Platinex Closes $525,000 of Private Placement



    /NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/

    TORONTO, Oct. 3 /CNW/ - Platinex Inc. (TSX-V: PTX), a mineral exploration
company, announced today that it has completed an non-brokered private
placement of units (the "Units") and flow-through common shares for gross
proceeds of $525,000. This is the first closing of the offering announced by
Platinex on October 2, 2008.
    Each Unit consisted of one non-flow-through common share and one warrant.
Each warrant grants the right to purchase one non-flow-through common share at
$0.35 per share until October 3, 2010. If the daily weighted average trading
price of the common shares is over $0.70 per share for a period of 20
consecutive trading days ending more than four months after the last closing,
Platinex may accelerate the expiry date of the warrants.
    The Units were issued for $0.125 each. The flow-through common shares
were issued for $0.15 each. At the closing, Platinex issued a total of
3,883,333 common shares and 2,300,000 warrants. The common shares and common
share purchase warrants are subject to a four-month hold period which expires
on February 4, 2009.

    About Platinex Inc.

    Platinex is a Canadian exploration company based near Toronto. Platinex
focuses on carefully selected Platinum Group Element targets in settings
analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and
UG2 reefs (Bushveld Complex, RSA) and opportunistic acquisition and
exploration of other selected precious metal targets. Platinex is determined
to find platinum sources to be used in the campaign to eliminate the threat of
global warming. Shares of Platinex are listed for trading on the TSX Venture
Exchange under the symbol "PTX".


    FORWARD-LOOKING STATEMENTS:

    Except for statements of historical fact, all statements in this news
release - including, without limitation, statements regarding future plans and
objectives, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.

    
    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

    To receive Company press releases, please email shirley@chfir.com and
                   mention "Platinex" on the subject line.
    

    %SEDAR: 00014019E




For further information:

For further information: Platinex Inc., James R. Trusler, President &
CEO, Tel: (905) 470-6400, Email: jim@platinex.com; CHF Investor Relations,
Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: cathy@chfir.com

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PLATINEX INC.

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