Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

July 17, 2007 09:00 ET

Planet Exploration Inc.: Successful Completion of UDZ Drilling; Goldcorp Recommences MDZ Drilling; Consultant Michael Dehn Joins Team

- 9 additional holes on Upper Duck Zone (UDZ) completed (2,934m) - Total of 33 holes and 10,414 metres of drilling on UDZ since 2004 - UDZ assays up to 36.46 gpt over 3.60m (1.06 opt over 11.8 feet) - Goldcorp recommences MDZ drilling - planned 14 holes, 6,000m - Michael Dehn joins corporate and technical team

CALGARY, ALBERTA--(Marketwire - July 17, 2007) - Planet Exploration Inc. (TSX VENTURE:PXI) is pleased to announce the conclusion of their spring drilling program, on the Upper Duck Zone (UDZ) at Sidace Lake, Ontario, under the Joint Venture with Goldcorp Inc.. We had previously (June 11, 2007) announced very encouraging results from 6 holes (2,421m) drilled in the spring program, and the completion of a further 9 holes (2,934m) on that same feature was a direct result of that previous success. This brings us to a total of 5,355m drilled in 15 holes on the UDZ this year. The core is being logged, split, sampled and assayed, and full results should be available before month end. Several of the holes look very promising.

The Upper Duck Zone is a steeply dipping, tabular, silicate-sulphide facies, banded iron formation that is intensely mineralized with arsenopyrite. A 300m strike that carries good gold values has been identified, and all drilling this year has been concentrated on that zone, to a depth of 400m. The eastern end of UDZ is about 1,200m southwest of MDZ.



The zone was intersected in all but 2 of the holes, with appreciable
thicknesses recorded. Results from the UDZ include:

Hole ID Length from to Interval Au Interval Au Reported
m m m m gpt ft opt

Jun. 14
RL-04-41 825 260.00 261.00 1.00 3.80 3.3 0.11 2004
Nov. 24
RL-04-61 460 42.00 46.00 4.00 8.28 13.1 0.24 2004
Mar. 22
RL-05-66 169 121.00 128.80 7.80 9.71 25.6 0.28 2005
Mar. 22
RL-05-67 326 100.50 104.50 4.00 15.18 13.1 0.44 2005
Mar. 22
RL-05-68 171 30.00 45.00 15.00 4.08 49.2 0.12 2005
Mar. 22
including 36.00 37.00 1.00 59.15 3.3 1.73 2005
Mar. 22
RL-05-70 246 133.00 140.50 7.50 5.23 24.6 0.15 2005
Jun. 23
RL-05-78 348 157.00 158.00 1.00 16.75 3.3 0.49 2005
Jun. 23
RL-05-79 351 180.00 183.58 3.58 6.62 11.7 0.19 2005
Jun. 23
including 182.68 183.58 0.90 22.36 3.0 0.65 2005
Jun. 23
RL-05-80 165 49.00 50.00 1.00 5.65 3.3 0.16 2005
Jun. 23
RL-05-81 225 33.00 34.00 1.00 2.44 3.3 0.07 2005
May 5
RL-06-115 213 41.00 42.00 1.00 14.09 3.3 0.41 2006
May 5
- 196.00 197.00 1.00 3.19 3.3 0.09 2006
May 5
RL-06-116 195 77.00 78.00 1.00 1.03 3.3 0.03 2006
May 5
RL-06-117 201 140.60 145.90 5.30 0.56 17.4 0.02 2006
May 5
RL-06-120 216 No Significant Assays 2006
May 5
RL-06-123 255 No Significant Assays 2006
May 5
RL-06-126 174 74.00 76.00 2.00 2.75 6.6 0.08 2006
May 5
RL-06-127 219 141.50 142.00 0.50 3.54 1.6 0.10 2006
May 5
RL-06-129 300 258.00 259.00 1.00 1.25 3.3 0.04 2006
May 17
RL-07-138 582 335.00 336.00 1.00 10.38 3.3 0.30 2007
May 17
RL-07-139 405 335.20 338.80 3.60 36.46 11.8 1.06 2007
May 17
RL-07-140 390 306.00 307.00 1.00 2.47 3.3 0.07 2007
Jun. 14
RL-07-141 339 226.00 229.90 3.90 3.14 12.8 0.09 2007
Jun. 14
- 295.80 297.00 1.20 4.87 3.9 0.14 2007
Jun. 14
RL-07-142 354 278.40 278.80 0.40 35.92 1.3 1.05 2007
Jun. 14
- 318.00 319.00 1.00 8.18 3.3 0.24 2007
Jun. 14
RL-07-143 351 256.00 257.00 1.00 2.00 3.3 0.06 2007
Jun. 14
- 270.00 271.00 1.00 5.42 3.3 0.16 2007
RL-07-144 234 Pending
RL-07-145 330 Pending
RL-07-146 303 Pending
RL-07-147 426 Pending
RL-07-148 468 Pending
RL-07-149 240 Pending
RL-07-150 351 Pending
RL-07-151 354 Pending
RL-07-152 228 Pending


Drilling re-commenced on the Main Discovery Zone (MDZ) at the beginning of July 2007. This is the original discovery and the drill program is scheduled to take about two months, plus another month for logging and assays. We have planned for 14 holes in this phase, totaling a little over 6,000m. All of these holes are strictly for evaluation purposes, to assist in the estimation of an economically exploitable resource.

As well, Planet Exploration is pleased to announce the addition of Michael Dehn to its corporate and technical team. Michael was Senior Geologist with Goldcorp Inc. when it entered into the Sidace Lake JV (Joint Venture) with Planet Exploration, and was a key member of the technical team at Goldcorp when it took over as operator of the Sidace Lake JV.

Michael has more than 11 years exploration experience in the Red Lake Greenstone Belt, as well as experience within many gold-rich districts including Nevada, Ontario, Mexico, Ecuador and Manitoba.

Michael will aid in Planet's corporate development and will assist Dr. Adrian Mann in forwarding the exploration targeting of the Sidace Lake JV. Mr. Dehn has been granted an option to purchase 30,000 shares of Planet at a price of $0.56 per share exercisable over a two year period. The grant is subject to regulatory approval.

All assays are being done by conventional fire assay at Accurassay Labs in Thunder Bay, Ontario, on saw-split 1/2 NQTK core. The duplicate split is stored at Goldcorp's core facility at Cochenour Mine, outside Balmertown in Ontario. All field work, drill supervision and core logging was 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 is an emerging international minerals exploration company based in Calgary, Canada. We have strategic properties and active exploration in some of the world's most prolific gold regions, with the Red Lake area being the current focus of our attentions. Planet is currently involved in a joint venture with Goldcorp Inc., one of the most progressive gold mining companies in the world. The Planet /Goldcorp joint venture owns 100% of the Sidace Lake property. Goldcorp has a 60% share of ownership of the property and as such, they fund 60% of the drilling. Goldcorp also owns 15% of the outstanding shares of Planet.

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 exploration risks detailed herein and 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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