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Platinex Reports Significant Gold Results from Caswell Prospect

Platinex Inc. (TSX VENTURE:PTX), is providing additional historic data, as compilation proceeds on the Company's Caswell prospect.

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.

Source:

Platinex Inc.

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