Planet Exploration reviews 2003, looks at coming year
Planet Exploration Inc PXI
Shares issued 14,947,472 Dec 22 close $1.59
Tue 23 Dec 2003 News Release
Mr. Ranjeet Sundher reports
PLANET EXPLORATION INC.: PRESIDENT'S REVIEW AND OUTLOOOK
Planet Exploration has provided shareholders with a review of 2003 and
outlook for 2004.
"The past year represented a turning point in terms of Planet's exploration
success, acquisition efforts and capitalization plans. There were so many
positive developments that I believe it is worthwhile to summarize these
and to optimistically look forward to 2004."
Review of 2003
First quarter of 2003 -- strategic alliance with Goldcorp on Sidace Lake
project.
January to February -- completed diamond drilling program of eight holes
over 1,553 metres in which five holes successfully intersected the quartz
sericite schist zone with the best width being 102 metres averaging 1.687
grams per tonne. This section also included higher grade intersects of
21.589 grams per tonne over one metre, 8.6 grams per tonne over four
metres, 4.687 grams per tonne over 16.4 metres and 4.85 grams per tonne
over 10.6 metres.
Drill program increased Planet's interest from 30 per cent to 40 per cent.
March -- completed the acquisition of the remaining 60-per-cent in the
Sidace Lake properties to result in a 100-per-cent interest.
March -- formed a deal with Goldcorp Inc., the company's choice of
partners. Goldcorp is Canada's most progressive and innovative gold mining
company, and the undisputed leader in Red Lake exploration.
Goldcorp will spend $2.55-million over three years to earn a 50-per-cent
interest in the property and holds an option to increase its position to
60-per-cent.
March -- Goldcorp participated as to one-half of Planet's $1-million
financing (50 cents per unit). Goldcorp then held 8.78 per cent of Planet's
outstanding shares.
Second quarter of 2003 -- initial Planet/Goldcorp joint exploration program
commenced
April -- May -- Planet and Goldcorp increased their Red Lake mineral
property interests by jointly staking an additional 458 claim units (7,300
hectares) of contiguous lands representing an increase in landholdings of
more than 170 per cent. European investor relations coverage was initiated.
June -- initial Planet/Goldcorp diamond drilling joint exploration program
commenced including 2,500 metres over six holes, detailed magnetics and IP
survey.
Third quarter of 2003 -- most significant results released from Sidace Lake
and Mexico acquisition
July -- Sidace Lake drilling results announced, including a mineralized
zone of anomalous gold values over 200 metres. Within this section was 36.4
metres of 5.36 grams per tonne including 21.4 metres of 7.59 grams per
tonne and 8.5 metres of 11.29 grams per tonne.
August -- Mexico -- acquisition of 100-per-cent interest in the Copalquin
gold/silver project. Planet was attracted to this project for its
high-grade gold potential that was demonstrated in a previous 1998 drill
program.
Haywood Securities initiated analyst coverage on Planet.
September -- Planet participated at the New York Gold Show. This was the
first major conference for Planet.
Fourth quarter of 2003 -- $6.02-million financing and acquisitions in
Mongolia and China
October -- Mongolia -- acquisition of 100-per-cent interest in the Ovoot
gold-copper property, located in Zavkhan province, approximately 900
kilometres west of the capital, Ulaan Baator, covering 2,090 hectares. This
is an active exploration area, and the property is surrounded by other
mining companies. Initial surface sampling has shown gold grades of up to
11 grams per tonne and copper grades of up to 10 per cent.
November -- China -- acquisition of an 80-per-cent interest in the
Wulanbulang gold property as well as an option to acquire three mining
licences and a mill located within the property. An area of 52.57 square
kilometres, it is situated in the Jiuyuan district of Baotou, 600
kilometres west-northwest of Beijing. Previous work by the Chinese
government has indicated the occurrence of over 70 gold-bearing
veins/zones, 35 of which are described as being "strongly" mineralized.
December -- bought deal unit financing of $6.02-million ($1.40 per unit,
each unit consisting of one common share and one common share purchase
warrant). Goldcorp subscribed for $2.52-million, bringing its share
ownership in Planet to approximately 13.5 per cent.
December -- Sidace Lake -- second phase Planet/Goldcorp diamond drill
program commenced, comprising three holes totalling approximately 2,300
metres.
Outlook for 2004
Ranjeet Sundher, president of Planet, comments:
"The company views Mongolia and China as having the potential to host many
undiscovered mining districts. Over the past two years I have spent
considerable time in Mongolia and China looking for properties of
significant merit that made strategic sense for Planet. We view our two new
property acquisitions in these regions as very exciting prospects. Initial
exploration programs for both of these new projects are being planned for
the first quarter of 2004.
"Planet has received expressions of interest from a number of mining
companies to fund development of the Copalquin project in Mexico and leave
Planet with a free-carried interest. Discussions with prospective joint
venture partners are ongoing with a view to having an exploration team in
the field during the second quarter.
"The price of gold recently reached an eight-year high and the outlook for
gold prices in 2004, and for Planet in particular, is bright. We intend to
step up our corporate marketing activities during the next year, with an
aim to increase Planet's analyst coverage and institutional following, both
in North America and Europe based on the significant advancements on our
Sidace Lake gold project and our impressive suite of international gold
properties.
"Our corporate strategy is to continue to find properties of merit in areas
that are underexplored and overlooked by majors, with the objective of
moving the properties rapidly forward to the development stage either alone
or with joint venture partners.
"Planet is fortunate to have a long list of loyal shareholders many of whom
were with us during our first Sidace Lake exploration season back in 1998.
Since then, with your support we have come a long way. Our continued
success at Sidace Lake, our strategic alliance with Goldcorp and the new
projects in Mongolia, China and Mexico should make 2004 an exciting and
successful year. Thank you for your continued support."
WARNING: The company relies upon litigation protection for
"forward-looking" statements.
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