Platinex Inc – Sued by Supplier

 

Platinex Inc – Sued by Supplier

 

Copyright 2006 Market News Publishing Inc. All Rights Reserved

 

Platinex Inc. has been served with a statement of claim by Cartwright Drilling Inc. Cartwright is claiming $310,073.18 in damages plus 2% interest per month. The claim arises out of a drilling contract between Platinex and Cartwright under which Cartwright was to perform drilling on Platinex's Big Trout Lake property. Cartwright's drilling crew was forced to leave the property as a result of actions taken by the local native Band, Kitchenuhmaykoosib Inninuwug (KI). Cartwright claims it is entitled to damages under the contract.

 

Platinex believes that the amounts claimed by Cartwright are excessive and Platinex intends to file a defence.

 

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.

 

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY

 

FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

TSX Venture closing price for Platinex Inc Date: 2006/08/22 Closing Price: 0.120

 

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

 

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