Argex Titanium Inc: Provides Corporate Update
Montréal - Argex Titanium Inc. (TSX: RGX) (“Argex”) is pleased to provide a corporate update on the advancement of its strategies aiming at producing and commercializing titanium dioxide (TiO2) pigment based on its proprietary chloride technology. The basic engineering package is nearing completion with success and cost parameters are being reviewed by an external specialized firm, Process Engineering International (PEI), a worldwide recognized process engineering firm located in the United States. The mandate of the firm includes the final assessment and optimization of Argex’s flowsheet, including heat and mass balance. Once their assessment will be completed, Argex will then proceed with the design of the Technology Center and the commercial plant. PEI will also validate the operating costs associated with Argex’s process and make recommendations for their optimization.
A group composed of a seasoned project manager, a process and design engineer, as well as construction and procurement experts, was recruited to establish the final parameters and interact with external engineering groups in preparation for the construction of the Technology Center. The team has extensive experience in chemical process, design review, procurement and construction of large chemical plants, both in the Province of Quebec and internationally.
Argex has also appointed Northcott Capital (“Northcott”), a global financial advisory firm, to advise in the financing of the Technology Center and commercial plant. Northcott’s team brings decades of experience to Argex in global financial advisory, valuation and management consulting in marketing, structuring and execution of mining and energy project finance transactions. The Northcott transaction team is headed by Rick Reeves, who has over 30 years of financial and operating experience in the minerals and commodities industries. Rick heads up Northcott’s Denver office, and Northcott has offices in Vancouver, London, Perth and Sydney as well.
“The Argex technical team is growing as we are entering a new stage in our development. We are really pleased with the addition of a group of specialists that will accompany our core internal group for the design and construction phases. We are encouraged by their enthusiasm in joining their efforts to ours in developing and building a low-cost and cleaner TiO2 Technology Center and commercial plant in Quebec. We are also in advanced discussions to secure the location of our future infrastructures,” said Mazen Alnaimi, Chairman and CEO of Argex Titanium.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. The Corporation’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods. To stay informed on Argex Titanium, join our Investor Group on 8020 Connect at www.8020connect.com/groups/argex-titanium-inc.
Forward-Looking Statements
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2016, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Contact:
Mazen Alnaimi, Chairman and Chief Executive Officer
Argex Titanium Inc.
info@argex.ca
Source: Argex Titanium Inc. (TSX:RGX, OTC Pink:ARGEF, FWB:ASV)