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TORONTO, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (Frankfurt 9PX) (the " Company " or " Platinex ") is pleased to announce the appointment of Greg Ferron to the position of interim CEO effective immediately. Greg has been a director of Platinex since September 2020. The appointment follows the retirement of the Company’s Founder and CEO, Jim Trusler, who will remain Non-Executive Chairman and a key member of the technical team.

Mr. Trusler led the acquisition, through option agreements and staking, to create a district scale gold property in Shining Tree comprising 21,720 ha (53,671 ac.), making it one of the largest gold prospects in southwestern Abitibi/Timmins camp (see map). Mr. Ferron brings significant and diverse experience with in-depth knowledge of Platinex allowing for a seamless transition.

Mr. Ferron has 20 years of mining industry and capital markets experience.  He has held various senior level roles in mining, corporate finance, corporate development including Laramide Resources Ltd., Treasury Metals Inc., TMX Group and Scotiabank. He currently serves on the board of directors at Fancamp Exploration Inc. and Platinex Inc.

“We would also like to extend our gratitude to Jim Trusler for his leadership, hard work and dedication to Platinex as CEO and Founder. The Board wishes Jim all the best in his retirement,” added Mr. Christophe Vereecke, Director.

“On behalf of the board of directors, I would like to welcome Greg to the CEO role,” said Jim Trusler, Chairman. “I am now comfortable that Platinex is close to a major discovery. Currently leadership in the financial markets is essential and building out an exploration team for the future. For that reason, I am happy to welcome Greg to the CEO position. He has the skills and contacts to make the transition successful for Platinex.”

Mr. Ferron stated: “The SW Timmins camp has experienced a transformation in the last ten years with the discovery and now development of several multi-million-ounce gold deposits, mainly along the Ridout-Tyrrell deformation zone.” We will continue de-risking the project with exploration combined with a focus to analyze opportunities to enhance Platinex’s position among investors.

The Company would also like to announce the grant of 3,400,000 stock options to certain Officers, Directors, Consultants and Advisors. The stock options shall be granted at a strike price of $0.05 for a period of three (3) years and shall vest immediately.

About Platinex Inc. – Advancing a District Scale Project in an Abitibi Gold Camp

Platinex is listed on the Canadian Securities Exchange under the symbol PTX. Platinex’s focus is the Shining Tree gold property in the Abitibi gold province of Ontario, which is a world-renowned for gold. The company also has royalties on gold, PGE and base metal properties in Canada and Chile. The goal of the company is to create shareholder value through exploration, opportunistic acquisition, and discovery of commercial gold. The property is located along 21 km of the Ridout-Tyrrell deformation zone and is east of IAMGOLD’s Cote Gold deposit and adjacent to Aris Gold’s Juby deposit.

For further information please contact. Mr. Greg Ferron, CEO at 416-270-5042
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FORWARD-LOOKING STATEMENTS :

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include use proprietary data to seek financial backing to advance its platinum group properties, submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of applicable assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances, except as required by applicable securities laws.

Investing into early-stage companies, inherently carries a high degree of risk and investment into securities of the Company shall be considered highly speculative.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The Canadian Securities Exchange has not approved nor disapproved the contents of this press release.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e05dbc36-0db8-4df0-b9ab-68906d266e6e