Planet Exploration Inc.
TSX VENTURE : PXI

Planet Exploration Inc.

August 23, 2007 14:15 ET

Planet Exploration Reports 4.61 opt Gold Over 1.6 Feet and 3.87 opt Gold Over 2.3 Feet from UDZ

- Total of 37 holes and 11,329 metres of drilling on UDZ - UDZ assays up to 158.02 gpt Au over 0.50m (4.61 opt Au over 1.6 feet); 132.67gpt Au over 0.70m (3.87opt Au over 2.3 feet) and 12.11 gpt over 2.00m (0.35 opt Au over 6.6 feet) - UDZ width up to 14.70 m at 2.29 gpt Au (48.2 feet of 0.07 opt Au) and 20.00 m at 6.62 gpt Au (65.6 feet of 0.18 opt Au) - MDZ drilling well underway with Goldcorp Red Lake Gold Mines as operator

CALGARY, ALBERTA--(Marketwire - Aug. 23, 2007) - Planet Exploration Inc. (TSX VENTURE:PXI) is pleased to announce additional results of their spring drilling program, on the Upper Duck Zone ("UDZ") at Sidace Lake, Ontario, under the Joint Venture with Goldcorp Red Lake Gold Mines. Previously (July 17, 2007) results from 3 of 6 holes drilled in the spring program were released along with a table of significant values from previous holes drilled in the UDZ. Partial results are now available for an additional 13 holes. This brings us to a total of 6,270m drilled in 19 holes on the UDZ this year.

The UDZ is a steeply dipping, tabular, silicate-sulphide facies iron formation that is intensely mineralized with arsenopyrite. The UDZ has returned continued significant results, including results from holes RL-07-152 reporting and intersection of 158.02 gpt Au over 0.50m (4.61 opt Au over 1.6 feet) and in hole RL-07-153, an intersection of 132.67 gpt Au over 0.70m (3.87 opt Au over 2.3 feet). Numerous specks of fine visible gold were observed disseminated throughout both intersections. The UDZ has rapidly become a focus of concentrated drilling and it is anticipated that additional drilling on the UDZ will commence upon the completion of drilling at the Main Discovery Zone ("MDZ").



Results from the recent drilling at the UDZ include:

Hole ID length from to Interval Au Interval Au
m m m m gpt ft opt

RL-07-144 234 135.50 136.50 1.00 5.53 3.3 0.16
RL-07-145 330 172.70 177.20 4.50 5.01 14.8 0.15
including 175.50 176.40 0.90 11.90 3.0 0.35
RL-07-146(i) 303 151.30 166.00 14.70 2.29 48.2 0.07
(i) including 153.10 157.60 4.50 4.44 14.8 0.13
(i) including 155.00 155.50 0.50 9.78 1.6 0.29
(i) and 156.50 157.00 0.50 7.39 1.6 0.22
243.00 244.00 1.00 8.02 3.3 0.23
RL-07-147(i) 426 275.70 276.40 0.70 10.10 2.3 0.29
(i) 324.00 334.00 10.00 2.59 32.8 0.08
(i) including 324.00 325.00 1.00 12.40 3.3 0.36
(i) and 333.00 334.00 1.00 8.83 3.3 0.26
350.00 354.80 4.80 2.40 15.7 0.07
(i) 376.50 388.35 11.85 3.53 38.9 0.10
(i) Including 382.00 387.00 5.00 6.37 16.4 0.19
(i) 383.50 385.50 2.00 12.11 6.6 0.35
(i) including 383.50 384.00 0.50 13.49 1.6 0.39
(i) and 384.50 385.00 0.50 17.29 1.6 0.50
(i) and 385.00 385.50 0.50 16.52 1.6 0.48
RL-07-148 468 274.00 275.00 1.00 2.22 3.3 0.06
282.00 283.00 1.00 3.31 3.3 0.10
313.00 314.00 1.00 2.96 3.3 0.09
RL-07-149(i) 240 148.00 151.20 3.20 1.46 10.5 0.04
(i) including 150.00 151.20 1.20 3.24 3.9 0.09
(i) 177.00 182.15 5.15 0.95 16.9 0.03
(i) 196.00 196.60 0.60 2.15 2.0 0.06
RL-07-150(i) 351 226.70 227.20 0.50 15.12 1.6 0.44
(i) 282.50 284.10 1.60 3.13 5.2 0.09
(i) including 282.50 283.00 0.50 7.35 1.6 0.21
RL-07-151 324 133.00 133.80 0.80 2.34 2.6 0.07
228.20 229.00 0.80 5.27 2.6 0.15
(i) 261.60 266.00 4.40 2.28 14.4 0.07
RL-07-152 228 113.00 114.00 1.00 3.17 3.3 0.09
(i) 159.00 179.00 20.00 6.22 65.6 0.18
(i) including 160.75 165.50 4.75 3.12 15.6 0.09
(i) and 174.00 174.50 0.50 158.02 1.6 4.61
RL-07-153(i) 300 199.00 204.90 5.90 20.54 19.4 0.60
(i) including 199.80 202.60 2.80 42.39 9.2 1.24
(i) including 199.80 200.50 0.70 132.67 2.3 3.87
(i) 214.00 217.00 3.00 2.22 9.8 0.06
RL-07-154(i) 294 188.00 190.00 2.00 2.14 6.6 0.06
RL-07-155(i) 177 27.50 29.10 1.60 3.66 5.2 .11
36.00 38.50 2.50 4.10 8.2 0.12
RL-07-156 174 No significant assays

(i) intersection in UDZ Iron Formation


Drilling on the MDZ restarted in July and is continuing. We have completed roughly half of the 14 hole, 6,000m program, but with the backlog at the assays lab, final results for the MDZ drilling will not be available until late September.

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

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

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