Platinex Inc – Receives Injunction Ruling from Ontario Court

Platinex Inc – Receives Injunction Ruling from Ontario Court

 

Copyright 2006 Market News Publishing Inc. All Rights Reserved

 

Platinex Inc. reported that the Ontario Superior Court in Thunder Bay issued its judgment on the company's motion for injunctive relief against Kitchenuhmaykoosib Inninuwug (KI) and KI's cross injunction. Platinex sought unobstructed access to its mining claims and leases on the Big Trout Lake property (Crown land) to conduct low-impact exploration. KI sought an order preventing Platinex from engaging in any exploration activities pending the trial of the main action between the parties.

 

The Honourable Mr. Justice Smith dismissed the company's motion and issued an order enjoining Platinex from engaging in its contemplated exploration program for five months at which time the parties must re-attend before His Honour. The order in KI's favour is conditional on, among other things, KI immediately establishing a "consultation committee charged with the responsibility of meeting with representatives of Platinex and the Provincial Crown with the objective of developing an agreement to allow Platinex to conduct its two-phase drilling project at Big Trout Lake".

 

Management is concerned that the Court's decision sanctions the KI unilateral "moratorium" on prospecting and exploration on KI's traditional Territory. Minister Ramsay of the Ministry of Natural Resources has stated publicly that the KI "moratorium" has no legal standing. Further, Platinex's activities were based on assurances from the Provincial Government that the Company has the right to explore its claims, and the obligation to keep those claims in good standing.

 

Although Platinex management is considering all its legal options, it is at least encouraged by the Court's mandate that KI, the company and the Province engage in a consultative and co-operative process to reach an agreement that will allow Platinex to conduct its exploratory program in a timely manner. Although the Crown was not a party to the injunction motions, His Honour was particularly critical of the Crown's conduct respecting the non-fulfillment of its duty to consult with KI.

 

Under subsection 129(4) of the Mining Act RSO 1990 c.M.14, as amended, the Mining and Lands Commissioner has ordered that effective April 18th 2006 Platinex's mining claims are to remain in good standing until the legal proceedings are resolved.

 

About Platinex Inc.

 

Platinex is a Canadian exploration company based near Toronto. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and UG2 reefs (Bushveld Complex, RSA). 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.

 

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.

 

Internet: www.platinex.com

 

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