Seeks Injunction to Continue Big Trout Lake Drilling

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Platinex Inc. announced it has issued a statement of claim against the Kitchenuhmaykoosib Inninuwug ("KI") First Nation, Chief Morris, Band Council and others. The Company also is seeking injunctive relief against the same parties in its on-going efforts to return to the property and continue its drilling program without unlawful interference or interruption.

 

In late February, the KI community unlawfully obstructed Platinex's ability to continue with its exploratory drilling project on the Big Trout Lake property in northern Ontario. Platinex vacated the property on terms agreed upon with KI Band Council. Council did not live up to its commitments. The Company obtained an interim order from the Court on April 27, 2006, including a timetable for the hearing of the Company's interlocutory injunction in June.

 

All media inquiries respecting the litigation will be referred to the Company's counsel.

 

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 is currently exploring on its Big Trout Lake Property in Northern Ontario, approximately 580 km (350 miles) north of Thunder Bay. Shares of Platinex became listed for trading on the TSX Venture Exchange on November 4, 2005, under the symbol PTX. Platinex has 14,271,173 common shares issued and outstanding.

 

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.

 

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

 

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