Planet Exploration Inc.

Planet Exploration Inc.

May 16, 2006 07:30 ET

Planet Exploration Inc.: News Release

CALGARY, ALBERTA--(CCNMatthews - May 16, 2006) - Planet Exploration Inc. (TSX VENTURE:PXI) announces that, under the terms of its Joint Venture Agreement, Goldcorp Inc. (GG:NYSE; G:TSX) has exercised its option to acquire from Planet a further 10% interest in the Sidace Lake property. Following this transaction, the Sidace Lake property will be held as to 60% Goldcorp and 40% Planet. Planet and Goldcorp have a joint venture agreement in place for the future exploration and development of the property.

The winter/spring drill program has been completed and all results reported (May 5, 2006) with the exception of one hole for which results are awaited.

Planet and Goldcorp are meeting to determine the next phase of work on the Sidace Lake property.

Planet is a well-funded junior mineral exploration company.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical fact are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. We assume no responsibility for the accuracy and completeness of these statements and are under no duty to update any of the forward-looking statements contained herein to conform these statements to actual results. This is not an offer to sell or a solicitation of an offer to purchase any securities.

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

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