per metric tonne in 2015 for all global sales regions. This is a significant increase from the previously forecasted 2015 global price for TiO2 of $4,800 per metric tonne in last years report. The forecast is based on Ti Insights assessment of TiO2 market dynamics and built by region into a global average annual price forecast. Rising TiO2 pigment prices are being driven by favourable supply and demand dynamics and by rising input costs, titanium ore costs in particular. The rate of TiO2 pigment price increases slows over time, consistent with forecasted increases in TiO2 supply, yet TiO2 industry utilization rates are expected to remain at levels high enough through the forecast period for prices to increase in each of the forecasted years, barring a significant global economic slowdown. On a constant dollar basis, TiO2 pigment prices in 2011 are just now reaching price levels obtained in 1980 and they remain well below the peak prices levels of 1989 and 1990. The graph below provides a perspective of TiO2 price levels over the past 30 years on both a nominal and constant 2010 dollar basis. Prices in 2011 would need to increase by approximately 30% to reach the peak constant dollar level obtained in 1989.

TiO2 World Annual Average Price Forecast

(US$ PMT)
$7,000
$3,500 $3,000 $2,500

Global Annual Average TiO2 Price

(US $ PMT)
Nominal Price 2010 Constant Dollar Price

$4,500

$4,000
$3,500 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0

$6,000
$5,000

$2,000 $1,500 $1,000 $500 $0

$4,000
$3,000 $2,000 2008 2009 2010 2011 2012 2013 2014 2015
Source: Ti Insight LLC

1980

1982

1984

1986

1988

1992

1996

1998

2000

2002

2004

2006

2008

Sources: Ti Insight LLC, Oregon State University

2010

1990

1994

About Ti Insight LLC

Ti Insight, LLC is a Titanium Dioxide consulting company formed by Gary Cianfichi and Augustus Williamson, both executives with a combined fifty years of experience in TiO2 industry marketing, sales, strategic planning, competitive intelligence, supply chain, communications and business management functions.
About Argex Mining Inc. ARGEX MINING INC. has recently transitioned from a mining exploration company to a near-term producer of

commodities that the world needs: Titanium Dioxide, Iron and Vanadium Pentoxide. With a primary goal of advancing rapidly towards production, Argex has adopted a simple and low risk strategy for the scale-up of its proprietary process that allows it to produce high purity TiO2 directly from its 100% owned deposit. The process is running continuously at the companys mini-plant in Mississauga, Ontario. The closed-loop process is environmentally friendly and produces minimal inert tailings. Additionally, the company owns 100% of the Mouchalagane property which is a large Labrador Trough iron ore property that represents further potential upside for the Argex shareholders.
For More Information: Roy Bonnell, President and Chief Executive Officer Argex Mining Inc. 514-788-8923 roy@argex.ca

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