Replies to post #5 on Planet Exploration (fka PXI.V)

[Tackler]

244.65 g/t GOLD over 4m:

Press Release Source: Planet Exploration Inc.


Copalquin, Mexico property exploration program
Monday October 6, 8:30 am ET


(TSX-VEN: PXI)
CALGARY, Oct. 6 /CNW/ - Planet Exploration Inc. (TSX-VEN: PXI) announces the completion of its initial on-site geological review of the previously announced (August 28, 2003) property acquisition in the Copalquin Mining District located in the State of Durango, Mexico. The Copalquin property comprises 7,005 hectares. Planet has the option to earn up to a 100% interest.
The Copalquin Mining District is reputed to have produced at least 250,000 ounces Au and 11 million ounces Ag from 336,000 tonnes mined prior to 1985. Much of this production was before the revolution (pre-1910), and the majority came from only 5 mines: San Manuel, Los Reyes, El Refugio, La Soledad and El Cometa, all of which are located within the Copalquin property. The mines exploited narrow (0.5-1.5m thickness) quartz veins with high gold and silver grades in Tertiary andesites, which overlie intrusive Tertiary quartz monzonites.

The district is in a remote rugged area in the northwest of the state of Durango, accessible only on foot or by light STOL aircraft. Because there is no road into the area logistics will be relatively difficult however this restricted access has kept other explorers at bay and has preserved the potential of this area for further discovery and exploitation.

Observed in outcrop and the sidewalls of the old stopes during Planet's on-site inspection and as reported from previous mapping and drilling, are vein breccia and quartz stockwork deposits that are gold and silver bearing. These breccia-stockwork bodies could have economic potential as moderate tonnage, low grade gold and silver open pit targets. In addition, in the Bell Coast Capital Corp. ("BCP") 1997/1998 drill program, significant values were returned and publicly reported (June 30 and August 17, 1998) from several holes on El Cometa, specifically:


HOLE No. FROM TO INTERVAL GOLD SILVER
m m m g/t g/t
EC-02 35.75 39.75 4.00 244.65 2250
EC-08 44.50 46.00 1.50 10.60 301
EC-09 28.80 47.00 18.20 8.55 144
EC-10 32.50 39.40 6.90 17.03 352
EC-11 32.00 32.80 7.50 1.33 55
EC-12 20.00 24.00 4.00 18.19 369
38.40 39.40 1.00 35.19 609
EC-13 19.50 22.50 3.00 77.57 733
32.50 34.50 2.00 7.73 106

Although these values are confined to a relatively short strike length, Planet regards them as very exciting. The best exploration-evaluation technique for such deposits is methodical pattern diamond drilling. Two potential bodies, which can be readily defined, have been earmarked for such work by Planet. On El Cometa, from which BCCC returned some exceptional grades in their 1997/8 drilling program, 1500m of drilling is proposed over 16 holes. On El Refugio, 3000m is proposed over 25 holes.
As a part of the effective ground truthing nature of Planet's site investigation, a limited number of samples were taken which confirmed the previously reported mined grades.

The proposed Planet exploration program will be helicopter supported and will be spread over three phases. The program is designed to evaluate the known high grade mineralization and to explore the inferred lower grade mineralization targets, both highlighted by previous work. There is potential for further high grade pay shoots to be discovered in quartz veins. An ancillary program will also explore for new targets of a similar nature by grassroots exploration. Most of this other prospecting will be by trenching, supported by geological mapping, and perhaps ground-based electromagnetic geophysics, if it proves applicable. There is provision in the proposed program for an additional 1,000m of drilling in 6 holes on such high grade targets

Because of the favourable geological environment, Planet is investigating additional acquisition opportunities in the State of Durango.

Dr. Adrian G. Mann, P. Geo is the Qualified Person (QP) for the project.

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


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.

[antman]

That is usually a good sign, when the CEO is buying-

I know that Ranjeet was just over in Mongolia, so maybe we will hear something about this property soon-

I think it is in one of the hottest mining areas around with Friedland making that HUGE disocvery, and the Mongolian government is gung-ho to get their mining going so that is all very favourable IMO-