THUNDER BAY – Mining Now – Platinex Inc. (TSX VENTURE:PTX), completed a private placement in December 2011 raising $213,250. Line cutting has started on the Shining Tree property and JVX Ltd. has been engaged to complete a 12.5 line km pole-dipole spectral IP survey over areas where numerous gold grains and nuggets have been found in glacial till. The Company intends to carry out an initial 5,000m drilling program on the Shining Tree property targeting IP anomalies coincident with gold in till anomalies. Sufficient funds have been allocated to carry out 1,000m of this drilling. Upon completion of the IP survey the drill program will be announced.
The helicopter supported HELITEM survey by Fugro Airborne Surveys Corp. of Platinex’s South McFaulds property is now complete. The PGE prospective Ring of Fire intrusion was identified within two of the three claim blocks surveyed. The survey has provided sufficient information to guide exploration for reef structures comparable to the reefs successfully explored by Platinex on its former Big Trout Lake property.
The Company has applied exploration assessment to keep three high PGE potential blocks in good standing for 3 to 5 years in the South McFaulds area. The Tib Lake property has also been extended. The North McFaulds, Norton Lake, Core Zone and Awkward Lake properties have been allowed to lapse in order to concentrate on exploration of the Shining Tree gold property and more generic PGE exploration.
Platinex maintains a unique library resulting from over $10 million in North American PGE exploration of some 40 layered intrusions. The Company continues to search for parties interested in exploring and developing PGE prospects in North America using the Platinex database and expertise. Platinex also retains a 2.5% NSR interest in the former Big Trout Lake PGE property.
The Company is pleased to announce that it has retained Venture Liquidity Providers Inc., (“VLP”) to carry out its Market Making Service to provide assistance in maintaining an orderly trading market for the Company’s common shares. The Market Making Services will be undertaken by VLP through a registered broker, W.D. Latimer Co. Limited, in compliance with the guidelines of the TSX Venture Exchange for TSX Venture Exchange listed issuers. In consideration for their services, Platinex has agreed to pay VLP $6,000 per month for a period of 12 months.