Platinex Grants Incentive Stock Options



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

    AURORA, ON, Oct. 16 /CNW/ - Platinex Inc. (TSX Venture: PTX), today
announced that it has granted incentive stock options to purchase 1,180,000
common shares at $0.30 per share. The options will expire on October 16, 2012.

    
    The options included 960,000 options granted to the following directors
and officers of Platinex:

    Jim Trusler        (Director & CEO)     (440,000 options)
    Jim Marrelli       (Director)           (120,000 options)
    Simon Baker        (Director)           (120,000 options)
    John Ross          (Director)           (80,000 options)
    Robert Kearns      (Director)           (40,000 options)
    Tom Atkins         (Director)           (40,000 options)
    Bruce Reilly       (CFO)                (120,000 options)
    

    Following the grant of these options, there are 2,505,000 shares which
could be issued upon exercise of outstanding options under the Platinex' Stock
Option Plan; and the remaining number of potential options available under the
Stock Option Plan are for 79,155 shares.

    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

Organization Profile

PLATINEX INC.

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