Argex Mining Announces NI 43-101 Compliant Technical Report Completed on La Blache

MONTREAL, July 4, 2011 /CNW/ --
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OF FOR DISSEMINATION IN
THE U.S.

MONTREAL, July 4, 2011 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV: RGX) (FSE: ASV) (OTCBB: ARGEF) Argex Mining Inc. has completed and released a NI 43-101 compliant
Technical Report for the La Blache titanium project. The report is
available now on SEDAR.

Met-Chem Canada Inc. prepared the National Instrument (NI) 43-101
compliant measured, indicated and inferred resource estimates for the
100% owned La Blache Property, East and West Hervieux Zones. The La
Blache Property is composed of 73 contiguous claims and covers an area
of 40.25 km².

The titaniferous magnetite from the La Blache Property is hosted in
three lenses: West Hervieux, East Hervieux and Lac Schmoo for which
historical tonnages and grades of mineralization have been published.
The mineral resources of the East Hervieux and West Hervieux deposits
were estimated by Met-Chem.

The Lac Schmoo deposit is yet to be drilled and is thus not included in
the current mineral resource estimate.

Met-Chem is of the opinion that the La Blache Property has sufficient
merit to warrant further exploration and development to fully develop
its iron, titanium and vanadium potential. Met-Chem cautions that
mineral resources have no demonstrated economic viability. In addition,
there is no certainty that all or part of the mineral resources will be
converted into reserves.

Argex has mandated BBA to complete a NI 43-101 compliant Preliminary
Economic Assessment (PEA). Met-Chem's work and conclusions will form an
important part of this PEA.

The first outcrops of titaniferous magnetite on the La Blache Property
were found in an anorthosite and were discovered at Schmoo Lake in 1951
by Anglo-Canadian Pulp and Paper Mills Ltd., which later founded the Bersimis Mining Company. From 1951 to 1954, the Bersimis Mining Company performed airborne and ground dip-needle magnetic surveys, geological
mapping, surface sampling and assaying, as well as metallurgical
testing. Four iron lenses distributed over a distance of 15 kilometres
were identified: West Hervieux, East Hervieux, Schmoo Lake and La
Blache East. This was followed by twenty (20) exploration drill holes
done in 1964 which showed several intersections of major strength
containing more than 45% Fe and 15% TiO2.

In 2009, work carried out by Argex consisted of a helicopter-borne
survey of the La Blache Property. This 418.5-line-kilometre survey
conducted in November 2009 by Géophysics GPR International of
Longueuil, Québec, consisted of magnetic, electromagnetic (VLF) and
spectrometric survey. Based on analysis of the survey results, Argex
decided to carry out a diamond drilling program on the showings in the
East Hervieux and West Hervieux.

A total of 20,294 metres were drilled on the La Blache Property,
including 10,936 metres on East Hervieux and 9,358 metres on West
Hervieux. The drilling campaign was aimed at confirming the historical
values of the 1964 drilling campaign. The two mineralized zones on the
La Blache Property are made up of massive titaniferous magnetite, black
in colour, with a high density of around 4.5. Greenish, semi-massive
zones are also found, likely consisting of serpentine. The host rock is
an anorthosite containing over 90% labradorite crystals and/or gabbroic
anorthosites richer in amphibolites and/or pyroxenes. The iron content
ranges from 35% to 47% Fe, titanium from 7% to 12% Ti and vanadium from
0.17% to 0.30%

This release has been reviewed and approved by André Laferrière M.Sc.
P.Geo, Argex Mining Inc.'s senior consulting geologist and Qualified
Person for the company and by Met-Chem Canada Inc.

About Argex Mining Inc.

ARGEX MINING INC. is transitioning from a titanium, iron and vanadium
explorer to a development company with projects in Quebec, Canada. The
Company is committed to its strategic plan of rapidly advancing towards
profitable production at its 100% owned La Blache deposits located near
Baie-Comeau, Quebec. For additional information please visit our
website at www.argex.ca.

Forward-Looking Statements

This news release contains discussion of items that may constitute
forward-looking statements within the meaning of securities laws that
involve risks and uncertainties. Although the Company believes the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its expectations
will be achieved. Factors that could cause actual results to differ
materially from expectations include the effects of general economic
conditions, actions by government authorities, uncertainties associated
with contract negotiations, additional financing requirements, market
acceptance of the Company's products and competitive pressures. These
factors and others are more fully discussed in Company fillings with
Canadian securities regulatory authorities.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

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Roy Bonnell, President and Chief Executive
Officer Argex Mining Inc.
514-788-8923
roy@argex.ca

Or

Paradox Public relations at 514-341-0408 or 1-866-460-0408