Planet Exploration Inc.  PXI   (TSXV)

Copalquin Au-Ag Property, Durango. Planet Exploration has secured an option to earn a 100% interest in the 7,005 ha Copalquin Au-Ag property. Copalquin lies within the Sierra Madre mineralogical belt around 10 km NNE from Alamos Gold's La Fortuna property near the Sinaloa-Durango border. Previous extensive sampling programs by Kennecott and Fransisco Gold outlined a target potential of a one million ounce gold and a fifty million ounce silver deposit on the property within a low-grade horizontal quartz breccia formation. Planet is obligated to make a series of cash payments totaling USD $415,000 over five years, to issue a total of USD $24,000 in Planet shares and is required to conduct exploration programs on the property in the amount of USD $1M over five years. A property visit early next month is planned to prepare for the first diamond drill program.

Press Release 28Aug03