Platinex reduces damages claim in dispute with KI



    TORONTO, Feb. 26 /CNW/ - Platinex Inc. (TSX.V:PTX): As detailed in
previous press releases, Platinex Inc. commenced legal action against KI in
April, 2006, in order to secure access to its 221 mining claims and 81 mining
leases situated at Big Trout Lake, Ontario. The remedies claimed by Platinex
included, among other things, an injunction to prevent KI from interfering
with the company's exploration program, a claim for $10 billion in damages and
a declaratory order with respect to the validity of its ownership of and title
to the mining claims and leases on Crown land.
    Platinex has today instructed its legal counsel to reduce the claim for
damages from $10 billion to $10 million. In so doing, Platinex continues to
hope for the establishment of a positive and mutually respectful working
relationship with the KI community and looks forward to continuing dialogue
and reconciliation such that further litigation involving Platinex, KI and
Ontario would not be necessary.
    On December 7, 2007, certain leaders and members of KI were held to be in
contempt of Court on account of their refusal to abide by the Orders of Mr.
Justice Smith which confirmed Platinex's legal right to commence drilling on
the lands covered by its mining claims and leases. The sentencing hearing took
place on January 25, 2008, with the decision to be released on March 17, 2008.
    Platinex wishes to publicly confirm that Platinex, through its legal
counsel's oral submissions, did not seek incarceration of the KI contemnors.
Certain media reports, some of which appear on the KI website, have
erroneously stated that Platinex requested the contemnors' incarceration.
Indeed, the contemnors' own counsel proposed incarceration, instead of
monetary penalties, as the appropriate sentence for the contempt.
    Finally, Platinex reports that it has provided notice to the Province of
Ontario of Platinex's claim for damages arising from its inability to gain
access to the lands covered by its mining claims and leases. The notice was
necessary to preserve any legal rights/claims which Platinex may wish to
assert as against Ontario in the future. It is Platinex's hope to avoid any
further litigation in respect of its mining claims and leases at Big Trout
Lake. Platinex appreciates the recent and ongoing efforts of Minister of
Aboriginal Affairs, The Honourable Michael Bryant, to achieve a final
settlement to the dispute between Platinex, KI and Ontario.

    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.

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

    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.

    %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; CHF
Investor Relations, Chris Haldane, Assoc. Account Manager, ext. 237, Email:
chris@chfir.com

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