Platinex Inc.
TSX VENTURE : PTX

Platinex Inc.

November 30, 2010 12:43 ET

Platinex Releases More Historic Drilling Results on Shining Tree Gold Property

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2010) - Platinex Inc. (TSX VENTURE:PTX), is providing additional historic data, as compilation proceeds on the Company's Caswell prospect. The drill data interpretation is tabulated to the vein number intersected and the veins are identified on the attached map which is also on the company website.

The first drilling on the Caswell prospect in 1923 by Canadian Champion Reef Mining Co. Ltd. returned exceptional results in the Saville vein and other veins. Platinex is exercising caution in accepting any absolute values stated from this historic work, however the pattern of relatively narrow high-grade gold values is consistent with subsequent work on the property. Fourteen additional veins which are also mapped on surface were intersected in the drilling with good results. In all, 40 holes were drilled between 1923 and 1988 totaling 4,470m by five companies including Canadian Champion Reef Mining Co. Ltd., New Bedford Explorations Ltd.(1974), Tut Explorations Inc.(1981), Falconbridge Ltd., and Chesbar Resources Inc.(1988) The data is unqualified. Many of the collar locations have now been found in the field and records for all but the Falconbridge drilling have been obtained from the files of previous operators on the property.

"This drill data indicates that a substantial number of veins on the prospect carry significant gold mineralization. Anecdotal records and some bulk sample results also provide evidence that local very high grade gold concentrations occur in some cases where the easterly trending vein system intersects the northwesterly trending system." said James R. Trusler, President and CEO of Platinex Inc., "We intend to examine both the potential for selective mining and bulk mining on the prospect. A substantial number of samples have been obtained from the site in the last few weeks and we anticipate results will be forthcoming over the next two months."

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 occur underlying the Caswell prospect. Platinex has stripped an area 200m x 800m on the southeast side of Michiwakenda Lake. A comprehensive program of exploration will be carried out this winter including bulk sampling of trenches.

Compilation of data is ongoing, and additional historic data from the shaft areas and underground levels will be released along with results from recent powerstripping and channel sampling.

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

About Platinex Inc.

Platinex is a Canadian mining exploration company. The Company's priority in exploration is reef- type targets which may host large scale ore bodies. Platinex's proprietary expertise in exploration for this type of ore body has led to the acquisition of 7 PGE property holdings over large layered intrusions. Platinex is also exploring the Shining Tree gold property and recently expanded the known size of the Herrick gold deposit with a 36 hole drill program returning good gold values.

Hole No.   From (m)   To (m)   Length (m)   g/t   Intersected Vein   Year
T88-2   13.41   14.63   1.22   0.34   1   1988
CCR23-2   90.53   95.10   4.57   65.37   2   1923
T88-2   16.76   18.29   1.52   0.10   2   1988
TE81-3   46.33   46.63   0.30   9.43   3   1981
T88-3   32.92   34.14   1.22   7.56   3   1988
Including   33.68   34.14   0.46   19.51   3   1988
T88-4   44.20   44.50   0.30   0.48   3   1988
CCR23-1   246.51   249.56   3.05   158.40   Saville(4)   1923
CCR23-2   103.48   107.44   3.96   45.48   Saville(4)   1923
Including   103.48   106.58   3.10   57.95   Saville(4)   1923
CCR23-3   63.70   71.32   7.62   36.87   Saville(4)   1923
Including   65.23   66.75   1.52   183.09   Saville(4)   1923
NB74-3   30.48   35.05   4.57   0.11   Saville(4)   1974
TE81-3   141.73   142.95   1.22   2.23   Saville(4)   1981
NB74-1   12.95   13.72   0.76   2.61   7   1974
T88-5   21.95   22.25   0.30   5.04   101   1988
T88-6   29.57   31.09   1.52   3.36   101   1988
T88-7   30.18   31.39   1.22   0.27   103   1988
T88-8   44.96   45.26   0.30   6.69   103   1988
T88-9   79.40   79.71   0.30   0.27   106   1988
T88-10    No Significant Value         106   1988
CCR23-4   92.05   96.62   4.57   24.91   108   1923
T88-14   85.65   86.41   0.76   1.34   108   1988
T88-14   87.17   89.00   1.83   0.70   108a   1988
T88-11   94.79   95.40   0.61   0.51   108c   1988
CCR23-4   35.05   36.58   1.52   20.57   108d   1923
T88-11   129.24   130.15   0.91   1.27   108d   1988
T88-12   32.31   33.22   0.91   0.27   109   1988
T88-13    No Significant Value    109   1988
T88-15    No Significant Value    109a   1988
T88-16   17.68   18.29   0.61   1.85   113   1988
CCR23-6   80.92   85.04   4.11   24.84   114   1923
T88-16   75.90   76.96   1.07   0.64   114   1988
T88-17   12.19   12.65   0.46   0.12   114   1988
T88-20   23.16   24.38   1.22   0.14   114   1988
CCR23-6   119.18   137.16   17.98   18.48   115   1923
CCR23-6   129.84   131.37   1.52   190.29   115   1923
CCR23-7   78.26   79.78   1.52   4.80   115   1923
T88-20   17.53   17.83   0.30   4.14   115   1988
T88-21   25.91   31.09   5.18   0.48   115   1988
T88-16   7.32   7.92   0.61   2.00   117   1988
T88-18   28.35   29.26   0.91   0.14   119   1988
T88-19   9.91   11.73   1.83   0.28   119   1988
CCR23-7   111.86   113.39   1.52   53.49   119   1923
T88-22    No Significant Value    123   1988
T88-23   29.17   29.47   0.30   0.90   123   1988
NB74-3   65.53   73.15   7.62   0.26   Evelyn   1974
CCR23-3   29.57   33.68   4.11   0.43   miscellaneous   1923
NB74-1   16.00   16.76   0.76   2.91   miscellaneous   1974
TE81-1   93.88   97.84   3.96   0.37   miscellaneous   1981
TE81-1   107.90   111.56   3.66   0.47   miscellaneous   1981
TE81-3   118.87   121.92   3.05   0.24   miscellaneous   1981
 
(all values uncut)

To view the attached map, please visit the following link:

http://media3.marketwire.com/docs/ptx_map.pdf

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

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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