Argex Titanium Updates on Milestone Achievements
MONTREAL, Québec (FSCwire) - Argex Titanium Inc. (TSX: RGX) (“Argex” or “the Corporation”) is pleased to provide an update on significant achievements at the Valleyfield laboratory, as well as on the basic and detail engineering for its planned Titanium Dioxide (TiO2) Technology Center and commercial plant.
At its Valleyfield laboratory, Argex has completed the last finishing step of its process by concluding final validation runs, which fixes the flowsheet for the whole process. The database required for commercial plant design is also complete. We have provided product samples to offtakers for certification testing, and are very confident that our product meets or exceeds industry standards.
Basic engineering for the construction of the Technology Center and the commercial plant is now 60% complete, and process simulations will be finished in August. CFD (computational fluid dynamics) work is underway at McGill University and leach system design will be completed shortly. The modern computing methods being used are well accepted in the industry, are less costly than semi-finished workings and accelerate the commercial plant design process.
In addition to working with SCN-Lavalin and WSP on various engineering projects, Argex has retained the services of Thibault & Associates Inc., an independent engineering firm specialised in chemical processes, to validate the engineering work being done by Argex for its commercial plant design. Thibault & Associates will review the work and assist with incorporation into the final plant design. The review will cover all aspects of reaction chemistry, equipment configuration, and OPEX (plant operating cost) and CAPEX (capital investment) estimates, thus providing a thorough third-party review of the final basic engineering package.
Preliminary PIDs (piping and instrumentation diagrams) are ready and the detailed equipment design for the commercial plant should commence soon. The instrumentation architecture has been completed and we are now working on field instruments and control mechanisms. Argex has arranged for external equipment vendors to test the hardware that will be supplied by the vendors with performance guarantees for the commercial facility.
The Corporation is also in discussions with property owners for a plant site for both the Technology Center and the commercial facility in Quebec. The location will be announced as soon as the contracts have been signed.
Finally, meetings have been held with the Quebec government’s environmental divisions for permitting of both the Technology Center and the commercial plant. The required documents are currently being prepared for submission to the relevant authorities.
About Argex Titanium
Argex Titanium Inc. has developed an advanced chemical process for the volume production of high-grade titanium dioxide (TiO2) for use in high-quality paint, plastics, cosmetics and other TiO2 applications. The Corporation’s unique proprietary process uses relatively inexpensive and plentiful source material from a variety of potential vendors to produce TiO2, along with other valuable by-products. Argex’s process provides a significant cost and environmental advantage over current legacy TiO2 production methods.
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Forward-Looking Statements
This news release contains statements that may constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable Canadian securities legislation. Forward-looking information and statements may include, among others, statements regarding future plans, costs, objectives or performance of Argex, or the assumptions underlying any of the foregoing. In this news release, words such as “may”, “would”, “could”, “will”, “likely”, “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate” “target” and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including additional closings of the private placement referred to above, or if any of them do so, what benefits Argex will derive. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond Argex's control. These risks, uncertainties and assumptions include, but are not limited to, those described under “Risk Factors” in Argex’s Annual Information Form for the fiscal year ended December 31, 2016, which is available on SEDAR at www.sedar.com; they could cause actual events or results to differ materially from those projected in any forward-looking statements. Argex does not intend, nor does Argex undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
Contact:
Mazen Alnaimi
Chairman and Chief Executive Officer | Argex Titanium Inc.
info@argex.ca
Gladys Caron
Corporate Communications and Investor Relations | Argex Titanium Inc.
Gladys.caron@argex.ca
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ArgexAug92017.pdf
Source: Argex Titanium Inc. (TSX:RGX)
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