Planet Exploration (fka PXI.V)

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PXI Mongolia news

Press Release Source: Planet Exploration Inc.

Planet Acquires Ovoot Gold-Copper Property, Mongolia
Tuesday October 28, 8:30 am ET

(TSX-VEN: PXI)
CALGARY, Oct. 28 /CNW/ - Planet Exploration Inc. is pleased to announce the acquisition of a 100% interest in the Ovoot Property, located in Zavkhan province, Mongolia. The property is located approximately 900 kilometers west of the capital, Ulaan Baator.
The Ovoot Property comprises Mineral License 4732X covering 2,090 hectares, located in the southeastern portion of the Bayan-Airag gold-copper region of the Urgamal-Zavkhanmandeal metallogenic belt. This is an active exploration area, and the property is surrounded by other mining companies. The property is underlain by volcanogenic-sedimenatry rocks and volcano- plutonic rocks of Permian age.

Previous preliminary exploration by the vendor of the property has reportedly uncovered three copper prospects on the property. The Ovoot Prospect is the most important occurrence uncovered to date, and comprises fractures with malachite-azurite staining in andesite, skarnised gabbro and quartz-sulphide veins with significant values of copper, silver and gold. Mineralization was observed over a 50 by 100 meter area with sampling (August 2000) by the vendor reporting the following results:

Sample No. Au g/t Cu % Sample No. Au g/t Cu %
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OV 02 11.20 0.51 OV 22 10.10 2.01
OV 03 0.32 6.52 OV 31 6.80 0.66%
OV 04 0.24 10.32 OV 36 0.03 1.28
OV 10 6.00 0.19 OV 37 3.50 4.62
OV 15 3.25 3.46 OV 38 5.60 1.65
OV 20 3.65 3.85 OV 41 1.09 1.49

These samples are reported to represent selected grab rock samples. In total 47 samples were taken with 15 samples returning values of 1.11 to 11.2 g/t gold (Au), and 18 samples returning 1.02 to 10.32 % copper (Cu). The assays were performed by Analabs Pty. Ltd. Of Ulaan Baator. All information regarding the nature of sampling and the assay results obtained were provided to Planet by the vendor of the property and have not yet been verified by Planet.
The Ovoot Property was acquired through a direct cash purchase from a private Mongolian company, Orgil Munkh Trade Co. Ltd. Planet has recently mobilized a field crew of 4 geologists to visit the property and complete initial geological mapping and sampling to confirm the information provided by the vendor and to initiate Planet's further exploration.

Planet holds three other exploration licenses in the Gobi region of Mongolia and has established an office presence in Ulaan Baator through Mine Info Ltd. to facilitate further exploration activities and acquisitions. Mine Info is an exploration and development company with several of Mongolia's leading geologists under its employ. Robert Weicker, a Canadian geologist and qualified person under NI 43-101, will work with Planet and Mine Info 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.


Ranjeet Sundher
President
[phone]


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

Paul McKenzie, Tel: [phone], Toll Free 1-866-733-5253, Email: [e-mail], Website: www.planetexploration.info
European Investor Relations: Nick Fuller/Samantha Fletcher, N C Fuller Associates Ltd, Tel: [phone], Email: [e-mail]



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Source: Planet Exploration Inc.