Argex Files an Updated NI 43-101 Technical Report on Mouchalagane - Results of the Preliminary Economic Assessment study (PEA) on the La Blache property expected soon

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MONTREAL, Sept. 21, 2011 /CNW Telbec/ - Argex Mining Inc. (Argex)

The Mouchalagane property is located 275 km north of the city of Baie-Comeau, adjacent to the Manicouagan Reservoir. The property is composed of one block of 637 designated claim cells covering 335 square kilometres and is 100% owned by Argex.

The property covers extensive iron formation stratigraphy known as meta-taconites, which are interpreted to be part of the prolific Wabush Geological Formation hosting the major iron ore deposits of the Fermont-Labrador City region. A recent 2,447 line-km airborne geophysical survey completed by Argex at the end of 2010 highlighted several magnetic anomalies representing more than 50 km of iron formation stratigraphy on the property.

Exploration work conducted in the 50's, 60's and 70's consisting of mapping, ground geophysics, diamond drilling and metallurgical testing successfully identified numerous magnetite and hematite-rich iron formations on the property. Iron formation thicknesses reported from drill holes vary from a few metres up to more than a hundred metres with average grades ranging from 25% Fe total up to 42% Fe total. Extensive metallurgical testing of the magnetite-rich and hematite-rich facies completed on surface samples and drill core composites returned concentrate grades between 65% and 71% Fe total.

The Company is in the process of finalizing a thorough data compilation of the historical information available with the objective of evaluating the exploration potential of the property. Additional information will be made available to the shareholders as soon as the historical data compilation is completed.

Argex President and CEO, Roy Bonnell, commented on the expectation that the results of the PEA would soon be ready. 'We have targeted the publication of the results of the PEA as one of the key milestones for the Company this fall', he said. 'In many ways, we have gone well beyond the parameters of what is normally expected in a PEA. This has allowed us to refine the assumptions that we can make about our project in a very positive way. The extra effort has been a true value added. It is our expectation that the results will be available within the next four weeks.'

The technical information disclosed in this news release has been reviewed and approved by André Laferrière, M.Sc. P.Geo., Qualified Person for Argex Mining Inc. as defined by National Instrument 43-101 for the Standards of Disclosure for Mineral Projects.

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 TiO(2) directly from its 100% owned deposit.

The process is running continuously at the Company's 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.

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.

ARGEX MINING INC.

CONTACT: Roy Bonnell, President and Chief Executive Officer

Argex Mining Inc.

514-788-8923

roy@argex.ca