Mr. Greg Ferron reports

PTX METALS ANNOUNCES SUCCESSFUL NEAR SURFACE DRILL RESULTS FROM W2 CU-NI-PGE PROJECT WHICH SIGNIFICANTLY EXPANDED THE MINERALIZED TREND OUTSIDE THE W2 DEPOSIT

PTX Metals Inc. has provided partial drill results from the 1,544-metre diamond drill program, on its 100-per-cent owned W2 Cu-Ni-PGE (copper-nickel-platinum-group-element) project (W2 or W2 project) which is covering the whole layered Lansdowne House igneous complex (LHIC), located in the Ring of Fire region of Northwestern Ontario. This drilling program did not include drilling of the recently acquired claims which include the historical resource area known primarily as the Inco Area (CA) zones nor the previously defined W2 Cu-Ni-PGE deposit.

The drill holes included both geophysical targets as well as new targets identified from in-house geological and geophysical interpretations. The exploration holes were designed to test the expansion potential of the W2 near surface mineralization trend (identified by 84 historical drill hole results over approximately seven kilometres), as well as an associated EM (electromagnetic) geophysical trend.

Notably, drill holes W224-01 to W224-03 and drill holes W224-07 were exploration drill holes targeting new areas reaching as far as 28 km from the CA zones.

Holes W224-04 to -06 were drilled to infill and confirm the mineralization and will be reported separately. Confirmation drilling provides additional data and enhances confidence in the historical reported mineralization zones. These holes have increased PTX's geological confidence in the mineralized zones' continuity.

Highlights:

• W224-03 -- An exploration drill hole which successfully expanded the central mineralized trend by over three km from the centre of the Aurora Platinum (AP) zone. The hole significantly demonstrates excellent potential for the discovery of new mineralized zones along the contact of the gabbroic intrusive in areas that have seen limited historical exploration.
• As well, this drill hole (W224-03) intersected three distinct mineralized zones for a total cumulative length of 136.76 m starting at 54.24 m, including:
  • 88.76 m at 0.47 per cent CuEq starting at 54.24 m within a wider zone of 0.41 per cent CuEq over 112.76 m:
    • Includes 10.00 m at 0.97 per cent CuEq starting at 133.00 m;
    • 4.50 m at 1.65 per cent CuEq starting at 137.50 m.
  • Deeper in the hole, also intersected:
    • 24.00 m at 0.52 per cent CuEq starting at 188.00 m;
    • Including 12.00 m at 0.76 per cent CuEq at 188.00 m;
    • 5.00 m at 0.97 per cent CuEq starting at 194.00 m.
• Three confirmation drill holes (W224-04, W224-05, and W224-06) successfully confirmed over seven km near-surface Cu-Ni-PGE mineralization, primarily in the AP zone and transition zone located between the two CA zones.
• W224-07 -- A stepout hole at least 500 m away from any historical drill holes was designed to test geophysical targets between the CA zones. This drill hole expanded CA zone mineralization and intercepted several broad mineralized zones over a cumulative length of 130.84 m.
  • Importantly, it increases the potential to link the two CA zones into one larger continuous mineralized zone. The two CA zones' current strike is approximately 2.5 km and were added to the claims package through an acquisition by PTX.
• W224-07 -- Intervals from this drill hole with significant Cu mineralization include:
  • 0.59 per cent CuEq over 14.00 m starting at 178.00 m;
  • 0.79 per cent CuEq over 6.55 m starting at 181.45 m within a broader wide zone of 0.30 per cent CuEq over 94.00 m starting at 98.00 m;
  • Also, closer to surface starting at 64.00 m, the drill hole intersected 0.33 per cent CuEq over 12.00 m, including 0.72 per cent CuEq over 2.00 m starting at 67.00 m;
  • In addition, from 17.16 m the hole intersected 0.23 per cent CuEq over 24.84 m.
• W224-02 -- In the eastern area of the W2 project, which has never been drilled before, this exploration drill hole discovered a new mafic-ultramafic intrusive system characterized by 4.5 km long strong EM anomalies. As well, it is located approximately 10 km east of the CA zone, and intersected relatively low-grade copper, nickel and cobalt mineralization.

"Completion of the phase 1 drill program was an important milestone for W2 and PTX Metals as it not only proved the exploration potential of this large package in one of Canada's emerging and important mineralized regions, but it also served to strengthen the company's exploration team and community relations," said Greg Ferron, chief executive officer and president of PTX Metals. "In addition, during the drill program we successfully completed the acquisition of a large deposit located in the central area (i.e., CA zones) of the project, which had seen significant shallow historical drilling to identify mineralized deposits; sufficient enough to support the current modelling program which includes generating 3-D shell geological and mineralization models, and to provide a range of grade and tonnage of the mineralization.

"Notably, W224-03 and W224-07 from this phase 1 program demonstrate the high success rate of discovering new mineralization over wide widths by drilling new conductors, which are abundant across the property. Furthermore, this highlights the potential to expand or identify new Cu-Ni-PGE deposits within the large claim package."

The Lansdowne House igneous complex (LHIC), which has been emplaced in the Volcano-sedimentary sequences of the Bartman Lake greenstone belt (BLGB), is host to Cu-Ni-PGE and V-Ti (vanadium-titanium) oxide mineralization similar to layered complexes (for example, Bushveld, S. Africa), Big Trout Lake and Ring of Fire Intrusions in Northwest Ontario.

Program summary

Detailed drill hole collar information is summarized in Table 1.

W224-01 to 03, 07 -- exploration drill holes

Drill hole W224-03 was collared to test an airborne geophysical conductive zone, which has no assay reported previously and is approximately three km from the center of the AP zone. Several zones of significant sulphide mineralization (disseminated, semi-massive and massive) were intersected, with the highlight 112.76 m of 0.41 per cent CuEq starting at 54.24 m, including 10 m at 0.96 per cent CuEq and 4.5 m at 1.65 per cent CuEq.

Drill hole W224-07 was collared to test geophysical targets between the CA zones. This drill hole, at least 500 m away from any historical drill holes, intersected significant sulphide mineralization, significantly extending the known mineralization between the CA zones. Highlights consist of 0.3 per cent CuEq over 94.00 m starting at 98.00 m, including 0.59 per cent CuEq over 14.00 m starting at 178.00 m, including 0.79 per cent CuEq over 6.55 m starting at 181.45 m; and 0.33 per cent CuEq over 12.00 m starting at 64.00 m, which includes 0.72 per cent CuEq over 2.00 m starting at 67.00 m. W224-07 also intersected 24.84 m at 0.23 per cent CuEq from 17.16 m.

Drill hole W224-02 was collared to test a large (continuous over 4.5 km) airborne VTEM conductive zone with corresponding magnetic high located approximately 10 km east of the CA zone. Positive magnetic anomalies were explained by the discovery of a mafic-ultramafic intrusive system. Anomalous Cu mineralization over 100 m was intersected by the drill hole, with the highlight being 0.57 per cent CuEq over a core length of 0.25 m starting at 57.25 m, hosted within a gabbroic unit.

Drill hole W224-01, located approximately 28 km east of the centre of the CA zone, was collared to test a VTEM conductive zone. Massive sulphide mineralization consisting of pyrrhotite, and pyrite intersected in this hole, with no significant assays being reported from this interval.

Intervals with significant mineralization are listed in the attached table.

Next steps

The company has systematically compiled all historical drill holes in the central area into digital format, and an exploration target model is being prepared to generate 3-D shell geological and mineralization models to better understand the mineralization zones confirmed in this drill campaign. In addition, the exploration target model will report tonnage and grade estimates expressed as ranges. The modelling includes analyzing 84 historical diamond drill holes together with the results from the recently completed phase 1 drill program, covering the three key areas of the project, including the CA zone, AP zone and the central mineralized envelope.

The modelling work will follow the guidelines set forth in National Instrument 43-101, Section 14, and will be used to inform further prospecting strategies for exploration at W2. This exploration target model is conceptual, and more work and information, including drilling, are required before fulfilling CIM (Canadian Institute of Mining, Metallurgy, and Petroleum) requirements for the disclosure of a mineral resource.

The recent acquisition and consolidation of the historical resource area has supported the ability to produce a comprehensive study.

In addition, the company is confirming that it issued 1,340,000 common shares to settle outstanding debt to arm's-length parties at five cents per share.

QA/QC (quality assurance/quality control) program

Samples were cut using a diamond blade saw, inserted into labelled bags and delivered by representatives of PTX Metals to Activation Laboratories Ltd. in Thunder Bay, Ont. Activation Laboratories is an ISO 17025:2005 accredited testing laboratory.

Samples were analyzed for Au (gold), Pt (platinum) and Pd (palladium) using the 1C-OES package, and multielement analysis was completed by near-total digestion (four acid) with an ICP-OES finish (IF2 package).

PTX inserted standards and blanks and performs duplicate analysis as part of its QA/QC program. Activation Laboratories also conducts an internal QA/QC program, which includes the insertion of CRMs, blanks, sample repeats and duplicate samples.

Qualified person

The technical information presented in this news release has been reviewed and approved by Joerg Kleinboeck, PGeo, Shuda Zhou, PGeo, and Ike Osmani, PGeo, of whom are qualified persons as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects.

About Platinex Inc.

Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include a 100-per-cent ownership interest in the W2 copper-nickel-PGE project near the Ring of Fire in Northern Ontario and a 75-per-cent interest in the South Timmins Mining joint venture with Fancamp Exploration, which is focused on gold exploration along the Ridout-Tyrell deformation zone near Iamgold's Cote Gold operation in the southwest Abitibi.

Platinex also holds majority ownership in Green Canada Corp., which holds uranium assets in Saskatchewan, Ontario and Quebec, as well as an option to earn as a 100-per-cent ownership interest in the Muskrat Dam critical minerals project in Northwestern Ontario. In addition to its mineral exploration assets, Platinex holds a portfolio of net smelter return (NSR) royalties on gold, PGE and base metal properties in Ontario.

Having put together a strong and diversified project portfolio and an expert technical team, the company is focused on comprehensively exploring and evaluating each project to maximize shareholder value. Platinex is based in Toronto, Canada, with a primary listing on the Canadian Securities Exchange under the symbol PTX. The company is also listed in Frankfurt under the symbol 9PF and on the OTCQB in the United States as PANXF.

We seek Safe Harbor.