Platinex Inc: Shares for Debt Settlement
Previous exploration has revealed a very large and significant gold in till dispersion train across the Shining Tree camp in over 450 till samples. As a result Platinex has increased its property holdings and now holds a 21 km strike length of the Tyrrell-Ridout deformation zone, a suspected source of the gold dispersion train, which has received sparse past attention from explorers. The IAMGOLD Cote Lake deposit and the Tahoe Resources Juby deposit are recent discoveries along strike to the west and east respectively.
An Exploration Plan for the Shining Tree property and Exploration Permit have been approved for a three year period. A NI43-101 technical report is near completion following which Platinex wishes to finance the project internally or through joint venture and subsequently resume exploration on its expanded property holdings.
Mr. James R. Trusler, President and CEO of Platinex Inc. states, “Glacial till prospecting still accounts for a large number of major discoveries in Canada and abroad. The Rainy River gold discovery in northwestern Ontario and many of the original and most recent uranium discoveries in the Athabasca Basin of Saskatchewan were initially identified through glacial prospecting. We would like to add Shining Tree to the list of successes.”
Lori Paradis, Corporate Secretary
Tel: (416) 268-2682
About Platinex Inc.
Platinex is currently focusing efforts on developing various strategies to capitalize on the lucrative growth of the cannabis sector in North America. At the same time Platinex has been focusing its mining business efforts in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone Belt. Shares of Platinex are listed for trading on the Canadian Securities Exchange under the symbol "PTX".
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
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