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Gold/Mining/Energy : PXI - PLANET EXPLORATION -- Ignore unavailable to you. Want to Upgrade?

To: Pete who wrote (30)	9/11/2003 9:15:21 PM
From: Pete	Respond to of 31

Latest drill results- Planet Drilling Results - Sidace Lake Project Thursday September 11, 8:30 am ET TSX-VEN: PXI CALGARY, Sept. 11 /CNW/ - Planet Exploration Inc. (TSX-VEN: PXI) is pleased to report the latest drill results from its Sidace Lake property, located in Red Lake, Ontario. The exploration is being funded by Goldcorp Inc. (GG:NYSE - G:TSX), under an agreement where by Goldcorp Inc. can earn an initial 50% interest in the property. Diamond drilling continues to define and expand the previously intersected gold mineralization, and to test the on strike extensions indicated by geophysics. Results of Hole RL-03-29 include: ------------------------------------------------------------------------ Zone From To Width (metres) Grams Gold per Ton ------------------------------------------------------------------------ North Upper 236.0 276.6 40.6 3.13 ------------------------------------------------------------------------ including 266.0 272.0 6.0 11.38 ------------------------------------------------------------------------ and including 269.0 272.0 3.0 19.27 ------------------------------------------------------------------------ Lower 353.4 398.0 44.6 4.09 ------------------------------------------------------------------------ including 366.0 394.0 28.0 5.41 ------------------------------------------------------------------------ and including 370.0 375.0 5.0 10.00 ------------------------------------------------------------------------ Hole RL-03-29 was designed to undercut the previously reported hole RL-03- 26 which intersected 7.59 grams per tonne gold over 21.4 meters. Hole RL-03-29 expanded and tested the zone approximately 60 metres deeper than RL-03-26 (~300 metres below surface), on the same drill section. Hole RL-03-29 presents another large gold zone intersection consistent with earlier results. Two zones were intersected separated by a silica flooded zone. RL-03-28 Drilled 50 meters east of the RL-03-29 & RL-03-26 section, returned anomalous results in felsic volcanics and quartz sericite schist. The area of intense alteration is narrower but still highly anomalous. The most altered section assayed 0.411 grams gold per ton over 20 metres (440.0 to 460.0 metres down hole). This hole is interpreted to be above the plunge of the higher grade mineralized zone. Drilling away from the main zone has returned the following results: - RL-03-27 - drilled 700 metres west of the RL-03-29 & RL-03-26 section, on an IP target, did not intersect the gold-bearing quartz sericite schist horizon but did intersect anomalous gold values of up to 0.92 grams gold per ton over 1.0 metre. - RL-03-30 - targeted the up dip projection of the gold-bearing quartz sericite schist horizon intersected in RL-03-25 (0.3 grams gold over 28.6 metres). The anomalous gold bearing horizon was intersected where projected, and returned 0.42 grams gold per ton over 20 metres. This intercept is 200 metres above RL-03-25 and 550 metres grid east of the RL-03-29 & RL-03-26 section, and was drilled on geophysical and projected targets. The two intercepts in RL-03-30 and RL-03-25, indicate the continuity of the target horizon both along strike and to depth. Diamond drilling continues to further define the mineralized zones in holes RL-03-26 and 29, and also to step-out and test the strike extension to the east based on geophysical and geological targets. Results from the next drilling phase are expected in three to four weeks. "We are obviously pleased with the continued success on our Sidace Lake project", stated Ranjeet Sundher, President of Planet. "The gold grades and widths which we have encountered continue to represent a very exciting discovery for Planet." Garry Clark, PGeo, of Clark Exploration Consulting, Thunder Bay, is the qualified person (QP) for this project. Planet is a well funded junior mineral exploration company with active gold projects in Canada (Red Lake), Mongolia and Mexico. Ranjeet Sundher President 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: investor@planetexploration.info, Website: www.planetexploration.info European Investor Relations: Nick Fuller/Samantha Fletcher, N C Fuller Associates Ltd, Tel: +44 207 256 5204, Email: sam@nickfuller.com -------------------------------------------------------------------------------- Source: Planet Exploration Inc.