Platinex Turns Up Heat On Ontario, Positions for Settlement

It will be 2 yrs before any trial.I see this as a move in settlement negotiations with Ontario.


Platinex Inc - Commences Lawsuit Against Ontario Government
564 words
22 May 2008
10:59
Market News Publishing
English
Copyright 2008 Market News Publishing Inc. All Rights Reserved

PLATINEX INC ("PTX-V") - Commences Lawsuit Against Ontario Government Platinex Inc. announced that it had commenced a lawsuit against the Government of Ontario claiming $50 million of general damages, $20 million of special damages, plus interest and costs. The lawsuit arises out of its mining claims in the Big Trout Lake area. Platinex has been unable to gain access to its mining claims because of actions by Kitchenuhmaykoosib Inninuwug ("KI").

Platinex claims that Ontario failed to discharge its obligation to consult KI and that it breached its duty to warn Platinex that it would not enforce the rule of law around the Platinex mining claims. Platinex has suffered substantial wasted expenditures and economic harm as a result of not being able to access its mining claims.

James Trusler, President and CEO of Platinex, stated, "We felt we had no choice but to file this lawsuit. Our exhaustive efforts in consultation with KI over nine years have been rejected by KI despite landmark Supreme Court rulings which have determined that a First Nation does not have a veto and also despite recommendations of the recent Ipperwash inquiry. Our court ordered access to the mining claims has not been enforced."

In addition to the pursuit of access to and exploration of the Big Trout Lake property, Platinex intends to focus its future exploration efforts on other areas. On April 22, 2008, Platinex announced that it had staked claims in Ontario at North McFauld's Lake, South McFauld's Lake, Norton Lake, Awkward Lake, Core Zone and Tib Lake. Platinex also announced that it had acquired an option on claims in Churchill, MacMurchy and Asquith Townships, in Ontario. Additionally, on March 3, 2008, Platinex announced that it had staked claims on the Muskox Intrusion, in Nunavut Territory.

About Platinex Inc.

Platinex is a Canadian exploration company based near Toronto. Platinex focuses on carefully selected Platinum Group Element targets in settings analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and UG2 reefs (Bushveld Complex, RSA). Platinex is determined to find platinum sources to be used in the campaign to eliminate the threat of global warming. Platinex also focuses on opportunistic acquisitions in non-PGE projects which show promise of near term improvement in value. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol PTX.

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and mention "Platinex" 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.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Capitalization Report for Platinex Inc Shares Issued: 25674881 Shares Escrow: 3850056

____________________________________________________________ (c)2008 Market News Publishing Inc. All rights reserved. Toronto:(416)366-8881 Vancouver:(604)689-1101 Fax:(604)689-1106

0814200503FAC0814201507-07595320080522

TEL: (905) 727-9046 Platinex Inc. James R. Trusler, President & CEO E-mail: jim@platinex.com TEL: (416) 868-1079 ext. 231 CHF Investor Relations Cathy Hume, CEO Email: cathy@chfir.com ______________________________ _________________