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Ontario Resolves Litigation Dispute Over Big Trout Lake Property

THUNDER BAY, ON - December 15, 2009 - Ontario has reached an agreement to settle Ontario logolitigation with Platinex Inc. that will provide greater
certainty to the company and allow the Province to continue to build its relationship with
Kitchenuhmaykoosib Inninuwug (KI) a First Nations community.

The Province of Ontario and Platinex Inc. have entered into an agreement to resolve the
company’s litigation against Ontario and the Kitchenuhmaykoosib Inninuwug (KI) First Nation
over the company’s Big Trout Lake Property. As part of the settlement, Platinex will drop its
lawsuits against the Crown and KI, and surrender all its mining claims and leases at
Big Trout Lake. In return Platinex will receive $5 million and a potential future royalty interest.
The government will withdraw those lands from staking and mineral exploration.

This settlement will assist Platinex in moving forward with the exploration and development of its
other mining properties in Ontario, and responds to the community’s past concerns.

QUOTES

“This is a unique situation, and I am pleased that we were able to reach a fair and reasonable
negotiated settlement that will provide greater certainty to Platinex while allowing our government to
continue working with KI to strengthen our relationship and to pursue future opportunities.”
- Michael Gravelle, Minister of Northern Development, Mines and Forestry.

QUICK FACTS

􀂃 Ontario will pay Platinex $5 million in return for dropping lawsuits against the Crown and KI.
The company will also surrender its mining claims and leases near Big Trout Lake.
􀂃 Should the province, at its discretion, issue new mineral tenure on the lands in the next
25 years and a mine be developed, Platinex would be entitled to receive a royalty of 2.5 per
cent of the mine revenues paid by the mine operator if a mine is developed. This kind of
royalty is common industry practice.
􀂃 Ontario’s new Mining Act increases clarity around consultation requirements and will
introduce a new vehicle for addressing disputes relating to Aboriginal issues.
􀂃 Ontario is the first Canadian jurisdiction to build a dispute resolution process for Aboriginalrelated
mining issues into its mining legislation.

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