Platinex Inc.

Platinex Inc.

April 20, 2009 09:00 ET

Platinex's Herrick Vein Expanding

TORONTO, ONTARIO--(Marketwire - April 20, 2009) - Platinex Inc. (TSX VENTURE:PTX) is pleased to announce the latest results from 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 wholly-owned Shining Tree gold property.

The latest results have extended the strike of the structure, as well as indicating that significant gold mineralization occurs in thicker zones than was previously recognized.

The original surface sampling by Herrick Gold Mines outlined a 97.5 m length in 3 sections of the Central zone averaging 20.28 g/tonne Au/1.30 m and a length of 63.9 m of the West zone averaging 9.15 g/tonne Au/1.27 m. Further sampling of the upper 25 m of the shaft averaged 50 g/tonne Au/1.5 m. These results have not been qualified.

The Central zone has been channel sampled in 26 locations along a 241 m strike length and intersected by 21 drill holes to a depth of 90 m. The arithmetic average grade of these samplings is 6.2 g/tonne /1.95 m average true width.

The West zone has been sampled in 25 locations intersected in 23 drill holes along a strike length of 275 m to a depth of 60 m. The arithmetic average grade of this sampling is 3.87 g/tonne /1.81 m average true width.

Results from the entire program are tabulated on the Platinex website under the Shining Tree project ( The most recent set of assays results are tabulated at the end of this release.

"The latest results confirm continuity of gold mineralization within the Herrick vein system." said James R. Trusler, President and CEO of Platinex Inc. "Together with higher grade intersections released previously (March 13, 2009), the current drill program provides strong incentive to continue drilling the Herrick prospect and examine the opportunity for developing an open pit on the veins which outcrop on a hill. In order to do so Platinex needs to strip the side of the hill and commission an independent ore estimation. Platinex intends to continue efforts to expand the size of the Herrick deposit."

At the next stage of drilling four old intersections which evidence strike extensions of 50 m and depth extensions to 200 m of the Central and West zones will be tested. The four holes yielded intersections of 5.5 g/tonne Au/4.0 m, 8.22 g/tonne Au/0.7 m and 39.1 g/tonne Au/2.3 m in the Central zone and 18.88 g/tonne Au/ 3.4 m in the West zone.

In addition, a new zone was intersected 50 m west of the WEST zone, just below the casing in hole HP09-33 which shows strongly anomalous gold values up to 2 g/tonne associated with similar structure and alteration as the WEST and CENTRAL zones. Reexamination of historic Unocal drill core, which may have intersected this structure, is warranted.

Platinex intends to re-assay selected mineralized samples using pulp and metallic collection techniques which provide greater accuracy where coarse gold is encountered. Previous use of this technique on the Herrick vein samples raised the estimated gold content by 9% on average.

Trusler added, "The Shining Tree property is well situated on a structural - stratigraphic feature that hosts the great gold deposits in Kirkland Lake through to Val d'Or. Many of these properties on this trend contained in excess of 10,000,000 ounces of gold. Judging from the evidence of widespread mineralization provided by the till samples and the continuity of the Herrick vein system Platinex is off to an excellent start."

Platinex is currently in discussions with senior mining companies for participation in the Shining Tree Gold project.

The Shining Tree Gold project claims cover a number of other gold prospects with historic underground development including the Churchill and Caswell vein systems. The current 26 hole drill program (holes HP-16 to HP-41) on the Herrick prospect is part of ongoing exploration by Platinex Inc. in the Shining Tree area in 2009 which is reported on the Platinex website. Initial till sampling on the property (2008), produced a preponderance of samples with high gold grain counts. Ongoing sampling/backhoe trenching will focus on previously unexplored areas which indicate the presence of gold mineralization obscured by swamps or till/sand deposits.

Diamond drilling for the current program was done under contract by 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 thirty-seven 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.

Additional graphics and reports on the Shining Tree project are available on the Platinex website:

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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For the purposes of this press release James R. Trusler P.Eng is considered the qualified person.


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.

Summary of latest results:

Hole ID Zone From (m) To (m) Interval (m) Au g/t True Thick (m)
HP09-29 CENTRAL 52.85 55.2 2.35 1.99 1.67
HP09-32 WEST 26.3 30.5 4.2 0.51 2.39
HP09-33 NEW 9.3 10.85 1.55 1.27 1.4
HP09-34 CENTRAL 22.8 29.6 6.8 0.79 3.88
Incl. 2.3 1.91 1.31
HP09-35 CENTRAL 8.7 9.7 1.00 0.57 0.5
HP09-38 CENTRAL 23 32 9.0 0.73 8.1
Incl. 3.2 1.4 2.88
HP09-39 CENTRAL 20.8 24.5 3.7 0.83 3.03
HP09-40 CENTRAL 22 38.5 16.5 0.55 9.41
incl 8.0 0.84 4.56
Incl 1.75 2.15 1.0

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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