Platinex Inc – Enabled to Proceed With Drilling Program on its Big Trout Lake

 

Platinex Inc – Enabled to Proceed With Drilling Program on its Big Trout Lake

 

Copyright 2007 Market News Publishing Inc. All Rights Reserved

 

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Platinex Inc. reported that a decision has been rendered in the legal action among Kitchenuhmaykoosib Inninuwug, "KI", Platinex Inc. and the Ontario government favourable to Platinex. On July 28, 2006, the Court granted an interim interim injunction to KI conditional on 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". Having failed to reach an agreement, early in April 2007 KI sought an interlocutory injunction preventing Platinex from conducting its exploratory drill program pending an expedited trial. On May 1, 2007, the Court dismissed KI's motion. Among other things, Mr. Justice Smith's order requires the parties to implement a consultation protocol, timetable and memorandum of understanding addressing specified items by May 15, 2007. Platinex will be permitted to commence phase one (24 holes) of its drill program on June 1, 2007, subject to the Court being satisfied that a proper protocol is in place. The order contemplates an on-going supervisory role for the Court. Platinex welcomes this opportunity to work with KI on the further definition of the chromium and platinum group element mineralization on its Big Trout Lake property. The Decision is posted on the Platinex website at http://www.platinex.com/docs/InjunctionDecision20070501.pdf . 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). Platinex is determined to find platinum sources to be used in the campaign to eliminate the threat of global warming. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol PTX. FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release – including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

 

Capitalization Report for Platinex Inc Shares Issued: 14896163 Shares Escrow: 3850056

 

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