Platinex Inc. Announces a Delay in Filing its Annual Financial Statements and its Financial Statements Due to Delays Caused by COVID-19

TORONTO, April 27, 2020 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) ("Platinex" or the "Company") announces that due to circumstances created by the novel coronavirus ("Covid-19"), it will be postponing its reporting of the Company's audited financial statements, accompanying management's discussion and analysis, and related CEO and CFO certifications for the year ended December 31, 2019 (the “Annual Filings”), required to be filed by April 29, 2020 pursuant to National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"). The Company will also be postponing the reporting of its interim financial statements and accompanying management's discussion and analysis for the three (3) month period ending March 31, 2020 (the "Interim Filings"), that is required to be filed by May 29, 2020 pursuant to NI 51-102.

This news release is being issued in accordance to the blanket relief of a 45-day extension provided by the Canadian Securities Administrators and Ontario Instrument 51-502 - Temporary Exemption from Certain Corporate Finance Requirements for periodic filings normally required to be made by issuers during the period from March 23, 2020 to June 1, 2020.

Platinex expects to file its Annual Filings by June 12, 2020 and its Interim Filings by July 13, 2020.

Until such time as the Annual Filings and Interim Filings are filed, the Company will observe a trading blackout consistent with the principles contained in National Policy 11-207 – Failure-to-File Cease Orders and Revocations in Multiple Jurisdictions.

The Company confirms that there have been no material business developments that have occurred since the filing of its financial statements and management's discussion and analysis for the three (3) and nine (9) months ended September 30, 2019 on November 29, 2019.

Despite interruptions in activities due to COVID19 Platinex's staff, board and affiliates remain well and are practicing social distancing in line with official guidelines. The Company is working unceasingly on implementing its plans to aggressively reactivate exploration on its Shining Tree property and continue efforts to engage other parties to explore for potential large sources of PGE in North America as outlined in its press release of March 1, 2020.

Mr. James R. Trusler, Chairman and CEO of Platinex Inc., further provides this update to the press release of March 11, 2020 entitled "Platinex Inc and Treasury Metals Inc. to Consolidate Adjoining Projects to Advance Shining Tree Gold Property" saying, "Although the timing of the press release coincided with the beginning of the market deluge due to COVID-19, a very close working relationship has evolved between Treasury Metals and Platinex in order to assist Platinex's financing, property acquisition and evolution. We are concluding such arrangements shortly."