Planet Exploration Inc.

Planet Exploration Inc.

March 22, 2005 09:00 ET

Planet Exploration Inc.: Goldcorp Exercises Option; New Drill Results Received


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PLANET EXPLORATION INC.

TSX VENTURE SYMBOL: PXI

MARCH 22, 2005 - 09:00 ET

Planet Exploration Inc.: Goldcorp Exercises Option;
New Drill Results Received

CALGARY, ALBERTA--(CCNMatthews - March 22, 2005) - Planet Exploration
Inc. (TSXV:PXI) is pleased to announce that Goldcorp Inc. (G:TSX;
GC:NYSE) has elected to exercise its option to acquire a 50% interest in
the Sidace Lake project. Exploration expenditures by Goldcorp at this
point in time are in excess of the $1,500,000 required to complete the
option and a cash payment of $450,000 made with the notice of exercise,
brings the total cash option payment to $1,050,000. Goldcorp elected to
exercise its option in advance of the option's expiry date. Goldcorp
holds a second option to acquire a further 10% interest in the property
for a $600,000 cash payment. Planet and Goldcorp will now continue
exploration of the Sidace Lake project on a joint venture basis.

DRILLING UPDATE

In the current phase of drilling, 9 holes, totaling 2,633m have been
completed on the Sidace Lake project. The first of these, RL-04-62 was
reported in the January 24, 2005 press release, targeting the Discovery
Zone, and showing 4.71g/t Au over 8.15m between 516.85 and 525.00m,
which included 10.24g/t over 3.37m. RL-04-62B was wedged off this hole
at 422m to intersect the zone some 30m from the previous intersection
and returned the following:



---------------------------------------------------------------------
Hole ID Az Inc length from to interval Au
---------------------------------------------------------------------
deg deg m m m m g/t
---------------------------------------------------------------------
RL-04-62B 146 -75 862 513.50 514.47 0.97 3.72
---------------------------------------------------------------------
703.00 704.50 1.50 15.43
---------------------------------------------------------------------
749.00 754.00 3.00 3.40
---------------------------------------------------------------------
824.00 825.00 1.00 4.19
---------------------------------------------------------------------


Three further delineation holes targeted the Discovery Zone but were
drilled so as to cut the zone perpendicular to the central lobe of the
fold. This orientation has not been previously tested. The three holes
confirm that the thick gold-rich mineralized zone continues at the same
grades and thicknesses as previously determined. These holes returned
the following results:



---------------------------------------------------------------------
Hole ID Az Inc length from to interval Au
---------------------------------------------------------------------
deg deg m m m m g/t
---------------------------------------------------------------------
RL-05-63 270 -66 414 301.20 326.00 24.80 2.69
---------------------------------------------------------------------
including 306.00 322.00 16.00 3.60
---------------------------------------------------------------------
RL-05-64 090 -55 297 126.00 185.00 59.00 1.55
---------------------------------------------------------------------
including 163.00 177.75 14.75 3.53
---------------------------------------------------------------------
and 184.00 185.00 1.00 24.78
---------------------------------------------------------------------
RL-05-65 090 -60 153 84.00 90.00 6.00 1.00
---------------------------------------------------------------------
102.00 108.00 6.00 2.12
---------------------------------------------------------------------



Hole RL-05-69, drilled due east in the South or Skarn Zone, confirms
that this mineralization trends roughly North-South, following the
stratigraphy.



---------------------------------------------------------------------
Hole ID Az Inc length from to interval Au
---------------------------------------------------------------------
deg deg m m m m g/t
---------------------------------------------------------------------
RL-05-69 90 -50 195 136.00 139.00 3.00 3.07
---------------------------------------------------------------------


Two holes were drilled to "scissor" the Upper Duck Zone first seen in
RL-04-61 (reported in the November 23, 2004 press release) and a further
2 holes to investigate strike. The holes demonstrate unequivocally that
this is an entirely separate unit from the South, or Skarn Zone. These
holes tested the zone, which is open in all directions, to 100m vertical
depth, and over a strike length of 200m. The Upper Duck Zone has an
excellent airborne magnetic signature. In Hole RL-05-68, a 1.00m
intersection of 59.15 g/t Au came from a black biotite band, in the
feldspar porphyry, which appears to be a disrupted band or fracture
filling in a coarse tectonic breccia; minor pyrite and chalcopyrite are
common and the sample contains numerous pin-points of VG in the biotite.
Results to date are particularly encouraging:



----------------------------------------------------------------------
Hole ID Az Inc length from to interval Au
----------------------------------------------------------------------
deg deg m m m m g/t
----------------------------------------------------------------------
RL-05-66 146 -50 169 102.00 110.90 8.90 4.03
----------------------------------------------------------------------
121.00 128.80 7.80 9.71
----------------------------------------------------------------------
RL-05-67 326 -55 126 100.50 104.50 4.00 15.18
----------------------------------------------------------------------
RL-05-68 146 -50 171 30.00 45.00 15.00 4.08(1)
----------------------------------------------------------------------
including 36.00 37.00 1.00 59.15(1)
----------------------------------------------------------------------
75.00 80.00 5.00 0.10
----------------------------------------------------------------------
99.30 100.70 1.40 0.47
----------------------------------------------------------------------
140.00 141.00 1.00 1.34
----------------------------------------------------------------------
RL-05-70 115 -50 246 133.00 141.00 8.00 3.01
----------------------------------------------------------------------
including 137.00 140.50 3.50 5.23
----------------------------------------------------------------------
146.50 153.50 7.00 1.59
----------------------------------------------------------------------

(1) In Porphyry


Management remains excited by these continuing positive results, which
demonstrate that there are multiple zones within the claims, and that
gold mineralization covers a wide aerial extent. Drilling on the
property is continuing.

Field work, geological supervision and core logging was done by
Goldcorp, which is the JV operator. Dr. Adrian G. Mann, P.Geol. is the
qualified person for Planet Exploration Inc.

Planet is a well-funded junior mineral exploration company with active
gold projects in Canada (Sidace Lake), Mongolia and Mexico.

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.

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Planet Exploration Inc.
    Ranjeet Sundher
    President
    (403) 537-0067
    (403) 237-5816 (FAX)
    Email: invest@planetexploration.net
    Website: www.planetexploration.net
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.