Planet Exploration (fka PXI.V)

[Tackler]

PXI: Sidace Lake Diamond Drill Program Commences

CALGARY, ALBERTA--Planet Exploration Inc. (TSX-VEN: PXI) Planet is please to announce the commencement of the next phase of diamond drilling on the Sidace Lake Property. The exploration is being funded by Goldcorp Inc. under an agreement whereby Goldcorp Inc. can earn an initial 50% interest in the property.
Diamond drilling will test the down dip and strike extensions of the principle gold bearing quartz sericite schist zone. The program will be comprised of three holes totalling approximately 2300 metres.

The diamond drill holes will target a depth 200 metres below RL-03-29. RL-03-29 drilled some of the best drill intercepts to date. These include:

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Comments From To Width (metres) Grams Gold per Ton
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North Upper Zone 236.0 276.60 40.60 3.13
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Including 258.0 272.0 13.0 6.24
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South Lower Zone 353.4 398.0 44.66 4.094
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Including 366.0 394.0 28.0 5.41
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A comprehensive property scale compilation of all the exploration results is being completed. The compilation will assist in delineating additional targets along strike of the main gold mineralized zone. Results from diamond drilling grid east have successfully extended the gold bearing horizon by greater than 900 metres. Re-logging of 1998 diamond drill core has indicated that gold bearing sericite schist is also present greater than 2 kilometres grid west.

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


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Contact:

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