Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

December 19, 2008 18:38 ET

Planet Exploration Inc.: Drilling Extends Strike Potential East of the UDZ Heart

Encouraging Values Continue At Depth On The UDZ Heart

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2008) - Planet Exploration Inc. ("Planet") (TSX VENTURE:PXI) announces further results from ongoing drilling on the Sidace Lake Property, a joint venture with Red Lake Gold Mines, an affiliate of Goldcorp Inc. ("Goldcorp"), which is located approximately 30 kilometres northeast of the town of Red Lake, Ontario.

Four holes (RL08-184 to RL08-187), totalling 2,167m, investigated the potential for an easterly continuation of the Upper Duck Zone ("UDZ"). Full assays have been received for these holes, the more significant of which are as follows:



HOLE TOTAL FROM TO LENGTH Au Au
NUMBER DEPTH (m) (m) (m) g/t opt

RL08-184 535.00 274.00 275.00 1.00 1.36 0.039

RL08-185 546.00 82.00 83.00 1.00 1.85 0.054
433.00 434.00 1.00 1.63 0.047
437.40 441.60 4.20 1.45 0.042

RL08-186 480.00 330.00 332.00 2.00 6.95 0.203
371.00 372.00 1.00 1.75 0.051

RL08-187 606.00 112.00 113.00 1.00 1.89 0.055
244.00 245.00 1.00 1.33 0.039
382.80 384.00 1.20 2.70 0.079
521.00 522.00 1.00 2.42 0.071
535.00 536.00 1.00 1.06 0.031
548.20 549.20 1.00 8.61 0.251


Although the UDZ occurs typically in, or close to, silicate-sulphide facies banded iron formation, these highlighted higher values all occur outside of, but in close proximity to, iron formation, in feldspar porphyry, generally associated with the same strong characteristic arsenopyrite-pyrite-pyrrhotite mineralization. These results also suggest that the strike of the body is greater than expected.

To target the heart of the UDZ at depth, 4 holes (RL08-188 to RL08-191) plus 4 sidetrack wedges (RL08-188A, RL08-191A, B, C) were drilled. The following are more significant values from RL-08-188, RL08-188A, RL08-189 and RL08-190:



HOLE TOTAL FROM TO LENGTH Au Au
NUMBER DEPTH (m) (m) (m) g/t opt
RL08-188 636.00 299.00 300.00 1.00 1.65 0.048
336.00 349.90 13.90 3.27 0.095
includes 336.00 337.00 1.00 3.45 0.101
and 340.00 341.00 1.00 6.22 0.181
and 343.00 344.00 1.00 5.98 0.174
and 344.00 345.00 1.00 3.23 0.094
and 346.00 347.00 1.00 3.60 0.105
and 348.00 349.00 1.00 13.06 0.381
528.00 529.00 1.00 2.38 0.069
547.00 548.00 1.00 15.31 0.447
588.00 589.00 1.00 5.33 0.156

RL-08-188A 429.00 331.00 335.80 4.80 1.64 0.048
includes 333.00 334.00 1.00 3.08 0.090
and 334.00 335.00 1.00 2.42 0.071
383.00 384.00 1.00 1.57 0.046

RL-08-189 603.00 237.00 238.00 1.00 1.39 0.040
331.00 332.00 1.00 1.02 0.030
411.00 413.10 2.10 1.43 0.042
554.00 555.00 1.00 1.02 0.030

RL-08-190 636.60 309.00 310.00 1.00 1.62 0.047
408.00 409.00 1.00 1.82 0.053
415.00 416.00 1.00 5.11 0.149
442.20 444.00 1.80 6.03 0.176
includes 443.20 444.00 0.80 10.08 0.294
476.00 477.00 1.00 3.36 0.098
493.30 496.40 3.10 1.75 0.051
includes 493.30 494.50 1.20 4.09 0.119


The highlighted values in all four of these holes are in typical targeted Upper Duck Zone banded iron formation, with the same strong characteristic arsenopyrite-pyrite-pyrrhotite mineralization. The sharp differences in thickness of the iron formation between adjacent holes and some repetition are evidence of tight isoclinal folding which is probably the locating mechanism for this steeply plunging mineralized body.

The value of 15.31g/t over a metre in RL08-188 at 547m, and that of 1.02g/t over a metre in RL108-189 at 554m, occur in an arsenopyrite-pyrite-pyrrhotite mineralized zone in mafic volcanics, well in the footwall of the UDZ. Assays from holes RL08-191A, B and C are pending.

The press release of October 9, 2008 announced results from the first three holes (RL08-181 to RL08-183) from the summer program testing for the western, faulted, extension of the UDZ. A further three holes (RL08-192 to RL08-194) concentrated on evaluating the significance of the high grade intersection in RL08-182 (45.63g/t over 1.0m). Assay results are pending.

The rig has since moved to the Main Discovery Zone ("MDZ"), where work is targeting extensions of the MDZ horizon and infill drilling.

All samples are analyzed by conventional fire assay at Accurassay Labs in Thunder Bay, Ontario, on saw-split 1/2 NQTK core. The duplicate split is stored at the Goldcorp core facility at Cochenour Mine, outside Balmertown, Ontario. All field work, drill supervision and core logging is undertaken by the geological staff of Goldcorp, who are the JV operators. The Qualified Person (QP) for Planet Exploration is Dr. Adrian Mann, P.Geol.

Planet has also granted 1,215,000 options to purchase common shares, to directors, officers and contractors of the Corporation, at an exercise price of $0.17 per common share, exercisable for five years, in accordance with the Corporation's Stock Option Plan approved by shareholders at the annual general meeting in December, 2008.

Planet is a mineral 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. Goldcorp has a 60% interest and Planet holds a 40% interest.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Planet, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Planet's expectations are the inherent exploration risks detailed from time to time in the filings made by Planet with securities regulators.

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

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