TORONTO, March 13, 2018 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE:PTX) announces execution of a shares-for-debt settlement transaction of cumulative overdue advance royalty payments in which Platinex will issue 292,307 common shares at a price of $0.13 per share to Skead Holdings Ltd., in connection with the Shining Tree property. The advance royalty settlement comprises an aggregate amount of $73,000, which includes a $35,000 payment in cash.
Previous exploration has revealed a very large and significant gold in till dispersion train across the Shining Tree camp in over 450 till samples. As a result Platinex has increased its property holdings and now holds a 21 km strike length of the Tyrrell-Ridout deformation zone, a suspected source of the gold dispersion train, which has received sparse past attention from explorers. The IAMGOLD Cote Lake deposit and the Tahoe Resources Juby deposit are recent discoveries along strike to the west and east respectively.
An Exploration Plan for the Shining Tree property and Exploration Permit have been approved for a three year period. A NI43-101 technical report is near completion following which Platinex wishes to finance the project internally or through joint venture and subsequently resume exploration on its expanded property holdings.
Mr. James R. Trusler, President and CEO of Platinex Inc. states, “Glacial till prospecting still accounts for a large number of major discoveries in Canada and abroad. The Rainy River gold discovery in northwestern Ontario and many of the original and most recent uranium discoveries in the Athabasca Basin of Saskatchewan were initially identified through glacial prospecting. We would like to add Shining Tree to the list of successes.”
Lori Paradis, Corporate Secretary
Tel: (416) 268-2682
About Platinex Inc.
Platinex is currently focusing efforts on developing various strategies to capitalize on the lucrative growth of the cannabis sector in North America. At the same time Platinex has been focusing its mining business efforts in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone Belt. Shares of Platinex are listed for trading on the Canadian Securities Exchange under the symbol "PTX".
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