ArgexArgexCORPORATE CORPORATE

PRESENTATIONPRESENTATIONJune 2009June 2009

IRON ORE,IRON ORE,TITANIUM &TITANIUM &VANADIUMVANADIUMEXPLOREREXPLORER

TSX-V: RGX.PTSX-V: RGX.P

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Forward Looking StatementThe information presented contains “forward-looking statements”, within the meaning of the United States Private Securities Litigation Reform Act of 1995, and “forward looking information” under similar Canadian legislation, concerning the business, operations and financial performance and condition of the Company. Forward-‑looking statements and forward looking information include, but are not limited to, statements with respect to estimated production, the estimation of mineral reserves and ‑mineral resources; the realization of mineral reserve estimates; the timing and amount of estimated future production; costs of production; capital expenditures; success of exploration activities; permitting time lines and permitting, mining or processing issues; government regulation of mining operations; environmental risks; unanticipated reclamation expenses; title disputes or claims; litigation liabilities; and limitations on insurance coverage. Generally, forward-looking statements and forward looking ‑information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking statements and forward looking information are based on the opinions and estimates of ‑management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward looking ‑information. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no ‑assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward looking information. The Company does not undertake to update any forward-looking ‑statements or forward looking information that are incorporated by reference herein, except in accordance with applicable securities laws.‑

Investors are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Cautionary Note to U.S. Investors Concerning Estimates of Measured, Indicated or Inferred Resources

The information presented uses the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize these terms. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.

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Highlights• High grade titanium, iron and vanadium deposits

(hundreds of millions of tonnes)• 100 km from deep water port• Extensive infrastructure in place• Initial sample testing shows excellent iron and

titanium recovery and purity• Favourable valuation to other comparables

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Summary of the OfferingIssuer: Argex Silver Capital Inc. (the “Company”).

Offering: Non-brokered private placement offering of Units.

Offering Size: $5,000,000 to $15,000,000 gross proceeds

Price: $0.25 per Unit.

Units: Each Unit will consist of one (1) common share of the Company (“Common Share”) and one (1) common share purchase warrant.

Warrants: Each warrant forming part of the Units will entitle the holder thereof to acquire one common share in the capital of the Corporation at the price of $0.40 per share at any time prior to the date that is 24 months from the date of issuance. In the event that the volume-weighted average price of the Corporation’s common shares trades at or above $0.60 for 20 consecutive trading days, after the expiry of the four-month hold on the Units described above, the Corporation will have the option to force conversion of the warrants by giving warrant holders 20 days’ notice thereof.

Use of Proceeds: Proceeds will be used for exploration and general purposes.

Resale Restrictions: Securities issued under the Offering to accredited investors will be subject to a four month and one day hold period from the Closing Date in addition to such further restrictions on resale as may apply under applicable foreign securities laws.

Flow-Through Renunciation: Proceeds will be used to incur eligible Canadian Exploration Expenses (CEE), which will be renounced in favor

of the subscribers for the 2009 taxation year.

Closing Date: On or about June 30, 2009

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Purchase Price: Argex is purchasing the mining assets for $4.83 million from the vendor. Payment is composed of $580,000 cash and 17 million shares. All payment shares will be fully escrowed for a period of four (4) years from their issuance.

First Milestone: 8,000,000 common shares of Argex will be issued to Vendor upon demonstration of 80,000,000 tonnes of resources grading at least 30% iron and 10% titanium.

Second Milestone: 8,000,000 common shares of Argex will be issued to the Vendor upon demonstration of 300,000,000 tonnes of resources grading at least 30% iron and 10% titanium.

Share Holdings:

The Post-Transaction Capital Structure

Minimum Proceeds of $5MBasic Fully Diluted

Argex current shareholders 26.5% 16.7%7013833 Canada Corp. shareholders 33.8% 36.7%Concurrent financing 39.7% 44.4%Broker warrants 0.0% 2.2%

Maximum Proceeds of $15M

Argex current shareholders 14.8% 8.6%7013833 Canada Corp. shareholders 18.8% 19.0%Concurrent financing 66.4% 69.0%Broker warrants 0.0% 3.4%

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Use of ProceedsArgex Silver Capital Inc.QT with 7013833 Canada Corp.Use of Proceeds

Minimum Offering$5,000,000

Maximum Offering$15,000,000 Notes

Cash payment to 7013833 Canada Corp. 580,000 580,000 1Finder's fee for Qualifying Transaction 252,250 252,250 1Costs associated with financing and QT 200,000 200,000 2Recommended work program on properties 3,343,150 7,349,450 3Royalty payments on properties 150,000 150,000 1General & administrative costs (1 year) 400,000 600,000 4Unallocated working capital 74,600 5,868,300Total 5,000,000 15,000,000

Notes

1. As per agreement with 7013833 Canada Corp.2. Legal, accounting and listing fees associated with Qualifying Transaction.3. As outlined in Argex's 43-101 Technical Report.4. Company estimates.

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Board of DirectorsMichael Curtis, President, CEO, DirectorMichael Curtis, President, CEO, Director

– President and CEO of Opal Energy Corp. (TSX-V: OPA), and Director of Roadrunner Oil and Gas Inc. (TSX-V: ROA)– Over 35 years of experience in the Canadian financial industry in the areas of trading, research, corporate finance and the management

of public companies.

Peter H. Smith, Director, Peter H. Smith, Director,

– President and CEO of Fancamp Exploration Ltd. (TSX-V: FNC), – Director of Golden Hope Mines Ltd. (TSX-V: GNH), – B.Sc. in geology from McGill University and an MS and Ph.D. from Northwestern University

Anthony Garson, DirectorAnthony Garson, Director

– President and CEO of Excalibur Resources Ltd. (CNSX: XBR)– B.Sc. in Earth Sciences from the University of Waterloo and an MBA from the University of Toronto. – Involved in the brokerage industry as a Mines and Metals Analyst, Vice-President Bank of Nova Scotia 1975-80 (TSX: BNS), Dean Witter

Reynolds (Canada) Ltd. ,Canaccord Capital (TSX: CCI). Founding partner of Union Capital Markets (UK) Ltd.

Mark Billings, CFO, DirectorMark Billings, CFO, Director

– President and CEO of Orex Exploration Inc. (TSX-V: OX), a gold exploration company with properties in Nova Scotia– BA (Honours) from Carleton University and an MBA from the Harvard Business School; Chartered Financial Analyst

Roy Bonnell, DirectorRoy Bonnell, Director

– Managing Director of Atwater Financial Group, a Montreal-based merchant banking group; Chairman of TI2.– M.Sc. Accounting & Finance (London School of Economics), MBA (McGill) University, L.L.B. Western Ontario, B.A. (Queen’s University).

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Exploration TeamExploration TeamArgex has put together an independent panel of professionals to Argex has put together an independent panel of professionals to supervise the exploration programs. The Exploration Team is led by supervise the exploration programs. The Exploration Team is led by Jean-Sébastien Lavallée of Consul-Teck from Val-d’Or, Quebec. He has Jean-Sébastien Lavallée of Consul-Teck from Val-d’Or, Quebec. He has extensive experience in exploration programs in the mining camp on extensive experience in exploration programs in the mining camp on Quebec’s North Shore with budgets in excess of $30 million.Quebec’s North Shore with budgets in excess of $30 million.

Metallurgical TeamMetallurgical TeamArgex has assembled a team of mining and metallurgical experts, led Argex has assembled a team of mining and metallurgical experts, led by Bryn Harris, Ph.D. of NMR360. Dr. Harris has over 20 years of by Bryn Harris, Ph.D. of NMR360. Dr. Harris has over 20 years of experience with Noranda and is a world-renowned expert in high-experience with Noranda and is a world-renowned expert in high-concentration chloride extractive metallurgy.concentration chloride extractive metallurgy.

Management Team

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Commodity Market Outlook• IRON OREIRON ORE

Iron Ore is typically sold in concentrate of 65% or 66% purity, with wet or dry tons commanding different prices. Chinese market pricing came down more than 30% in the last year as the economy slowed down to a low of 420 Renminbi (1 Renminbi = $ 0.17 CAD) for a wet Metric Ton, or $71.40 CAD. Many long term contracts sell the Iron Ore concentrate, or Fe 65% wet, for $71 per MT.

• TITANIUMTITANIUM

Titanium is extensively used in different forms, from metal alloys to paint and human medical prostheses. The metal is presently selling between $1,000 to $5,000 USD per MT. Boeing 787 Dreamliner, Martin’s F22 Raptor and new artillery equipment (e.g. “The Reaper” of the US Air Force) are currently in production and use Titanium extensively.

• VANADIUMVANADIUM

Vanadium has been selling on the Chinese auction market in the range of $6-7 per pound in the last year. Vanadium is used as a metal alloy to generate harder steel in military and medical equipment, among other uses.

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LABRADOR

QUÉBEC

LabradorCity

Twin FallsChurchill

Falls

Sept-IlesPort Cartier

Regional Producers

WABUSH (WABUSH IRON)

CAROL LAKE (IOC)

MONT-WRIGHT

Mouchalagane Properties

Three existing producers accounting for 5% of world production

Carol Lake, (IOC) Rio Tinto 16.0 MTPY

Wabush Iron, ArcelorMittal 5.5 MTPY

Mont-Wright, ArcelorMittal 15.0 MTPY

Future producer

Bloom Lake,

Consolidated Thompson 8.0 MTPY

Baie Comeau

Bloom Lake Property

La Blache Complex

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LABRADOR

QUÉBEC

St. LawrenceRiver

Producing iron mineShipping terminalRail lineHydroRoad

Low Cost Due to Unique Location EXISTING

INFRASTRUCTURE– Rail lines– Power lines– Main access roads & logging

roads– Housing for employees– 7 deep sea ports

QNS&LQCM

Pointe NoireSept-Iles

Port Cartier

LabradorCity

Twin FallsChurchill

Falls

Bloom Lake (CLM)WABUSH (WABUSH IRON)

CAROL LAKE (IOC)

MONT-WRIGHT (QCM)

MouchalaganeProperties (RGX)

La BlacheProperties (RGX)

Baie-Comeau

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The La Blache Complex consists of 5 deposits located 140 The La Blache Complex consists of 5 deposits located 140 km north east of Baie-Comeau on the Quebec North Shore. km north east of Baie-Comeau on the Quebec North Shore.

The La Blache Complex

• The Complex was discovered in 1952 by Bersimis Mining, which worked on the discovery The Complex was discovered in 1952 by Bersimis Mining, which worked on the discovery until 1964. until 1964.

• Exploration work of minimum $ 3 million over the next yearExploration work of minimum $ 3 million over the next year• Potential of proven resources of hundreds of millions of tonnesPotential of proven resources of hundreds of millions of tonnes• High grade Iron Ore and Titanium with massive Vanadium and Magnesium credits with the High grade Iron Ore and Titanium with massive Vanadium and Magnesium credits with the

potential of Direct Shippingpotential of Direct Shipping• Metallurgical complexity has been addressed by the Argex team, led by Bryn HarrisMetallurgical complexity has been addressed by the Argex team, led by Bryn Harris ..

Name of the Deposit NTS *Reserves/ Resources

Host Rock **Other Minerals

Grades

Lac La Blache 22 K/04 79 Mt UR Anorthosite - 49.58% Fe, 21.62% TiO2, 2.23% SiO2, 0.04 P. 0.048% S, 4.13% AI2O3. 4.13% MgO (representative samples).

Hervieux Ouest 22 K/04 23 Mt UR Anorthosite IM, MG, USL

71.4% Fe2O3. 21.2% TiO2, 0.48% V2O5 and 1800 ppm Cr.

Hervieux Est 22 K/04 11 Mt UR Anorthosite IM, MG, USL

70.4 % Fe 2O3. 22% TiO2, 0.48 % V2O5 and 1400 ppm Cr.

Lac Schmoo 22 K/04 - Anorthosite IM, MG, USL

68.7% Fe2O3. 21.2% TiO2 and 0.41% V2O5

De La Blache-Est 22 K/04 - Anorthosite IM, MG, USL

62.4% Fe@O3, 17.4% TiO2, 0.51% V2O5 and 470 ppm Cr.

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Budget for Lac La Blache Properties

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The Mouchalagane Properties• The Mouchalagane Properties are a group of 3 iron ore properties The Mouchalagane Properties are a group of 3 iron ore properties

referred to as “Hanna”, “Consolidated Morrison” and “Fortin”. referred to as “Hanna”, “Consolidated Morrison” and “Fortin”.

• The Hanna and Morrison Properties have an historical estimate that is The Hanna and Morrison Properties have an historical estimate that is non compliant under National Instrument 43-101 of 300+ millions non compliant under National Instrument 43-101 of 300+ millions tonnes, with historical grades ranging from 31% to 36% Fe. A recent tonnes, with historical grades ranging from 31% to 36% Fe. A recent round of field work and an airborne survey were completed in the last round of field work and an airborne survey were completed in the last 2 years and should facilitate the identification of additional localized 2 years and should facilitate the identification of additional localized deposits that could help confirm or increase these estimates.deposits that could help confirm or increase these estimates.

• The more grass-roots Fortin property yielded grab samples grading in The more grass-roots Fortin property yielded grab samples grading in the range of 67% Fe and over.the range of 67% Fe and over.

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Budget for Mouchalagane Properties

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Metallurgical Process &Recuperation Rates

• Metallurgists propose a closed-loop process consisting of HCI (for the initial leaching step), which is regenerated and returned to leach fresh ore and a brine matrix (which is inert throughout) and is also recycled to the leaching step.

• No emissions of greenhouse gases or toxic residues and high-value end products are created directly from the process.

• Please refer to the Appendix for more detailed information on the metallurgy of the La Blache deposit.

Recuperation Rates(from initial tests)

Fe recovery: 95% - 99%Hematite purity: 66% - 70%

Ti recovery: 90% - 95%TiO2 purity: 96% - 97%

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Timeline to Production(300,000 Mt per year)

3 months 6 months 9 months 12 months

Complete financing

Preliminary field work

Scoping study

Feasibility study

EIS and permitting

Project financing

Construction

Mining production

Off-take agreements

Transport agreements

Feasibility

15 months

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Iron Ore Comparable CompaniesIron Ore Comparable CompaniesResources all

categories m/tAverage Grades

$ Raised $ Spent Market Cap

500,000,00 64% Fe $420,000,000 $391,000,000 $65,120,000

1,100,000,000 30% Fe $749,000,000 $190,000,000 $358,140,000

2,200,000,000 30% Fe $37,400,000 $36,400,000 $45,250,000

90,559,000 57% Fe $52,800,000 $12,800,000 $52,000,000

500,000,000 50% Fe $5,000,000* - $12,500,000

*Estimate

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Summary• High grade titanium, iron and vanadium deposits

(hundreds of millions of tonnes)• 100 km from deep water port• Extensive infrastructure in place• Initial sample testing shows excellent iron and

titanium recovery and purity• Favourable valuation to other comparables

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Head Office:Head Office:

Mark Billings, DirectorMark Billings, Director mark@atwaterfin.comPh: +1.514.296.1641

Roy Bonnell, DirectorRoy Bonnell, Directorroy@atwaterfin.comroy@atwaterfin.comPh: +1.514.928.5933

Suite 2040, 2020 UniversityMontreal, QC H3A 2A5CANADAFax: +1.514.843.9208

Auditors : Auditors : BDO DunwoodyBDO Dunwoody

Legal Counsel : Legal Counsel : BCF s.e.n.c.r.l. / LLPBCF s.e.n.c.r.l. / LLP

Transfer Agent Transfer Agent : CIBC Mellon Trust Company: CIBC Mellon Trust Company

All of Argex’s public filings can be found on SEDAR All of Argex’s public filings can be found on SEDAR (www.sedar.com) under “Argex Silver Capital Inc.” or on the (www.sedar.com) under “Argex Silver Capital Inc.” or on the

Company’s website: www.argex.ca (user name: rock; Company’s website: www.argex.ca (user name: rock; password : solid).password : solid).

APPENDIX

MetallurgyOf

La Blache Complex

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ARGEX Process

Treat the whole oreNot necessary for mineral beneficiation

● However, will be evaluated on cost-benefit basis

Chloride leach, with recycled Hydrochloric AcidDissolves iron, titanium and impuritiesSilicate gangue minerals left in leach residue

● Reason beneficiation is not necessary

Hydrolyse and precipitate TiO2 (Titanium dioxide)>90% recovery of Ti from oreLimited tests show purity >95% (better than QIT)

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ARGEX Process

Hydrolyse and precipitate Fe2O3 (hematite)>90% recovery from oreTests on similar solutions show 66-70% Fe (very pure)

● Potentially high value product

Remove impuritiesV by ion exchange

● Present as anion, therefore behaves differently to Fe and Ti

Mn by oxidative precipitationLeft with MgCl2 solution

● Pyrohydrolyse to MgO (Dead Sea in Israel for 50 years)

● Potentially marketable to refractories or pharmaceutical industries

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ARGEX Process

Hydrochloric acid (HCl) is recovered from:TiO2 precipitation

Fe2O3 precipitation

V and impurity recovery/removalMgO production

There is thus a closed loop for HClEnvironmentally friendly

There are minimal residues to dispose ofMinimal fugitive gas emissionsWater consumer – no liquid discharges

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ARGEX versus QIT

Argex ores cannot be treated like those of QITLot of value in the ground; not focused on pig iron

● Therefore requires alternative, innovative processing route

Not limited by “impurities”QIT processing limited by V, Mn and MgARGEX flowsheet can handle (and recover) all three

● Potential revenues from V and Mg

ARGEX more environmentally friendlySmaller carbon footprint

● Uses water rather than carbon to effect reduction of metals

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ARGEX Approach Rio Tinto (QIT) Process

RoM Ore

Chloride Leach

S LSilicateGangue

TiO2 Recovery

S L

Fe2O3 Recovery

TiO2

Fe2O3S L

MgO Recovery

MgO

HCl

HCl

HCl

HCl

RoM Ore

BeneficiationSilicateGangue

Reduction Smelting

HCl Autoclave Leach

TiO2 Slag

S L

Pyrohydrolysis

Fe, Mg, Al OxidesTo Disposal

Pig Iron

TiO2

HCl

UGSProcess

Carbon