Platinex reduces damages claim in dispute with KI

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[{"type":"text","content":"\n\n\n\nTORONTO, Feb. 26 /CNW/ - Platinex Inc. (TSX.V:PTX): As detailed in\nprevious press releases, Platinex Inc. commenced legal action against KI in\nApril, 2006, in order to secure access to its 221 mining claims and 81 mining\nleases situated at Big Trout Lake, Ontario. The remedies claimed by Platinex\nincluded, among other things, an injunction to prevent KI from interfering\nwith the company's exploration program, a claim for $10 billion in damages and\na declaratory order with respect to the validity of its ownership of and title\nto the mining claims and leases on Crown land.\n\n\nPlatinex has today instructed its legal counsel to reduce the claim for\ndamages from $10 billion to $10 million. In so doing, Platinex continues to\nhope for the establishment of a positive and mutually respectful working\nrelationship with the KI community and looks forward to continuing dialogue\nand reconciliation such that further litigation involving Platinex, KI and\nOntario would not be necessary.\n\n\nOn December 7, 2007, certain leaders and members of KI were held to be in\ncontempt of Court on account of their refusal to abide by the Orders of Mr.\nJustice Smith which confirmed Platinex's legal right to commence drilling on\nthe lands covered by its mining claims and leases. The sentencing hearing took\nplace on January 25, 2008, with the decision to be released on March 17, 2008.\n\n\nPlatinex wishes to publicly confirm that Platinex, through its legal\ncounsel's oral submissions, did not seek incarceration of the KI contemnors.\nCertain media reports, some of which appear on the KI website, have\nerroneously stated that Platinex requested the contemnors' incarceration.\nIndeed, the contemnors' own counsel proposed incarceration, instead of\nmonetary penalties, as the appropriate sentence for the contempt.\n\n\nFinally, Platinex reports that it has provided notice to the Province of\nOntario of Platinex's claim for damages arising from its inability to gain\naccess to the lands covered by its mining claims and leases. The notice was\nnecessary to preserve any legal rights/claims which Platinex may wish to\nassert as against Ontario in the future. It is Platinex's hope to avoid any\nfurther litigation in respect of its mining claims and leases at Big Trout\nLake. Platinex appreciates the recent and ongoing efforts of Minister of\nA...

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