Platinex to Undertake Private Placement



    /NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/

    AURORA, ON, Aug. 2 /CNW/ - Platinex Inc. (TSX Venture Exchange: PTX), a
Canadian exploration company, announced today that it is seeking to raise up
to $3,500,000 of gross proceeds through two non-brokered private placements of
Platinex securities.
    Platinex has agreed to a non-brokered private placement of $1,000,000 of
flow-through units to the MineralFields Group. The units consist of 2,857,143
flow-through units ("FT Units") to be sold for $0.35 per unit. Each FT Unit
consists of one flow-through common share and one warrant. Each warrant grants
the right to purchase one non-flow-through common share at $0.60 per share
during the first year following closing and at $0.75 per share during the
second year following closing.
    The Company will pay a 5% cash commission to the finder, Limited Market
Dealer Inc., in respect of the sale of FT Units and issue finder options
granting the finder the right to purchase 285,714 units (the "LMD Units") for
$0.35 per unit within 24 months from the closing date. Each LMD Unit is the
same as a FT Unit, except that the common share forming part of an LMD Unit is
a non-flow-through common share. The Company will pay the finder a 5% due
diligence fee.
    Platinex is seeking to raise up to $2,500,000 of additional gross
proceeds through the non-brokered private placement of non-flow-through units
(the "NFT Units") and flow-through common shares.
    The NFT Units are to be sold for $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 during
the 24 months following closing. The Company will pay an 8% cash commission to
finders in respect of the NFT Units and issue 8% finder warrants granting
finders the right to purchase NFT Units for $0.30 per unit within 24 months
from the closing date.
    Flow-though common shares are to be sold for $0.35 per share. The Company
will pay an 8% cash commission to the finders in respect of the flow-through
common shares and issue 8% finder options granting finders the right to
purchase non-flow-through common shares at $0.35 per share within 24 months
from the closing date.
    Proceeds of the private placement will be used to pay outstanding debts,
for exploration and for working capital purposes. The private placement is
subject to regulatory approval and is expected to close in one or more
closings commencing on or about August 8, 2007.

    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.

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

        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: please visit www.platinex.com or contact:
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

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