Platinex Inc.
TSX VENTURE : PTX

Platinex Inc.

March 13, 2009 11:37 ET

First Phase Drilling at Platinex's Shining Tree Gold Project Encounters Significant Widths of Gold Mineralization

TORONTO, ONTARIO--(Marketwire - March 13, 2009) - Platinex Inc. (TSX VENTURE:PTX) is pleased to announce results from the first 19 drill holes of a 26 hole, 1,270 metre diamond drilling program on its Herrick prospect in Churchill Township, Ontario. The Herrick prospect is one of several historic gold deposits located at Platinex's Shining Tree gold project. Drilling commenced on February 8, 2009 and was completed on February 21, 2009.

The program set out to confirm gold mineralization indicated by channel sampling of veins by earlier workings through systematic sampling beneath the surface exposures of the Herrick vein system. This objective has been met, with the additional indication that significant gold mineralization occurs in broader zones than was previously recognized.

Results of the drilling program are presented as gold values in grams per tonne over calculated true thickness intersections. Two parallel vein systems (West Zone, Central Zone) dip steeply west, and are between 15 and 50 metres apart. The Herrick shaft was sunk on the West zone circum 1920. Later underground work drifted on both the West and Central zones.

Two holes in particular confirm the presence of significant widths of gold mineralization:



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Hole ID Au (g/t) Core Length (m) Calculated True Width (m)
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HP09-24 4.11 5.20 2.98
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Incl. 6.23 3.20 1.84
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HP09-36 3.19 7.15 5.05
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Incl. 4.70 3.35 2.37
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Other significant results from the latest drilling program include:

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Hole ID Au (g/t) Core Length (m) Calculated True Width (m)
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HP09-16 3.84 1.65 1.35
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HP09-17 3.68 2.70 1.35
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HP09-21 6.84 1.25 0.80
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HP09-27 2.63 10.40 6.24
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Incl. 5.46 2.70 1.62
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HP09-29 8.52 1.00 0.82
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HP09-30 6.47 1.81 1.03
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HP09-31 2.88 3.00 2.37
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HP09-37 2.09 5.60 4.10
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Incl. 4.88 2.28 1.67
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For complete results received to date, please see the table at the end of this release.

Seven holes remain to be logged and sampled. Results for these holes are expected to be announced in early April. Many of the samples will be subject to pulp and metallic assay methods which deliver improved accuracy in grade estimates.

"We are very pleased with these results", commented James R. Trusler, President and CEO of Platinex Inc. "The Herrick vein system is consistently mineralized and has an excellent hit rate."

The Shining Tree Gold project claims cover a number of other gold prospects with historic underground development including the Churchill and Caswell vein systems. Historic drilling of the Herrick vein structure (Herrick Gold Mines - 4 holes and Unocal Ltd. - 11 holes) indicates that all of these holes intersected gold mineralization similar in tenor to Platinex's recent drilling assay results, and directly related to the north-south Herrick vein structure along a strike length of 350 metres. Till sampling over the entire property conducted by Platinex in 2008 recovered widespread highly anomalous gold grain counts indicating the occurrence of previous unexplored gold mineralization in several locations.

Two distinct styles of mineralization can be present within the West or Central zones - narrow quartz vein breccias or quartz ribbon structures variably mineralized with fine-grained muddy brown pyrite stringers, and wider quartz-carbonate stockwork zones with variable chlorite-sericite-iron carbonate alteration and pyrite mineralization. Both the Central and West zones are open to depth and along strike. There is also evidence that the Herrick is part of a series of locally gold-bearing parallel vein structures on the property, which have yet to be explored in detail.

Diamond drilling was contracted to Laframboise Drilling Inc. of Earlton, Ontario. A sampling quality control program consisted of inserting known standards, blanks and duplicate core samples into the sample stream during the logging and sampling process. All assaying to date has been completed by Swastika Laboratories, located near Kirkland Lake, Ontario. All twenty-two quality control samples have returned results well within acceptable error and with no indication of cross contamination of samples. The laboratory also implements an internal QA/QC program using standards, blanks and check assaying.

Core logging and sampling took place at a gated core facility near Gowganda, Ontario. NQ sized drill core was cut in half with a diamond saw. One half is archived at the core facility. Core samples were shipped directly to the laboratory in Swastika by Platinex personnel. The samples were analyzed for gold using standard fire assay techniques.

James R. Trusler, P.Eng. is the qualified person as defined by National Instrument 43-101 with respect to the content of this release.

About Platinex Inc.

Platinex is a Toronto based exploration company. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the Merensky and UG2 reefs (Bushveld Complex, RSA) and the JM reef (Stillwater Complex, Montana) and opportunistic acquisition and exploration of other selected precious metal targets. 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".

To receive Company press releases, please email lparadis@platinex.com and mention "Platinex press release" on the subject line or visit our website www.platinex.com for more information.

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.



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True
Interval Thick
Hole ID Zone From (m) To (m) (m) Au g/t (m)
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HP09-16 WEST 22 25.50 3.50 0.51 2.87
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HP09-16 CENTRAL 48.2 49.85 1.65 3.84 1.35
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HP09-17 WEST 33.5 37.70 4.20 3.05 2.10
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incl. 34 36.70 2.70 3.68 1.35
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HP09-18 WEST 22.3 23.30 1.00 5.68 0.78
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HP09-19 CENTRAL 10 11.15 1.15 1.24 0.94
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HP09-20 CENTRAL NSV
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HP09-21 CENTRAL 12.75 14.00 1.25 6.84 0.80
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HP09-22 CENTRAL 14 21.40 7.40 0.71 2.53
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HP09-23 WEST 14.4 15.70 1.30 5.62 0.92
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HP09-24 WEST 40.8 46.00 5.20 4.11 2.98
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Incl. 40.8 44.00 3.20 6.23 1.84
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HP09-25 WEST 13.4 13.80 0.04 7.36 0.26
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HP09-26 WEST 17.4 18.00 0.06 3.22 0.30
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HP09-27 WEST 18.6 29.00 10.40 2.63 6.24
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Incl. 5.46 1.62
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and Incl. 4.84 1.20
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HP09-28 WEST 24.9 26.30 1.40 1.94 0.84
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HP09-29 WEST 14 20.50 6.50 1.77 5.33
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Incl. 8.52 0.82
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HP09-30 WEST 18.2 28.40 10.20 1.53 5.81
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Incl. 6.47 1.03
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HP09-31 WEST 24.2 31.40 7.20 1.74 5.69
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HP09-36 CENTRAL 36.35 43.50 7.15 3.19 5.06
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Incl. 4.70 2.37
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partial
results
HP09-37 CENTRAL 18.4 24.00 5.60 2.09 4.10 only
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Incl. 4.88 1.67
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HP09-41 CENTRAL 124.5 125.50 1 0.58 0.08
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Drill hole locations (Herrick Grid coordinates based on east-west
oriented grid lines)

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Hole ID Northing Easting Az Dip Elev Depth
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HP09-16 1335 100 90 45 401 62
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HP09-17 1335 100 90 70 401 80
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HP09-18 1335 100 120 45 401 32
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HP09-19 1315 128 90 45 403 38
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HP09-20 1315 128 90 70 403 35
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HP09-21 1315 128 145 45 403 23
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HP09-22 1315 128 145 65 403 32
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HP09-23 1315 128 270 45 403 23
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HP09-24 1315 128 270 65 403 62
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HP09-25 1315 128 227 45 403 23
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HP09-26 1315 128 227 60 403 74
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HP09-27 1358 94 39 45 401 38
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HP09-28 1358 94 39 65 401 41
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HP09-29 1358 94 84 45 401 40
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HP09-30 1358 94 84 65 401 29
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HP09-31 1358 94 116 45 401 38
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HP09-32 1358 94 116 65 401 48
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HP09-33 1315 58 95 45 400 80
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HP09-34 1200 115 90 45 401 32
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HP09-35 1200 115 45 45 401 35
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HP09-36 1200 115 135 45 401 44
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HP09-37 1150 120 90 45 400 32
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HP09-38 1150 120 85 70 400 41
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HP09-39 1150 120 50 45 400 41
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HP09-40 1150 120 45 70 400 44
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HP09-41 1125 30 93 45 401 140
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