Planet Increases Red Lake Interest
Wednesday April 9, 2:12 pm ET
(TSX-VEN: PXI)
CALGARY, April 9 /CNW/ - Planet Exploration Inc.(TSX-VEN:PXI) is pleased to announce the closing of its previously announced (March 5, 2003) arms length acquisition of an additional 50% interest in its currently held Red Lake mineral properties. Planet now owns a 100% interest in approximately 4,224 hectares located within what is interpreted to be the northeast extension of the East Bay trend. As a part of the acquisition, Planet also acquired a 100% interest in two additional claims in the area. The additional interests were acquired from Madalena Ventures Inc. in exchange for 3,500,000 common shares of Planet at a deemed price of $0.68 per share. This represent 23.43% of the total 14,885,445 outstanding Planet common shares. Madalena is now an insider of Planet but is not represented in management or on the board of directors.
Planet's 100% interest is subject to the previously announced (March 19, 2003) letter of intent with Goldcorp Inc. (GG:NYSE; G:TSX) under which Goldcorp will fund a three year exploration program to earn up to a 50% interest in the properties. Planet and Goldcorp are presently working through the due diligence phase and have commenced the initial exploration planning process.
The next major phase of exploration is expected to commence within the next 30 days.
INVESTOR RELATIONS ENGAGEMENT
Planet also announces that it has engaged the services of N C Fuller Associates Ltd. of London, England, as an investor relations consultant to assist the Company in the development of its European market presence and to assist the Company in the dissemination of corporate information in Europe. In connection with this agreement the Company has granted to N C Fuller Associates Ltd., an option to purchase 100,000 common shares of the Corporation at a price of $0.56 per share. The options were granted for a one year term, vesting on a quarterly basis over four quarters from the date of grant, and are subject to regulatory approval.
APPOINTMENT OF DIRECTOR
At the Company's Annual General Meeting held on April 2, 2003, the shareholders adopted a new stock option plan which fixed the number of stock options available at 2,200,000 common shares.
Planet is also pleased to announce that Mr. Darold H. Parken was elected to the Board of Directors of the Company at the AGM held on April 2, 2003. Mr. Parken has been appointed Corporate Secretary of the Company. Mr. Parken brings to Planet a wealth of experience in the natural resource exploration area as well as his years of legal and public company experience. Mr Parken has been granted options to purchase 500,000 common shares at an exercise price of $0.70 per share for a period of five years.
At the AGM, Mr. Geoffrey Gold and Mr. Roderick Ferguson retired from the Board. Planet wishes to acknowledge and thank them for their valuable contribution to the Company's successes.
Planet is a junior mineral exploration company with active 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.
For further information
Paul McKenzie, Tel: (604) 681-9897, Toll Free 1 (866) 733-5253, Email: mail@planetexploration.info, Website: www.planetexploration.info |
