Planet Exploration Inc.

COMPANY DATA | INTRODUCTION |  PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE

COMPANY DATA

INTRODUCTION

Planet Exploration Inc. is an emerging international mineral exploration company based in Calgary, Canada. The Company has 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 its attentions. Since commencing operations in late 1998, the Company has proven its ability to acquire highly prospective properties in Red Lake, Ontario, and Ovoot, Mongolia. Exploration at the Sidace Lake property in the Red Lake area has produced exciting results in the Main Discovery Zone (MDZ) and the Upper Duck Zone (UDZ).

It is Planet's belief that its goals can best be achieved by collaborating with major mining companies, such as Goldcorp Inc. Goldcorp is one of the most progressive gold mining companies in the world, owns 15% of Planet and is Planet's partner in the Sidace Lake gold project.

PROJECT IN HAND

(1) Sidace Lake Property, Red Lake Mining District, Ontario

Subject only to a 1% Net Smelter Royalty ("NSR"), Planet and Goldcorp joint venture owns 100% of the Sidace Lake Property, which comprises 63 unpatented contiguous mining claims (covering approximately 12,439 hectares) in the Red Lake Mining Division, Ontario. Goldcorp has a 60% share of ownership of the property and as such, all current and future costs are to be borne 60% to Goldcorp and 40% to Planet. Planet is well funded and is well able to meet its commitments as it goes forward in exploring this property.

From 1998, when Planet first took an interest in the property, to the end of January 2007, the Company and Goldcorp had drilled 56,597 metres in 161 holes, the majority of which focused on the Main Discovery Zone (MDZ). 

(i) Main Discovery Zone (MDZ)

The Main Discovery Zone (MDZ) is a tight, gold-bearing arsenopyritic 'Z' fold within a quartz-sericite schist. Folding is a primary feature of gold concentration on the entirely separate Main Discovery Zone. The Main Discovery Zone has been explored to depths of over 700 vertical metres, and grades appear to improve with depth.

The more important values returned on the MDZ during the 2006-2007 drill program of particular note are the 8.31 g/t over 1.00 m at 1,068.0 m and 11.46 g/t over 1.00 m at 1,069.0 m values in hole RL06-137.

Additional exploration drilling has also yielded five other targets: the Far West; Deep Footwall; Skarn; Upper Duck (UDZ); and Anderson Zones. Results received on these targets have been encouraging.

A further 6,000 m (14 holes) drill program on the MDZ is well underway with Goldcorp Inc. as operator. All of these holes are strictly for evaluation purposes, to assist in the estimation of an economically exploitable resource.

(ii) The Upper Duck Zone (UDZ)

The Upper Duck Zone (UDZ) is a 2-4 m thick steeply dipping, tabular, silicate-sulphide facies, banded iron formation that is intensely mineralized with arsenopyrite. The eastern end of UDZ is over 1 km (about 1,200 m) southwest of MDZ. A 300 m strike that carries gold values has been identified, and the UDZ has returned continued significant results. In the heart of this, 8 holes drilled in 2004 and 2005 returned good values over some 300 m of open-ended strike.

In the spring drilling program which commenced in mid March 2007, a total of 2,421 m in 6 holes were drilled on the Upper Duck Zone under the joint venture with Goldcorp Inc. All 6 holes returned very promising results. Diamond drill hole RL07-139 returned exceptional gold assays of 135.58 g/t over 0.60 m at 336.0 m and 61.63 g/t over 0.80 m at 335.20 m; Drill hole RL07-142 returned 35.92 g/t over 0.40 m at 278.40 m.

All 6 holes drilled this season have targeted the heart of the UDZ, an open-ended 300 m strike in which previous drilling retuned values such as RL05-66: 22.15 g/t over 1.00 m at 103.5 m depth; RL05-67: 17.16 g/t over 3.5 m at 100.5 m; RL05-68: 59.15 g/t over 1.00 m at 36.0 m; RL05-70: 6.93 g/t over 2.5 m at 138.5 m and RL05-79: 24.85 g/t over 0.90 m at 182.0 m.

The completion of an additional 13 holes brings the Company to a total of 6,270 m drilled in 19 holes on the UDZ this year.

A further program of evaluation drilling for 4,000 m on the UDZ will commence upon the completion of drilling at the Main Discovery Zone.

(2) Argalant Property, Ovoot, Mongolia

Planet Exploration's Mongolian property, the Argalant (Ovoot) property (2,090 hectares) is located in Zavkhan province, Mongolia, lies in the southeastern portion of the Bayan-Airag gold-copper region of the Urgamal-Zavakhanmandeal metallogenic belt. In October, 2005, for a consideration of a non-refundable US$100,000, the Company entered into an agreement with Red Hill Energy Inc (RH), formerly UGL Enterprises, entitling RH to earn 60% of the Company's interest in the Argalant property by conducting a minimum of US$1,500,000 in exploration prior to October, 2008. If RH conducts the required exploration, it has the option to purchase an additional 20% for US$1,000,000 before April 6, 2009.

MANAGEMENT

Planet Exploration Inc. has a well management team with experience in different areas.

Salim Jivraj, President, Director
Mr. Jivraj is a member of the Institute of Chartered Accountants in England and Wales, and President of Cityscape Developments Ltd., a private company involved in providing financial and business consulting services. He has public company management experience. Mr. Jivraj is one of the founders of Planet Exploration.

Darold H. Parken, Director
Mr. Parken received his Bachelor of Arts Degree in Economics from the University of Calgary in 1977 and his Bachelor of Laws Degree from the University of Calgary in 1980. From 1980 to 1990, Mr. Parken practiced corporate securities law with a major Canadian law firm of which he was a partner. He has public company management experience and a wide range of experience in the areas of corporate finance, mergers and acquisitions. Mr. Parken is one of the founders of Planet Exploration.

Adrian G. Mann, Ph.D., P.Geol., Vice President of Exploration, Director
Dr. Mann has been self-employed as the owner of Ruthrie Enterprises Ltd., a private mineral exploration and mine development company in Calgary, Alberta, since October 1989. Dr. Mann has been a Director of Planet Exploration since April 1997.

Dr. Mann obtained a B.Sc. Degree and a B.Sc. Hons. Degree from the University of London (UCRN) in Harare, Zimbabwe. He also received a Ph.D from the University of London, London, UK and an MBA Degree from the University of Witwatersrand, Johannesburg, South Africa. Dr. Mann was granted the designation P.Geol. by APEGGA in 1995.

Ranjeet Sundher, Director
Mr. Sundher brings 10 years experience in the brokerage business and 12 years of working with publicly traded companies. Based in Singapore he is also the founder of Canrim Ventures, a Singapore based venture capital firm that specializes in raising money for international exploration and development projects. Mr. Sundher's specialties are project acquisition, financing and development. Mr. Sundher is one of the founders of Planet Exploration.

NEWS UPDATE

On April 23, 2008, Planet Exploration Inc. announced the first results from their ongoing winter-spring drilling program on the Sidace Lake Property, a joint venture with Red Lake Gold Mines, located in Red Lake, Ontario.

Three holes totalling 1,618 m have been drilled at 100 m intervals along strike to the south of the Main Discovery Zone. All three holes returned significant gold values. Highlights of the assay results include:

· Hole RL-08-178 returned 2.76 g/t gold over 2 m;
· Hole RL-08-179 returned 10.24 g/t gold over 1 m;
· Hole RL-08-180 returned 6.42 g/t gold over 1 m.

On February 22, 2008, Planet Exploration Inc. announced that the Company has commenced the winter drill program at the Sidace Lake property, which is a joint venture with Red Lake Gold Mines, an affiliate of Goldcorp Inc. The planned 3,000-metre program will focus on areas that can only be accessed during winter conditions, and includes both lake and swamp drilling.

On October 25, 2007, Planet Exploration Inc. announced that the Company has received results of the recently completed summer/fall drilling program, on the Main discovery zone at Sidace Lake, Ontario. A total of 12 holes were drilled for approximately 5,500 metres on the MDZ. Upon completion, the drill rig was moved back to the Upper Duck Zone, where 8 holes totalling approximately 4,000 m have just been completed as per the plans for the fall drilling. Assay results from this drilling are pending. Drilling will recommence in winter. This brings the total drilled so far this year, to approximately 15,000 m in 39 holes, of which 9,500 m have been drilled in 27 holes on the UDZ and 12 holes in the MDZ for a total of 5,500 m.

Highlight of the drilling results at the Main Discovery Zone:

· 0.827 oz/t Au over 6.56 ft, 0.775 oz/t Au over 3.28 ft and 0.76 oz/t Au over 3.28 ft.

On August 31, 2007, Planet Exploration Inc. provided the first quarterly financial report.

On August 23, 2007, Planet Exploration Inc. announced additional results of its spring drilling program, on the Upper Duck Zone (UDZ) at Sidace Lake, Ontario, under the joint venture with Goldcorp Inc.

Highlights include:

· Total of 37 holes and 11,329 metres of drilling on UDZ
· UDZ assays up to 158.02 g/t Au over 0.50 m (4.61 oz/t Au over 1.6 ft) in hole RL07-152; 132.67 g/t Au over 0.70 m (3.87 oz/t Au over 2.3 ft) in hole RL07-153, and 12.11 g/t Au over 2.00 m (0.35 oz/t Au over 6.6 ft) in hole RL07-147
· UDZ width up to 14.70 m at 2.29 g/t Au (48.2 ft of 0.07 oz/t Au) in hole RL07-146 and 20.00 m at 6.22 g/t Au (65.6 ft of 0.18 oz/t Au) in hole RL07-152
· MDZ drilling well underway with Red Lake Gold Mines as operator

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).

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