Mr. James Trusler reports

PLATINEX PROVIDES CORPORATE UPDATE

Platinex Inc. has provided an update regarding the status of the proposed acquisition of InLove Corp., intended change of business (COB) and amendment of previously announced proposed private placement terms.

James Trusler, interim chief executive officer of Platinex, commented: "The board of directors of Platinex has decided not to proceed with the proposed change of business to become a cannabis issuer and go back to its roots and continue operating as a mining issuer. As a consequence the proposed acquisition of InLove Corp. was terminated. It was a pleasure to work with Mr. Shapiro in the effort to complete the acquisition and we wish him well in his endeavours as he continues to build his company." Mr. Trusler continued: "The company continues to believe in the potential presented by the Shining Tree property, which has received little modern exploration compared to other gold camps in the Abitibi greenstone belt. The company is exploring various alternatives to unlock the value of its mining asset portfolio and to pursue new opportunities that may become available."

Termination of intent to complete change of business

Further to the press release dated June 4, 2019, the company wishes to announce that the company's board of directors has decided not to proceed with the intended COB and focus the company's resources on advancing its portfolio of mining assets. The company continues to hold a 51-per-cent interest in Oregon-based Intergalatic Foods LLC (IGF) and a royalty interest in Dave's Space Cakes LLC (DSC) and is exploring various options to preserve value through a sale or a wind-up of these entities.

At this time, the company does not intend to pursue further projects in the cannabis space.

Termination of proposed acquisition of ILC

On June 10, 2019, the company announced that it has entered into non-binding letter of intent to acquire all of the issued and outstanding shares of ILC, a Toronto-based company focused on acquiring, developing and marketing cannabis-infused personal and partner use intimacy products. Due to market conditions, ILC and the company have decided to mutually terminate the transaction.

Amendment of private placement terms

The company applied for and was granted relief to the Canadian Securities Exchange's minimum price rule. Accordingly, the company wishes to announce that it has amended the terms of its proposed non-brokered private placement offering of units of the company previously announced on May 23, 2019, to decrease the unit offering price to three cents per unit, for gross proceeds of up to $250,000.

Each unit will consist of (i) one common share of the company; and (ii) one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of 7.5 cents for a period of 24 months from issuance.

The company may pay finders' fees in cash to certain qualified eligible persons assisting the company in the private placement in an amount equal to 8 per cent of the gross proceeds raised by such finders. The company may also issue such number of finder warrants to qualified eligible persons as is equal to 8 per cent of the aggregate number of units purchased by subscribers introduced to the company by such finders. Each finder warrant will entitle the holder to acquire one common share at an exercise price of five cents for a period of 12 months from issuance.

The company intends to use the proceeds of the private placement to preserve the company's existing operations and general corporate and administrative purposes. The company intends to close the private placement as soon as practicable.

Closing of the private placement is subject to customary conditions and regulatory approvals. The pricing of the private placement is in reliance on the temporary relief measures established by the CSE, and therefore the private placement and pricing of the private placement require approval of the CSE.

All securities issued as part of the private placement will be subject to a four-month-and-one-day hold period.

Highlights of the Shining Tree property

The rise in the gold price this year arousing hopes of a new gold bull market allows optimism that a more permissive environment for financing gold projects through equity raises, joint ventures and corporate combinations is coming and a review of the Shining Tree property highlights is warranted.

The Abitibi region of Ontario and Quebec is a known gold mining area.

The Shining Tree property is situated along a gold-bearing structure known as the Tyrrell-Ridout deformation zone (TRDZ) within the Abitibi. The TRDZ is thought to be the southern equivalent of similar major gold-hosting deformation zones in the Abitibi. Exploration on the property occurred in the early part of the 20th century, but the property was not available for exploration for much of the latter part of the century. Effective exploration in the Shining Tree belt commenced in the last 11 years.

Gold deposits have been discovered on and proximal to the TRDZ both to the east and west of the Shining Tree property and are currently held by Pan American Silver Corp. and Iamgold.

Iamgold is developing the Cote Lake gold deposit and announced plans for a 13.1-million-tonne-per-annum mill. If developed, this will be positive for the potential along the TRDZ and will improve nearby mining infrastructure. The same source indicates proven and probable reserves of 4.7 million ounces, total measured and indicated resources (inclusive of reserves) of 6.5 million ounces, and total inferred resources of 1.6 million ounces.

Exploration on the Shining Tree property has identified a potentially significant gold-in-till anomaly. Such an anomaly is caused by real gold grains in soil which could be sourced from mineralization in the ground. The anomaly covers a nine-kilometre strike length perpendicular to the glacial direction and is defined by 446 samples, 169 of which contain 10 or more gold grains.

From 2009 to 2011 Platinex drilled 51 holes to explore the Herrick deposit. Fifty of the holes intersected one or more zones of gold mineralization. The deposit has been tested along a 400 m strike and to a depth of 300 m. The mineralized zone appears to be thickening at depth with zone widths of up to 46.1 m recorded in drilling.

Past exploration on the Shining Tree property by Platinex and others had focused on gold mineralization and occurrences associated with an east-west shear zone close to Highway 560. Very little exploration had been conducted on much of the TRDZ and there had been no effort to identify low-grade deposits akin to the Cote Lake deposit. Realizing this opportunity in 2016 and 2017 Platinex expanded its holdings fivefold covering a 21 km strike length of the TRDZ. This holding now comprises 876 heritage claim units for 13,888 hectares or 34,720 acres.

In February, 2018, Platinex filed an exploration plan and applied for a three-year exploration permit which has been approved.

A National Instrument 43-101 report on the Shining Tree property was filed in June, 2018.

Platinex has entered into exploration agreements with the Mattagami and Matachewan First Nations in respect of the Shining Tree property.

Platinex intends to implement the $635,000 first phase of the exploration program outlined in the Shining Tree property technical report dated June 8, 2018, subject to conducting additional financings. The phase 1 program is to include compilation work, an airborne lidar survey, an Airborne gradient magnetic survey and 3,000 m of diamond drilling.

The information presented in this news release has been reviewed and approved by Mr. Trusler, the qualified person for exploration at the Shining Tree property, as defined by National Instrument 43-101 Standards for Disclosure for Mineral Projects.

About Platinex Inc.

Platinex is currently focusing efforts on its mining business in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone belt.

We seek Safe Harbor.