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Platinex Permitted by Court Order to Proceed with Drilling Program on its Big Trout Lake Property
Platinex Permitted by Court Order to Proceed with Drilling Program on its Big Trout Lake Property.
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nTORONTO, May 24 /CNW/ - Platinex Inc. (TSX Venture: PTX) today reported\nthat the Ontario Superior Court has ordered that Platinex be permitted to\ncommence phase one of its exploratory drill program on the Big Trout Lake\nproperty, located in the Kenora Mining District of Ontario.\n\n\nBy way of background, on July 28, 2006, the Court granted an interim\ninterim injunction to Kitchenuhmaykoosib Inninuwug First Nation ("KI")\nconditional on KI immediately establishing "a consultation committee charged\nwith the responsibility of meeting with representatives of Platinex and the\nProvincial Crown with the objective of developing an agreement to allow\nPlatinex to conduct its two phase drilling project at Big Trout Lake". Having\nfailed to reach an agreement, early in April 2007, KI sought an interlocutory\ninjunction preventing Platinex from conducting its exploratory drill program\npending an expedited trial. On May 1, 2007, the Court dismissed KI's motion.\nOn May 22, 2007, Mr. Justice Smith permitted Platinex to commence phase one\n(24 holes) of its drill program on June 1, 2007. In order to guide the\non-going relationship among the Company, KI and Ontario, the Court imposed\nupon the parties a Consultation Protocol, a Memorandum of Understanding\n("MoU") and a Timetable. Following the May 1st 2007 ruling, the decision\nrecognizes an on-going supervisory role for the court and contemplates\npotential further stages of exploration and/or development on the property.\n\n\nAmong other things, the MoU contemplates the possible one-time issuance\nto KI of warrants for up to 500,000 shares of Platinex stock exercisable at\n$0.40 per share at any time for up to two years, subject to shareholder and\nregulatory approval, and/or appointment of one nominee to the Platinex board\nof directors. It also contemplates a possible benefit fund equivalent to 2% of\nPlatinex expenditures on exploration of the Big Trout Lake property. Stock\nexercised from the warrants would have a hold period of four months and one\nday from the date of issuance of the warrants.\n\n\nPlatinex welcomes this opportunity to work with KI on the further\ndefinition of the chromium and platinum group element mineralization on its\nBig Trout Lake property. The Decision is posted on the Platinex website at\n(http://www.platinex.com/...