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News Release

Ontario Securities Commission asked to investigate Platinex

MiningWatch Canada, Forest Ethics, the Rainforest Action Network, and the Natural Resources Defense Council have asked the Ontario Securities Commission to investigate whether and to what extent the activities of Platinex breached disclosure requirements under Ontario's securities legislation, following comments from Ontario's Superior Court on the company's conduct in the Kitchenuhmaykoosib Inninuwug matter.

In his decision of July 28, 2006, Mr. Justice Smith stated:

"At the time that Platinex became listed on the stock exchange and issued a prospectus to raise funds, it knew that access to the land was a serious and real issue..." In making those choices, including the choice to raise funds by means of flow through shares and in undersatanding the access to the property, it ignored or was willfully blind to the concerns and position of the KI community."

The request for investigation, filed on our behalf by Sierra Legal Defence Fund, states: "It is our hope that such an investigation (by the OSC) will lead to more accurate reporting by companies of their relationships with communities affected by their activities and in turn discourage practices that will lead to conflict."