NEWS!Attention Business Editors:
Platinex Permitted by Court Order to Proceed with Drilling Program on its Big Trout Lake Property
TORONTO, May 24 /CNW/ - Platinex Inc. (TSX Venture: PTX) today reported
that the Ontario Superior Court has ordered that Platinex be permitted to
commence phase one of its exploratory drill program on the Big Trout Lake
property, located in the Kenora Mining District of Ontario.
By way of background, on July 28, 2006, the Court granted an interim
interim injunction to Kitchenuhmaykoosib Inninuwug First Nation ("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.
On May 22, 2007, Mr. Justice Smith permitted Platinex to commence phase one
(24 holes) of its drill program on June 1, 2007. In order to guide the
on-going relationship among the Company, KI and Ontario, the Court imposed
upon the parties a Consultation Protocol, a Memorandum of Understanding
("MoU") and a Timetable. Following the May 1st 2007 ruling, the decision
recognizes an on-going supervisory role for the court and contemplates
potential further stages of exploration and/or development on the property.
Among other things, the MoU contemplates the possible one-time issuance
to KI of warrants for up to 500,000 shares of Platinex stock exercisable at
$0.40 per share at any time for up to two years, subject to shareholder and
regulatory approval, and/or appointment of one nominee to the Platinex board
of directors. It also contemplates a possible benefit fund equivalent to 2% of
Platinex expenditures on exploration of the Big Trout Lake property. Stock
exercised from the warrants would have a hold period of four months and one
day from the date of issuance of the warrants.
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
(https://www.platinex.com/docs/CourtDecision20070522.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.
%SEDAR: 00014019E
For further information: please visit www.platinex.com or contact: Platinex
Inc., James R. Trusler, President & CEO, Tel: (905) 727-9046, Email:
jim@platinex.com; CHF Investor Relations, Cathy Hume, CEO, Tel: (416)
868-1079 ext. 231, Email: cathy@chfir.com