Planet Exploration (fka PXI.V)

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Press Release Source: Planet Exploration Inc.


Planet Exploration Inc. - Gold and Copper Mineralization Discovered in Mongolia
Friday November 7, 8:30 am ET


CALGARY, Nov. 7 /CNW/ - Planet Exploration Inc. (TSX-VEN: PXI) is pleased to announce the results of the initial reconnaissance exploration of its previously announced (October 28, 2003) Ovoot Property acquisition located in Zavkhan province, Mongolia. The 100% owned property is located approximately 900 kilometers west of the capital, Ulaan Baator.
The initial reconnaissance survey included geological mapping and a limited sampling program designed to "ground truth" information originally provided by the vendor of the property. A total of 54 grab rock samples were taken during this program. The Company is very pleased to report that the general geological descriptions provided from the previous exploration activities have been confirmed and grab rock samples from Planet's recent program have confirmed the occurrence of high-grade gold and copper mineralization, as reported below.



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Sample No. Au g/t Cu %
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AM5 0.77 1.81
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AM14 4.95 5.24
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AM19 0.44 1.03
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AK8 0.04 1.74
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ZAB9 0.02 2.36
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ZAB12 9.11 1.86
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ZAB13 2.28 4.71
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ZAB14 1.58 3.28
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Planet regards the Ovoot Property as a very exciting prospect based on its recent geological mapping and sampling program, and is presently compiling all of the information collected as the first stage in the preparation of an aggressive exploration program.
Planet holds three other exploration licenses in the Gobi region of Mongolia and has established an office presence in Ulaan Baator to facilitate further exploration activities and acquisitions. Robert Weicker, of Kleinebar Resources Ltd., a Canadian geologist and qualified person under NI 43-101, will work with Planet to plan and oversee all upcoming work programs.

The Company is currently reviewing several other prospective gold projects in Mongolia and elsewhere.

Planet is a well-funded junior mineral exploration company with active gold projects in Canada (Sidace Lake being funded by Goldcorp Inc.), Mongolia and Mexico.


The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.

For further information

Ranjeet Sundher, President, [phone], Email: [e-mail], Website: www.planetexploration.info
European Investor Relations: Nick Fuller/Samantha Fletcher, N C Fuller Associates Ltd, Tel: [phone], Email: [e-mail]