Platinex Inc.
TSX VENTURE : PTX

Platinex Inc.

November 24, 2010 13:31 ET

Platinex Releases More Gold Results on Shining Tree Sampling

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2010) - Platinex Inc. (TSX VENTURE:PTX), announced further processing of old data on the Caswell prospect. This data has revealed several vein swarms exhibiting compelling gold concentrations over thick widths based on partial channel sample assaying of veins. A 415 m interval between vein 107 in the south and vein 118 in the North averages 7.19 g/t Au uncut. This interval includes a 40 m interval enclosing both veins 107 and 109 grading 72.6 g/t Au. The best value in the section is from vein 107. It grades 1,068.33 g/t Au/1.22 m uncut. The mineralization appears to be similar in the skewed distribution and broad extent to that recently announced to the west of Platinex's Shining Tree property by Trelawney Resources.

"It is important to put these results in perspective." says James R. Trusler, President and CEO of Platinex Inc. "We can say with certainty that the mineralized structures exist in abundance and that much of the past work illustrates both the highly skewed nature of the gold values and the widespread abundance of gold in those structures. However, the old values have not yet been qualified. I am very excited about the work Platinex will be doing on the Caswell prospect."

A map depicting the location of veins and drill holes is attached for reference and separate tables listing results of grab samples and channel samples are included herein.

The major structural feature at the Caswell site is the Saville/Evelyn vein/shear which trends west northwest parallel to the Tyrrell structural zone. Thirty nine documented shear hosted veins tend to be 0.41 to 0.62 m thick and are flanked on either side by a 0.77 m thick mineralized shear zone. Platinex has stripped an area 200m x 800m on the east side of Michiwakenda Lake. A comprehensive program of exploration will be carried out this winter including bulk sampling of trenches.

Further releases of data on sampling in vicinity of the two shafts and drill hole data will be forthcoming.

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".

To receive Company press releases, please email lparadis@platinex.com and mention "Platinex press release" on the subject line.

To view the map included with this press release, please visit the following link: http://media3.marketwire.com/docs/ptxMAP1124.pdf

HISTORIC CHANNEL SAMPLES
Vein No. Grade (g/t) Width (m) Avg grade (g/t) Avg width (m) Length (m) Dates
1 9.943 0.9 67.78 1.14 10.7 1923
1 23.147 1.22       1974
1 91.199 1.22       1974
1 132.343 1.22       1974
2 45.943 0.61 58.54 0.98   1916
2 71.657 0.61       1916
2 133.029 0.25       1916
E. of 2 50.743 2.43       1924
3 21.943 1.47 21.94 1.47   1923
Saville(4) 52.457 0.91 51.21 0.84   1916
Saville(4) 49.714 0.76       1916
7 101.143 1.52 97.94 0.80   1916
7 28.457 0.07       1923
19 21.257 0.31 17.49 0.31   1923
19 13.714 0.31       1923
103 302.743 0.25 19.67 1.57   1916
103 31.2 2.13       1916
103 10.629 1.83       1916
103 23.657 2.64       1923
103 9.257 1.02       1923
107 1068.329 1.22 1068.33 1.22   1923
109 1052.901 1.52 1052.90 1.52   1923
113 43.543 0.5 43.54 0.50   1923
115 4.114 0.76 21.07 1.30   1923
115 28.114 1.83       1924
116 25.029 2.13 25.03 2.13   1924
117 30.171 1.83 36.37 1.10   1916
117 18.514 1.22       1916
117 91.543 0.61       1916
117 109.371 0.61       1916
117 121.029 0.61       1916
117 16.114 0.38       1916
117 8.914 0.76       1916
117 5.486 0.61       1916
117 42.514 1.83       1916
117 9.943 2.13       1916
117 33.599 1.52       1924
118 23.314 0.61 23.31 0.61   1924
 
 
HISTORIC GRAB SAMPLES
Vein No. Grade (g/t) Source Date
1 6.506 Practical Mining 2001
1+2 287.109 Chesbar Resources 1987
1+2 41.143 Chesbar Resources 1987
1+2 0.514 Practical Mining 2001
3 0.009 Practical Mining 2001
Saville(4) 0.537 Practical Mining 2001
Saville(4) 0.641 Practical Mining 2001
Saville(4) 0.348 Practical Mining 2001
Saville(4) 0.031 Practical Mining 2001
101 0.206 Practical Mining 2001
101 0.833 Practical Mining 2001
103 7.748 Chesbar Resources 1987
107 0.007 Practical Mining 2001
109 25.234 Chesbar Resources 1987
109 18.925 Chesbar Resources 1987
109 4.114 Chesbar Resources 1987
109 13.474 Practical Mining 2001
109 2.160 Practical Mining 2001
109 12.983 Practical Mining 2001
109 0.079 Practical Mining 2001
111 9.394 Chesbar Resources 1987
111 5.486 Chesbar Resources 1987
111 0.718 Practical Mining 2001
111 0.039 Practical Mining 2001
113 3.840 Chesbar Resources 1987
114 2.297 Practical Mining 2001
115 7.886 Chesbar Resources 1987
115 5.760 Practical Mining 2001
122, 123 0.024 Practical Mining 2001
113-123 8.331 M. Newbury 1974
113-123 8.126 M. Newbury 1974
113-123 5.691 M. Newbury 1974

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.

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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