Platinex Inc.

Platinex Inc.

November 17, 2010 15:10 ET

Platinex to Explore Prolific High Grade Gold Occurrences at Caswell Portion of Shining Tree Property

TORONTO, ONTARIO--(Marketwire - Nov. 17, 2010) - Platinex Inc. (TSX VENTURE:PTX), announced that it has secured old exploration records revealing past prospecting and drilling with numerous multiple ounce intersections grading up to 184.11g/t/1.52 m and samples of gold grading up to 1,068.34 g/t/1.22m on surface. The company has commenced power stripping of veins in a 200m x 800m site on the northeast side of the southeast end of Michiwakenda Lake near the Caswell No 2 Shaft. Initial sampling has confirmed the gold mineralization. Some of the highlights are listed in tabular form herein and a more detailed treatment will appear on the website shortly covering results on both sides of the lake.

One of the major structural features on the Shining Tree property is the Saville/Evelyn Vein/Shear structure, which trends west northwest parallel to the Tyrrell Structural Zone. The Caswell prospect is part of the Platinex property and covers 1 km of this structure. It is evident that localized high grade gold values occur in a number of veins/shears throughout the property where 39 documented shear hosted veins crosscut the Saville and Evelyn structures. Reports of spectacular gold specimens from the area of the Caswell (Westree) number 2 shaft are repeated in various government and private reports. The vertical plunging intersections of the cross cutting veins with both the Saville and Evelyn veins have been proven to host very high grade gold in several documented cases. Platinex intends to drill test numerous targets as well as test the Caswell site and north northwest extensions of the Saville-Evelyn shear with IP surveys this winter.

Historically, this area has been known to produce high grade gold values from surface grab and chip samples. Previous workers have numbered what they deemed to be individual veins from 101 to 123. Some of the better gold results include:

Company/ Source Date Vein No. Grade g/t Width (m)
D.W. Demorest 1923 103 23.657 2.64
    107 1068.329 1.22
    109 1052.901 1.52
Chesbar Resources 1987 101 7.748  
    108 25.234  
    109 18.925  
    110 9.394  
    114 7.886  
Practical Mining 2001 109 13.474  
    115 5.76  


Source Date Hole No. From m To m Core Length m Grade g/t
West Tree Mines 1923 4 35.1 36.6 1.5 19.851
      92 96.6 4.6 24.069
    6 80.9 85 4.1 21.84
      120.7 121.9 1.2 24.514
      129.8 131.4 1.5 183.909
    7 78.3 79.8 1.5 4.629
      111.9 113.4 1.5 51.669
Chesbar Resources 1988 6 29.6 30 0.5 7.371
      30.6 31.1 0.5 8.126
    8 45 45.3 0.3 6.651
    11 129.2 129.5 0.3 3.086
      95.1 95.4 0.3 6.857
    14 87.5 89 1.5 0.891
    16 7.3 7.9 0.6 2.855
      17.7 18 0.3 3.55
      75.9 77 1.1 0.685
    20 17.5 17.8 0.3 5.17
    21 30.3 30.8 0.5 1.78
    23 29.1 29.4 0.3 0.891

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

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".

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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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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