Argex Titanium Inc. - Overview of Q3 2012 Financial Statements

MONTREAL, Dec. 13, 2012 /CNW Telbec/ - Argex Titanium Inc. (TSXV: RGX) ("Argex" or the "Company") would like to inform shareholders that it recently filed its financial statements and management's discussion and analysis ("MD&A") for the period ended September 30, 2012. The financial statements and MD&A are available in both English and French on SEDAR (www.sedar.com) under Argex Titanium Inc.

Financial Highlights for the Period Ended September 30, 2012

• As at September 30, 2012, the Company had cash of $1,853,096 and short-term investments of $4,924,200, for a combined total of $6,777,296.
• Argex's working capital position as at September 30, 2012 was $6,055,493.
• On July 5, 2012, Argex closed a private placement by issuing 5,400,000 common shares at a price of $0.93 per share, for gross proceeds of $5,022,000.
• Total assets of the Company as at September 30, 2012 were $30,328,213.
• At the end of Q3 2012, Argex had total equity attributed to shareholders of $26,333,287.
• For the three-month period ended September 30, 2012, the Company incurred total operating expenses of $1,559,376.
• For the nine-month period ended September 30, 2012, Argex incurred total operating expenses of $3,996,270.
• Argex currently has no debt.
• As at September 30, 2012, the Company had 116,385,671 common shares issued and outstanding. With the closing price of $1.14 on Friday, September 28, 2012, the market capitalization of Argex was $132.7 million at the end of Q3 2012.
• As at September 30, 2012, there were 15,793,000 warrants outstanding (at a strike price of $0.52 and expiry date of September 29, 2014) and 8,600,000 options outstanding (at an average strike price of $0.41); on a fully-diluted basis, Argex had 140,778,671 shares outstanding as at September 30, 2012.

Grant of Options

On December 6, 2012, Argex granted 243,000 options to an employee and a consultant of the Company. These options expire on December 6, 2017 and have an exercise price of $1.35 per share.

About Argex Titanium Inc.

ARGEX TITANIUM INC. is a near-term producer of Titanium Dioxide. 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 TiO₂ directly from run-of-mine material.

The process is running continuously at the 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.

SOURCE Argex Titanium Inc.