Argex completes Airborne Survey at Mouchalagane

• FIRST COMMERCIAL GRYPHON^TM MULTI-PARAMETER SURVEY
• ARGEX RE-AFFIRMS COMMITMENT TO DEVELOP PROJECT

MONTREAL, Oct. 30, 2012 /CNW Telbec/ - Argex Titanium Inc. (TSXV: RGX) ("Argex") and Fugro Airborne Surveys, a division of Fugro Canada Corp. ("Fugro") are pleased to announce the completion of the first commercial GRYPHON™ Multi-Parameter Airborne Platform survey over the Mouchalagane property. The main objective of the geophysical survey was to cover the entire property with airborne gravity data in order to complement the current geophysical information of the project. In addition to the survey, Fugro and Argex entered into a technical collaboration agreement where the Mouchalagane survey will be processed by Fugro to provide advanced multi-parameter results. As part of the agreement, Fugro will use the Mouchalagane survey as a case study for iron ore exploration projects for its marketing strategy of the GRYPHON™ Multi-Parameter Platform capabilities.

The Mouchalagane survey is the first commercial flight completed by Fugro using the GRYPHON™ Multi-Parameter Airborne Platform. Fugro is currently processing the survey data and will be delivering the preliminary results to Argex within the next few weeks. In addition to the standard geophysical data included in the contract, Fugro and Argex entered into a technical collaboration agreement where Fugro will provide advanced multi-parameter results to the company. In return, Fugro will be able to use the Mouchalagane survey as a case study for the promotion of the new GRYPHON Multi-Parameter Airborne Platform capabilities as a unique integrated geophysical tool for large scale iron ore exploration. The final survey results should be made available to the company early next year.

"We are pleased that Fugro selected Mouchalagane to be the first commercial survey for their new GRYPHON platform. We are eagerly waiting to see the final results of this state-of-the-art airborne survey" commented André Laferrière, VP Mining and Geology of the company. "This survey is one of the last steps of the preliminary exploration phase at Mouchalagane. The next phase for the project will be the initial drilling program which will be designed to test the most promising targets outlined by the recent airborne survey."

Fugro's new GRYPHON™ Multi-Parameter Airborne Platform collects simultaneous measurements using Time Domain Electromagnetics (TEMPEST® or MEGATEM®), High Resolution Magnetics, FALCON® Gravity Gradiometry, Gamma Ray Spectrometry, LiDAR and Digital Video in a single pass. The GRYPHON™ Multi-Parameter Airborne Platform is the most cost effective method of acquisition; delivering a full range of geophysical products, reducing the risk of missed targets and providing fully integrated data sets and interpretation products.

"Despite the challenges in the iron ore market of late, we remain committed to adding value to the project so as to complete the planned spin-off at the maximum value to shareholders in a timely fashion," stated Roy Bonnell, President and Chief Executive Officer of Argex Titanium. "Mouchalagane is a highly promising project with exploration potential of 2.3 billon tonnes of iron formation grading 30-35%. We are committed to working with our local stakeholders to see it developed."

The Mouchalagane iron ore property is located approximately 275 km north of Baie-Comeau adjacent to the Manicouagan reservoir and is composed of one block of 637 claims covering 334 km². Numerous iron formations occur on the property and are hosted by the Wabush geological formation of the southern Labrador Trough. Historical drilling in five areas on the property confirmed the presence of several economic grade iron deposits up to a hundred meter in thickness.

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

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 Corporation owns 100% of the Mouchalagane property, which is a large Labrador trough iron ore property that represents further potential upside for the Argex shareholders.

About Fugro

Fugro Airborne Surveys, a division of Fugro Canada Corp. is a member of the Fugro Group of companies. Fugro Airborne Surveys is a world leader in providing airborne geophysical survey solutions.

Fugro Airborne Surveys acquires electromagnetic, magnetic, radiometric and gravity data using both fixed-wing airplanes and helicopter platforms. The company employs 300 staff world-wide, most of whom are highly experienced geophysicists, geologists, remote sensing specialists and field survey operators.

These services are offered on a global basis, with offices located in various parts of North and South America, Europe, Africa and Australia. Professional project management standards, ISO 9001:2000 certified quality management system standards and OHSAS 18001 safety management system standards form the operational basis for Fugro's services.

Fugro continues to develop airborne geophysical technologies that provide a valuable contribution to the development and management of the world's natural resources, while simultaneously minimizing the impact on the environment and on local communities. Through a significant commitment to a number of major R&D projects, Fugro will ensure airborne geophysics continues to provide innovative, cost effective solutions for the company's mining, petroleum and land management clients. www.fugroairborne.com

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.