Platinex Completes Final Closing of Private Placement



    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/

    AURORA, ON, Oct. 9 /CNW/ - Platinex Inc. (TSX Venture: PTX), today
reported that it has concluded the fourth and final tranche of the previously
announced private placement financing to raise $542,700 of gross proceeds
comprised of 1,119,000 non-flow-through units (the "NFT Units") and 591,428
flow-through common shares.
    Flow-through common shares were sold at $0.35 per share. The NFT Units
were sold at $0.30 per unit. Each NFT Unit consists 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 on or before August 8, 2009.
    Proceeds of the private placement will be used to pay for exploration and
for working capital purposes. Platinex has now raised $3,383,500 since August
1, 2007.
    The Company paid a cash commission to finders and issued warrants
granting finders the right to purchase 19,000 NFT Units for $0.30 per unit and
the right to purchase 47,314 common shares for $0.35 per share, each
exercisable on or before August 8, 2009.
    The securities issued in connection with this closing are subject to a
four-month hold period expiring February 6, 2008.
    Accounting for this private placement, there are 25,841,548 issued and
outstanding common shares of Platinex Inc.

    This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction. The
securities will not be registered under the United States Securities Act of
1933, as amended (the "1933 Act"), or the securities laws of any state of the
United States, and may not be offered or sold in the United States absent
registration or an applicable exemption therefrom under the 1933 Act and the
securities laws of all applicable states.

    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). 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 chris@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) 727-9046, Email: jim@platinex.com; CHF Investor Relations,
Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: cathy@chfir.com;
Christopher Haldane, Tel: (416) 868-1079 ext. 237, chris@chfir.com

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PLATINEX INC.

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