Platinex Obtains Board and Regulatory Approval on Acquisition of Shiningtree Gold Property

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[{"type":"text","content":"\n\n\n\nTORONTO, May 1 /CNW/ - Platinex Inc. (TSXV: PTX) today announced that\nregulatory and board approvals for its acquisition of the Shiningtree Gold\nproperty have been received following some restated terms of the option\nagreement with Skead Holdings Ltd., which was first announced on April 22,\n2008.\n\n\nPlatinex has entered into an option agreement with Skead Holdings Ltd.,\nwith respect to certain claims situated in Churchill, MacMurchy and Asquith\nTownships, in Ontario (the "Shiningtree property"). Platinex has the right to\nacquire a 100%-interest in the 133 claim units (5,320 acres or 2,153 ha),\nsubject to a 3% NSR, by issuing 250,000 shares of Platinex, by making cash\npayments (or share equivalent) of $250,000.00 and by incurring property\nexpenditures of $850,000.00 during the ensuing four-year period to April 11,\n2012.\n\n\nThe Shiningtree property is underlain by a northwest trending, steeply\ndipping, sequence of felsic to mafic metavolcanic rocks and lesser irregular\nquartz feldspar porphyries of Early Precambrian age overlain in part by\nNipissing diabase sills of middle Proterozoic age on 5% of the property.\nTransected by NNW and NW trending fault systems and shear zones, multiple gold\nbearing quartz-sericite-ankerite-tourmaline fissure veins, lenses and\nanastamosing fissure veins are evident on the property within the Early\nPrecambrian rocks.\n\n\nThe gold mineralization has been explored and developed on several\noccasions (1920 to 1937; 1974 to the late 1980's; and again in 2001). The\nNo. 1 shaft is reported to be 500 feet deep with drifts at the 92, 240, and\nthe 500-foot levels. Apparently it was never mined, but development muck is\npresent on surface. Several other small shafts are reported. Drilling has been\nconducted by several parties in the past and records of this work are being\nassembled by Platinex and Skead.\n\n\nThe Shiningtree property has not been the subject of a NI 43-101\ncompliant report; however an independent report is presently being prepared.\nIn the past, grades greater than 1.0 ounce/ton Au have been observed by\ndifferent authors in several veins. One such vein is stated to have returned\ngrades over 1.0 ounce per ton over thicknesses of over 2.0 metres with\ncontinuity over tens of metres laterally and vertically. However, old reports\nand maps which would...

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