Argex Mining from mouchalagane iron property

• grab samples consistent with historical values
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• samples returned 29.6% Fe and 35.4% Fe
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• planning for additional work underway
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MONTREAL, March 28 /CNW Telbec/ - Argex Mining Inc. (Argex) (TSXV:RGX.V) (FSE: ASV) (Other OTC:ARGEF.PK) is pleased to provide an update on its wholly-owned Mouchalagane Iron Property following a site visit to the property on February 6, 2011. The visit consisted of a low altitude helicopter flyby of the Mouchalagane Iron Property, as well as outcrop stops on Mouchalagane Iron Property. As part of the site visit 3 grab samples were collected on the property. Results of two of three samples collected from the Mouchalagane Iron Property returned 29.6% Fe and 35.4% Fe, consistent with historical values from the Mouchalagane Iron Property.

The Mouchalagane Iron Property consists of 637 claim blocks covering 33,413 hectares or 334.13 sq. km located in Quebec's North Shore region. The Mouchalagane Iron Property is located north-west of the Manicouagan Reservoir. This reservoir feeds the Manic-F Generating Station. Figure 1 shows the location of the Mouchalagane Iron Property within the Labrador Trough, a Proterozoic geosyncline which hosts many iron deposits occurring within iron formations in sediments. Figure 2 shows the historic iron formation occurrences documented from previous work completed on the Mouchalagane Iron Property.

http://files.newswire.ca/944/Trough.doc
http://files.newswire.ca/944/Mouchalagane.doc

Exploration on the Mouchalagane Iron Property began in the 1950's. The first available drill data was from a drill campaign in 1952-1953 followed by a map of part of the area of the Mouchalagane Iron Property in the Matonipi Lake region that showed several iron showings (Mont South, Mont Barn, Parr Lake North, Crazy Lake and Everett Lake) spread out over four claim blocks from that time. These claims are now part of the original North Mouchalagan claim block that Argex acquired as part of its qualifying transaction.

Argex recently completed an airborne geophysical survey (released on January 24, 2011) on the Mouchalagane Iron Property. Results from the survey demonstrate several magnetic anomalies, one of which is more than 40 kilometres in length that corresponds with iron formations that have been previously mapped and from drilling on the property. Two of the outlying magnetic anomalies also correspond with previous work that demonstrated iron formations running a minimum 2 km long and 3 km long.

The geophysics maps can be viewed at Argex's website at:

http://www.argex.ca/mouchalagane_geophysics.php

Argex is currently planning additional work for the Mouchalagane Iron Property, and additional news will be released when available.

The site visit was planned and is being supervised by Jean-Sébastien Lavallée, P.Geo (OGQ #773), Consul-Teck Exploration Inc., of Val d'or, Québec, Argex Mining Inc.'s consulting geologist and qualified person since 2007, as well as reviewing and approving this release. Samples were sent for analysis to the Chemex laboratory in Val-d'Or by employees of Consul-Teck Exploration Inc. The samples are weighed and identified prior to sample preparation.  The samples are crushed to 70% minus 2 mm, then separation and pulverized to 85% passing 75 μm.  All samples are analyzed using ICP-81 (Iron-Titanium) and using ME-XRF-10 for Vanadium.

About Argex Mining Inc.

Argex is a junior titanium, iron, vanadium and magnesium explorer with projects in Québec, Canada.  Headquartered in Montreal, Québec with plans to rapidly advance towards titanium production at the 100%-owned La Blache deposit located near Baie-Comeau, Québec.  Argex also owns 100% of the Mouchalagane Iron Ore project, 380 kilometres north of Baie-Comeau, Québec and of the same type of deposit as ore bodies currently being mined by Québec Cartier Mining's (Arcelor Mittal) Fire Lake Mine and Consolidated Thompson's Bloom Lake Mine.  Recently, Argex expanded its land holdings near Baie-Comeau, Québec surrounding Consolidated Thompson's Lac Brûlé Titanium-Iron-Vanadium deposit.  For additional information, please visit our website at  www.argex.ca.

Forward-Looking Statements

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