Replies to post #249 on Mexican Mining

[Tackler]

UC to JV with Planet on Copalquin gold/silver project

Planet Exploration Inc PXI
Shares issued 16,008,390 Feb 25 close $1.30
Thu 26 Feb 2004 News Release
See (UC) News Release
Mr. Eugene Larabie of UC Resources reports
UC RESOURCES SIGNS OPTION AGREEMENT WITH PLANET EXPLORATION TO ACQUIRE 50%
INTEREST ON ITS COPALQUIN GOLD/SILVER PROJECT DURANGO, MEXICO.
UC Resources has signed an option agreement with Planet Exploration to earn
a 50-per-cent interest in Planet Explorations 100-per-cent option on the
high-grade 7,005-hectare Copalquin gold/silver property located in the
Sierra Madre mineralogical belt Durango, Mexico. Under the terms of the
option agreement UC Resources is obligated to make cash payments in United
States dollars as follows: $25,000 within five business days of having
executed the option agreement, $25,000 within five business days following
the completion of a satisfactory review of Planet's title to the
concessions and its right to earn an interest, $40,000 on or before July
13, 2004; $100,000 on or before July 13, 2005; and $250,000 on or before
July 13, 2006.
Under the agreement, UC also agrees to conduct cxploration programs on the
Copalquin property in U.S. dollars as follows: $250,000 on or before July
13, 2004, $500,000 on or before July 13, 2005; and $500,000 on or before
July 13. 2006.
UC Resources has arranged a non-brokered private placement of three million
units at 16 cents per unit. Each unit consists of one common share and
one-half share purchase warrant. Each whole warrant entitles the holder to
acquire one additional share for a period of one year at 21 cents per
share. The warrants have a forced conversion provision which is triggered
by a 20-consecutive-trading-day period in which the company's shares close
at 35 cents or more. In such event the holders shall have 30 days in which
to exercise their warrants.
UC has agreed to pay finders' fees on both the option agreement and the
non-brokered private placement. The finders' fees are subject to regulatory
approval in accordance with the TSX-V.
The company has granted 500,000 incentive options to directors exercisable
at 16 cents per share for a period of two years.
The Sierra Madre mineralogical belt is home to 23 historic gold and silver
mines, and prospects. The Copalquin property has a series of parallel
ridges of fault breccia over three kilometres.
Planet Exploration's geologist stated in his September, 2003, technical
report that prior to 1985, based on a prior report, production from the
area "exceeds 336,000 tonnes which yielded at least 250,000 ounces of gold
and 11 million ounces of silver."
The company is presently planning the work program on the Copalquin mineral
concessions, which is set to commence as soon as possible.