PXI.V and Goldcorp snuggle up as joint venture partners in Red Lake---
------------------------
Goldcorp Joint Ventures with Planet
3/19/03
CALGARY, Mar 19, 2003 (Canada NewsWire via COMTEX) --
Planet Exploration Inc. (TSX-VEN:PXI) is pleased to announce that it has entered into a letter of intent with Goldcorp Inc. (GG:NYSE; G:TSX) under the terms of which Goldcorp has the right to earn and acquire up to a 60% interest in Planet's Red Lake property.
Goldcorp can earn an initial 50% interest in the Red Lake property through a combination of cash payments and exploration on the property in the aggregate amount of $2,550,000 over a three year period. Goldcorp will have the right to acquire an additional 10% interest in the property by making an additional cash payment to Planet of $600,000.
The Red Lake property is comprised of 264 claim units (4,224 hectares) located in the heart of the Red Lake greenstone belt.
As previously announced (March 11, 2003) Goldcorp subscribed for 1,000,000 Units of Planet's latest private placement and now holds approximately 8.78% of Planet's outstanding common shares.
Planet and Goldcorp will form a management committee for the planning and conduct of further exploration which will allow Planet to draw on the wealth of expertise which Goldcorp possesses.
The letter of intent contemplates execution of a formal Joint Venture Agreement subject to regulatory approvals and due diligence by Goldcorp. Planet and Goldcorp intend to immediately commence further exploration activities once these conditions have been met.
"Attracting a partner and shareholder of Goldcorp's caliber is a very significant achievement for our Company" states Mr. Ranjeet Sundher, President of Planet. "Our Company was initially formed to explore the Red Lake Property and our methodical and determined approach to exploration has yielded consistently exciting results. We look forward to working with Goldcorp to realize the full potential of this property."
Planet is a well financed, debt free junior mineral exploration company with gold projects in Canada (Red Lake) and Mongolia.
Ranjeet Sundher
President
(403) 262-3238
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: newswire.ca
For further information: Paul McKenzie, Tel: (604) 681-9897, Toll Free
1-866-733-5253, Email: mail(at)planetexploration.info, Website:
www.planetexploration.info
News release via Canada NewsWire, Calgary 403-269-7605
Copyright (C) 2003 CNW, All rights reserved |
