Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

September 09, 2005 16:57 ET

Planet Exploration Inc.: Sidace Lake Drilling Update

CALGARY, ALBERTA--(CCNMatthews - Sept. 9, 2005) - Planet Exploration Inc. (TSX VENTURE:PXI) is pleased to announce further results from the ongoing drilling program on the Sidace Lake, Ontario Joint Venture with Goldcorp Inc (GG:NYSE; G:TSX). The following are the more significant assay results returned from the latest six holes drilled:



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Hole ID Az Inc length from to Interval Au
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Deg deg m m m m g/t
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RL-04-85 90 -50 281 No significant values
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RL-05-86 146 -50 485 72.00 73.00 1.00 2.96
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325.00 326.00 1.00 13.03
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RL-05-87 146 -50 350 100.00 101.00 1.00 5.64
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RL-05-88 146 -50 108 Abandoned
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RL-05-89 125 -55 558 126.00 138.00 12.00 1.89
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Incl 132.00 135.00 3.00 4.92
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154.00 158.00 4.00 1.68
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Incl 155.00 156.00 1.00 3.11
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215.00 226.00 11.00 1.28
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Incl 222.00 223.00 1.00 7.38
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435.00 437.00 2.00 1.98
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RL-05-90 90 -55 465 253.00 254.00 1.00 2.36
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In addition, infill assays from RL-05-82 (reported 2005-06-29) show rather more colour at the top of the hole than previously reported, with 7.91 g/t Au over 1m near the top of the hole:



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Hole ID Az Inc Length From To interval Au
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deg Deg M M m M g/t
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RL-05-82 90 -50 240 40.00 43.00 3.00 3.10
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incl 40.00 41.00 1.00 7.91
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Holes RL-05-85 to RL-05-87 were drilled to explore the folded southern extension of the Skarn Zone. The values returned are encouraging, however their full significance and the structure they represent is not yet fully understood, and rather more drilling will be needed to appreciate what the zone means, its shape, and its orientation. RL-05-87 cuts across the northern end of the ultramafic body, the upper contact of which shows anomalous gold values (0.32g/t from 177-179m) which correlates with the more strongly developed gold bearing talc-carbonate zone in RL-05-89 at 215-226m. Results from infill sampling from 226-233m are still awaited. Other anomalous sections in the hangingwall of the ultramafic correlate with skarn veining (0.10 g/t Au from 35-64m; 0.74g/t Au from 82-112m and 0.71g/t Au from 159-171m).

RL-05-89, located 500m west-southwest of RL-05-87, intersected a strongly anomalous section averaging 0.77g/t Au over 51m from 107m to 158m, within which are intervals of 1.89 g/t over 12.0m and 1.68g/t over 4m. The section is interrupted by numerous faults, and gold mineralization which is associated with abundant calcite-diopside skarn veins (up to 10% of the interval), rather than the moderate sericite alteration. The contacts of the ultramafic body also show highly anomalous gold values within talc-carbonate alteration: the upper contact (215-226m) averages 1.28g/t Au over 11m; the lower contact (435-436m) averages 1.98g/t Au over 2m.

Holes RL-05-87, 89, 90 are important. These are the first holes we have drilled that have intersected the East Bay Serpentinite, which hosts such bodies as Claude's Madsen Mine and Wolfden/Placer's GAZ zone. The values in RL-05-89 between 215.00m and 226.00m are wholly within the serpentenized ultramafic, and it is encouraging to see appreciable gold values over such a robust thickness. Hole RL-05-90, sited over a kilometre south of RL-05-89 intersects the same serpentinized ultramafic. The one significant assay returned from the hole coincides with the magnetic high target.

The balance of this drilling phase, including follow-up drilling, proposed in the last press release (dated June 23, 2005), of the potential along the Upper Duck Zone, has been completed in seven holes. Complete assay results from the conclusion of this phase of drilling should be available within thirty days.

Field work, geological supervision and core logging is being 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.

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

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