Business
Platinex Provides General Update
Platinex Provides General Update.
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nAURORA, ON, Oct. 18 /CNW/ - Platinex Inc. (TSX Venture: PTX), today\nreported that its shares have experienced unusual volume and price increases\nin trading the last several days. It would appear that investors are\nrecognizing that Platinex's Big Trout Lake intrusive complex occurs in rocks\nof similar age and genesis as those being actively explored by Noront\nResources and Northern Shield Resources some 250 kilometres to the southeast.\nThis area of Ontario is one of the least explored in Canada and the early\nresults being encountered by Noront are encouraging to all explorers in the\nregion, and particularly those such as Platinex concentrating on platinum and\nchromium rich large layered intrusions.\n\n\nThe entire inventory of 17,000 feet of core acquired from an INCO joint\nventure has been meticulously cleaned and reboxed under independent\nsupervision and assembled in racks for logging. The logging and sampling has\nbegun. All of the core is being marked out for possible assaying and it is\nplanned to assay at least one-third of the samples initially using one-metre\nto three-metre lengths. It was anticipated that this could take at least three\nmonths to sample, and a second splitter is to be added to expedite the work in\nan effort to get all assay results by the end of the year. Results will be\nreported in groups on receipt.\n\n\nEfforts have been made by the Company to achieve a transition from the\ncourt mandated Memorandum of Understanding and Consultation Protocol with\nKitchenuhmaykoosib Inninuwug ("KI") on the 24 drill hole program to a\nnegotiated agreement on the entire 80 hole program. Although KI met with\nOntario government officials this summer to conclude a funding agreement for\nthe Consultation Protocol, Platinex was told little progress was made in those\ndiscussions. On September 24, 2007 when Platinex attempted to enter the KI\nReserve for discussions with KI elders, chief and council about the\narchaeological pre-inspection of drill holes, the Company and its consulting\narchaeologist were not allowed to enter. KI was unwilling to share its\ntraditional knowledge or consult in any way. Further, KI threatened Platinex\npersonnel and said it would prevent Platinex from conducting the\narchaeological work on its claims and leases.\n\n\nFor more than a month Platinex has been reque...