Argex Mining (CVE:RGX)(OTCBB:ARGEF) late Tuesday gave a corporate update and financial highlights.
The company has recently transitioned from a mining exploration
company to a near-term producer of titanium dioxide, iron and vanadium
pentoxide from assets in Quebec.
Late last year the company
acquired a 50.1 percent stake in Canadian Titanium Ltd., a private
company which owns the process and underlying patents for the recovery
and production of titanium dioxide from titanium-bearing ore.
At its plant in Mississauga, Ontario, the company said that the scale-up is progressing extremely well. The production has now
reached 3 kg/day of high-purity titanium dioxide from 0.3 kg/day, 1,000-percent scale-up to date.
increase in production is attributable principally to ongoing
refinements in the treatment and purification process that will
ultimately find their way into a full-scale industrial production
The expanded pilot plant is expected to produce at least 10kg/day of high purity titanium dioxide by mid-June.
have experienced delays in the delivery of certain pieces of equipment
for the larger-scale pilot plant, which has not prevented us from
scaling-up ten-fold," Argex’s chief operating officer and VP of
technology Enrico di Cesare said.
"We are anxious to receive the last items to complete the promised 3,000 percent increase."
terms of finances, Argex said its 2011 working capital was up just over
three-fold at $5.36 million and as at December 31, it had cash and
short-term investments of $4.1 million, up from $2.2 million at the end
In addition, for the year ended December 31, 2011, Argex
converted 27,233,001 warrants, broker warrants and options to common
shares. This resulted in cash to the corporation of $10,381,397.
"Our financial position has improved dramatically," Argex’s chief financial officer Mark Billings said.
corporation’s working capital and cash position have increased
substantially while our shareholdings on a fully-diluted basis have
remained the same."
Indeed, management at the company has been
snapping up shares, with president and CEO Roy Bonnell acquiring 30,000
shares during May, and director Mazen Haddad pickingh up 200,000 shares
in the last two months.
"Argex continues its inevitable march
towards production assisted by the addition of credible partners, board
members and management," Argex's president and CEO Roy Bonnell said.
focus continues to be on adding value by reducing the risk associated
with the project in the most effective and non-dilutive way possible for
Over the past year, the company announced new
key board members as well as acquiring additional claims at its Lac