Platinex Inc.

Platinex Inc.

August 19, 2010 08:30 ET

Drilling at Platinex's Shining Tree Property Identifies Large Structural Gold System

TORONTO, ONTARIO--(Marketwire - Aug. 19, 2010) - Platinex Inc. (TSX VENTURE:PTX), announced drilling on their Herrick deposit has expanded the known mineralized vein structures to the north along strike, across strike and down dip. A large continuous structural gold system is being characterized, with a strike length outlined to date of 410 metres north to south and is open in both directions.

Two drill holes from the most recent drilling program tested the main veins at 175 metres vertical depth, the deepest level tested to date. Holes HP09-33 (extended), and HP10-42 to HP10-51 inclusive all intersected the Central zone and many of the holes intersected the West zone and other parallel mineralized gold zones. Highlights of results are tabulated at the end of this release. A more complete tabulation will be rendered on the web site. Nearly all assay results are finalized. However, some check/quality control assaying and infill assaying is ongoing.

Jim Trusler, President and CEO of Platinex states that "We are very pleased with the results of the drill program. All holes intersected the Central Zone with good gold values. There are numerous peripheral zones. The mineralization is strengthening at depth and is open in all directions. It is evident from the continuity and breadth of mineralization that we are on the edge of a large mineralized body."

Significant results were obtained from new holes on section 1300, which tested the depth extent of the Herrick vein structure below and just south of the shaft. Hole HP10-43 intersected gold mineralization from 171.8 to 181.5 metres, averaging 1.92 g/t Au over 1.5 metres at the upper contact and assaying 2.3 g/t Au over 0.9 metres at the lower contact. Hole HP10-44 undercut this intersection and encountered thicker and stronger zones of alteration and gold mineralization. Within the broader 46.3 metre thick zone of alteration and mineralization, the Central zone was intersected from 241.9 to 252.4 grading 1.65 g/t Au over 10.5 metres, including 2.56 g/t Au over 4.0 metres and 2.13 g/t Au over 1.78 metres. Higher in the hole just above the Central zone, the West zone returned 2.00 g/t Au over 2.6 metres. The Central zone intersection in Hole HP10-44 is approximately 75 metres below an intersection in a hole reported by Herrick Gold Mines to have averaged 18.88 g/t Au over 3.4 metres. Additional sampling is underway to characterize the entire alteration zone in hole HP10-44 from 206.1 to 252.4 (46.3 metres). Several drill holes extended the Herrick vein system to the north.

Downhole IP Work is to begin shortly to help determine the depth and location of the expanded drill program which is to take place in late September. Trusler also indicated that "The rocks are a spitting image for the prolific gold bearing assemblage in Kirkland Lake. On this basis the Herrick deposit could be immense. The objective of the next drill program is to initially assess the potential along strike for 2000 metres with stripping. We intend to test the down dip potential up to 300 metres depth with drilling to assess resource potential. The downhole IP will be used to lead us to stronger sulphide mineralization, which on this property correlates with high grade gold values."

No Drill Hole Interval Core length Gold Grade Note
  From To m g/t  
  86.55 89.50 2.95 1.38  
HP10-33 93.50 95.25 1.75 1.90  
  102.10 102.65 0.55 2.40  
  59.10 59.70 0.60 2.16  
HP10-42 143.20 143.60 0.40 6.89  
  156.60 157.10 0.50 2.30  
  84.35 84.85 0.50 4.05  
HP10-43 127.15 127.90 0.75 2.19  
  171.80 180.80 8.20 0.83  
  110.00 110.65 0.65 1.75  
  207.00 209.60 2.60 2.00  
HP10-44 225.65 226.90 1.75 1.25  
  234.54 236.32 1.78 2.13  
  241.90 252.40 10.50 1.65  
HP10-45 206.00 207.20 1.20 2.26  
HP10-46 97.65 100.10 2.45 0.48  
HP10-49 24.70 29.70 5.00 0.98  
Including 27.50 29.00 1.50 1.93  
HP10-51 38.80 44.45 5.65 1.81  
Including 38.80 40.10 1.30 4.06  
HP10-48 18.60 25.80 7.20 2.38  
Including 21.50 22.40 0.90 5.73  
HP10-50 37.55 38.30 0.75 0.37 Mineralized zone
  53.10 53.50 0.40 0.30 Mineralized zone

Diamond drilling for the current program was done under contract by Laframboise Drilling Inc. of Earlton, Ontario. A sampling quality control program consisted of inserting known standards and blanks into the sample stream during the logging and sampling process. All assaying for the current program has been completed by Expert Labs located in Rouyn-Noranda, Quebec. All results reported in this release have quality control samples that returned results within acceptable error and with no indication of cross contamination of samples.

Core logging took place on the Herrick property drill site. Core to be sampled was marked and tagged by the project geologist and transported by Canadian Exploration Services to their secure facility in Larder Lake, Ontario for cutting, insertion of standards/blanks and delivery to Expert Labs for analysis. The samples were analyzed for gold using standard fire assay techniques.

For the purpose of this release James R. Trusler, P.Eng is considered the qualified person.

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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.

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