Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

September 17, 2010 13:45 ET

Planet Exploration Announces Closing of Financing

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2010) - Planet Exploration Inc. ("Planet") (TSX VENTURE:PXI) announces that it has successfully closed its previously announced non brokered private placement consisting of ten million units for gross proceeds to the company of $1,200,000. All of the units were sold to arm's-length investors at a purchase price of 12 cents per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase an additional common share of the company at any time until September 17, 2012 and is exercisable at a purchase price of 25 cents per share. All securities issued in connection with the private placement are subject to a hold period expiring on January 18, 2011.

The gross proceeds from this private placement will be used for the investigation of additional natural-resource opportunities, as well as for general corporate purposes.

Planet is a minerals exploration company based in Calgary, Canada, with the Red Lake area being the current focus of our attention. The Planet /Goldcorp joint venture owns 100% of the Sidace Lake property, 60% Goldcorp and 40% Planet.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release

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