Platinex Inc.

Platinex Inc.

March 18, 2010 16:15 ET

Platinex Reports Standing on Ring of Fire Properties

TORONTO, ONTARIO--(Marketwire - March 18, 2010) - Platinex Inc. (TSX VENTURE:PTX), Platinex has received notification from the Mining Commissioner that the Pending Proceedings Order, on most of its claims in the Province of Ontario, has now been removed and the intervening time has been excluded on all affected claims. The properties, number of claim units the new expiry date for the claims and the Assessment Savings are tabulated below:                                                                                                  

New Claim Due Dates
Property No of Claim Units New Due Dates Assessment Saving
Awkward Lake 88 February 3, 2012 $70,400
Core Zone 306 February 3 & March 2, 2012 $244,800
McFaulds N 609 January 26, 2012 $487,200
McFaulds S 696 February 2 & 19, 2012 $556,800
Norton Lake 56 February 2, 2012 $44,800
Tib Lake 49 January 18, 2012 $39,200

When claims are recorded in Ontario an expiry date is set on the second anniversary of recording. Assessment work must be filed to keep the claims in good standing for a longer period. The Pending Proceeding Order had the impact of protecting all of Platinex's claims from May 14, 2008 onwards.

"Having these six PGE-Ni-Cu properties including two large prospective Ring of Fire properties in good standing as if they were freshly recorded is a huge advantage for the company. One of the Ring of Fire properties is underlain by the southern extension of the Ring of Fire Intrusion which hosts the major chromium, vanadium and Ni-Cu-PGE deposits. Along with the large infusion of capital (see Press Release December 14, 2009) the opportunities available to the company are quite exciting" said James R. Trusler, President and CEO.    "We have been holding talks with several parties to finance long term exploration on these properties."

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