Platinex Gives Up Mining Claims

Platinum exploration company Platinex Inc. has given up its claim to a disputed platinum project on First Nations land in northern Ontario in exchange for $5 million.

The company says it has an agreement with the Ontario government to resolve its litigation against the province and the Kitchenuhmaykoosib Inninuwug, or KI, First Nation over its Big Trout Lake exploration property.

Platinex was suing Ontario and the KI First Nation because KI was allegedly preventing the company from gaining access to its claims at Big Trout Lake.

The company claimed the province failed in its duty to consult with KI and also failed to warn Platinex that it wouldn't enforce the land claims.

Platinex was seeking more than $70 million from the province.

The government also says it will withdraw the KI lands from future staking and mineral exploration opportunities.