Drilling Program Delayed By Blockade

 Market News Publishing

MNEWSP

English

Copyright 2006 Market News Publishing Inc. All Rights Reserved

 

Platinex Inc. is an exploration company searching for Platinum Group Elements (PGE's) in North America. On its Big Trout Lake property in northwestern Ontario, 4 vertical chromium reefs or sheet-like bodies which have been correlated from previous drilling over strike lengths of 4.1 to 12 km contain primary PGE sulphides with potentially commercial grades. A drilling program budgeted at $1,220,000 is being carried out this winter to test the continuity of the mineralization within the reefs.

 

Platinex's Big Trout Lake exploration project has been temporarily delayed by an access road and landing strip blockade constructed by people in the region protesting against the exploration. To ensure the safety of the workers and equipment, drilling has been temporarily suspended and Platinex has withdrawn the workers from the site to facilitate a solution.

 

Platinex has an obligation to consult with Kitchenuhmaykoosib Inninuwug, the local community, and has done so successfully in the past. Good working relationships with community members have been built over many years, and the Company continues to pursue a collaborative and meaningful consultation process. Platinex's policies in this regard can be found on www.platinex.com .

 

Platinex has ensured that all of its claims and leases are in good standing, and that all regulatory requirements have been met. Best work practices are used, and environmental impact is extremely low with only one drill currently to be employed on the Big Trout Lake project.

 

Platinex is exploring all options to progress with its legitimate activities on an emergency basis, and will continue to provide information as events unfold.

 

About Platinex Inc.

 

Platinex is a Canadian exploration company based near Toronto. Platinex focuses on carefully selected Platinum Group Element targets in settings with potential for the discovery of multi-million-ounce deposits, analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and UG2 reefs (Bushveld Complex, RSA), each of which contain resources of PGEs in the tens or hundreds of millions of ounces. The company's Big Trout Lake Property in northern Ontario is approximately 580 km (350 miles) north of Thunder Bay. Shares of Platinex were listed for trading on the TSX Venture Exchange on November 4, 2005, under the symbol PTX. The qualified person for the purposes of this release is Mr. J.R. Walls.

 

To receive Company press releases, please email alison@chfir.com

 

and mention "Platinex" on the subject line.

 

Forward Looking Statements:

 

The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy. This news release contains forward-looking statements regarding the Company's expectations and beliefs with respect to future events and/or financial performance. These forward- looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual events or results to differ materially from those expressed or implied in such forward-looking statements. The reader is referred to the documents that the Company files and will file from time to time with applicable Canadian securities and regulatory authorities for a discussion on certain risk and uncertainties that could cause actual results to differ from those projected, anticipated or implied. The Company does not undertake to update forward-looking statements.

 

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY

 

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

please visit www.platinex.com

 

TSX Venture closing price for Platinex Inc Date: 2006/02/24 Closing Price: 0.390

 

____________________________________________________________

 

(c)2006 Market News Publishing Inc. All rights reserved.

 

Toronto:(416)366-8881 Vancouver:(604)689-1101 Fax:(604)689-1106