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Tuesday, 10 September 2013
Argex Titanium advances to main Toronto listing board
Argex Titanium (CVE:RGX) says it has received conditional approval to move to the Toronto Stock Exchange main board from the more junior TSX Venture Exchange as it transitions to a near-term producer of titanium dioxide. The event is quite a feat in a challenging market that has seen many junior mining companies crumble.
"In less than four years, Argex has advanced from a capital pool company to an emerging producer of titanium dioxide and the company has garnered significant attention from the industry world-wide," said president and CEO Roy Bonnell, in the statement released Tuesday.
"To receive the validation of a listing on a senior exchange like the TSX is a significant achievement for our management team and our strategic partners. It is a testament to the quality of our project and is a compliment to our shareholders."
Final approval of the listing is still subject to some conditions, with the company expecting to meet these requirements. Another announcement will be made once the TSX issues a bulletin confirming the date on which trading will begin.
The company, which is aiming to move quickly towards production, will continue to trade under the symbol "RGX" on the TSX.
Argex has a proprietary mineral extraction process that allows it to produce high purity, or 99.8 per cent pure, pigment-grade titanium dioxide directly from run-of-mine material at its deposits.
The company is working to scale up this closed-loop process, which is environmentally friendly and produces minimal inert tailings. Argex has chosen Valleyfield, Quebec as the location for its research and development centre, and the first industrial-sized production facility.
Titanium dioxide is an inorganic substance characterized by brightness and very high refractive index, making it an ideal pigment in paints, plastics and paper.
The junior Canadian resource company is developing the advanced stage La Blache titaniferous magnetite project, and also owns the Lac Brûlé high grade ilmenite and the Mouchalagane iron ore projects, which are all located on Quebec’s North Shore.
Shares of Argex jumped 3 pennies in early deals, or more than 3 per cent, to 98 Canadian cents on the TSX Venture Exchange.