Platinex's NI 43-101 recommends $2.6 million exploration program on Muskox

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[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 21 /CNW/ - Platinex Inc. (TSX. V: PTX) today announced that\na new technical report was SEDAR-filed on October 17, 2008, for its Muskox\nproperty. The NI 43-101 technical report (the "Report"), written by\nFred Gittings, P.Geo, is also available on Platinex's website at\nwww.platinex.com.\n\n\nThe Muskox property was staked in 2007 to enable the evaluation of the\nplatinum group element ("PGE") potential of the "hidden" portion of the Muskox\nIntrusion (the "Intrusion"). The claim block covers 136 square miles (352.3\nkm(2)). The Muskox Intrusion is one component of the Mackenzie Magmatic Event,\none of the world's largest magmatic episodes. In size and style of magmatic\nactivity, it is strikingly similar to the Permian-Triassic events which\ncreated the giant Noril'sk sulphide deposits which together are the world's\nprincipal supplier of palladium.\n\n\nThe Muskox Reef, which contains up to 6.2 g/t PGE+Au, occurs in the upper\nportion of the Ultramafic Zone of the Intrusion. Currently, the Merensky Reef\nin the Bushveld Complex supplies most of the world's platinum from a similar\nhorizon situated higher up in the igneous stratigraphic column. The Report\nmakes the case for the existence of a similar horizon within the Muskox\nIntrusion above the exposed stratigraphy yet closer to the focal point of the\nmantle plume from which the original magma was produced.\n\n\nThe Report analyzes the mineral potential of the Muskox Intrusion with\nemphasis on the untested down dip extension of the Intrusion which underlies\nthe Platinex property. A number of lines of evidence supported by scientific\nwriters are cited by Mr. Gittings to establish the fact that the Muskox\nIntrusion continues north underneath cover rocks. Ultimately the Report's\nrecommendations are to geologically map the property in conjunction with\nground geophysics and subsequently to directly test favourable targets by\ndiamond drilling.\n\n\nThe recommended exploration program comprises $420,000 to be spent on\ngeophysics and geological mapping in 2009, followed by a $2.2 million drill\nprogram contingent on its results.\n\n\nFor the purposes of this press release Mr. Fred Gittings, P.Geo, is the\nqualified person as defined by National Instrument 43-101.\n\n\nAbout Platinex Inc.\n\n\nPlatinex is a Canad...

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