Planet Exploration

In October 2008, Planet engaged Watts, Griffis and McOuat Limited ("WGM"), a geological engineering firm based in Toronto, Ontario, to produce an independent NI 43-101 Technical Report on the 2 most mature prospects on the claims, the Main Discovery Zone ("MDZ") and Upper Duck Zone ("UDZ").

WGM selected a 1.5 g Au/t cutoff based on a gold price of US$800 per ounce, an exchange rate of $CDN1.00:US$0.80 and on the assumption that both deposits would be mined and milled as satellites to existing mining facilities in the Red Lake area, thus reducing capital and operating costs.

The WGM report takes into account 225 diamond drill holes, totalling 82,604 metres of NQ core that have been drilled since 1998 (including 16 holes abandoned for logistical reasons, 12 sidetrack wedges and 5 extensions to previously drilled holes). These include:

Drilling on the MDZ area has concentrated mostly down to 500 metres below surface with probes to 960 metres below surface. Drilling on the UDZ, has been mostly above 400 metres below surface. Due to the complex nature of both deposits, the holes were drilled in an irregular pattern, without specific predetermined spacing. However, strict spacing criteria, outlined below, were used in determining whether or not to include drill defined blocks in the Mineral Resource estimate.

The Mineral Resource estimate of WGM dated April 14th 2009, is based on a 3-D geologic and mineralization model that integrates all exploration work on the project as of June 30, 2008.

For each of the two deposits, an Inverse Distance Squared (“ID2”) block model was interpolated using 2 metre composites. Individual blocks measured 5 metres along strike, 5 metres in vertical height, and 2.5 metres across strike. A minimum of three composites samples were required for interpolation, with no more than two originating from a single drill hole. Samples used for the grade interpolation must have been derived from a minimum of two drill holes to establish geological continuity.
To establish grade and Mineral Resource categories, two interpolation phases were used. Indicated Resources were identified using a search ellipse measuring 40 metres along strike, 40 metres across strike, and between 15 and 20 metres in vertical height. Where capped mean grades exceeded 20 g Au/t, the area of influence of that value was dropped to 20 metres from the 40 metres otherwise used, to mitigate the effects of high grade nuggets. Inferred Resources were identified using a search ellipse measuring 90 metres along strike, 90 metres across strike, and between 15 and 20 metres in vertical height.
All resources below 410 metres below surface on the MDZ and below 312 metres below surface on the UDZ were classified as Inferred.
Gold grades were capped at 35 g Au/t over 2 metre mean composites, averaged over the intersect length.
Interpolation characteristics were defined based on the geology, drill hole spacing and geostatistical analysis of the data. The resources were classified by their proximity to the sample locations and are reported, as required by NI 43-101, according to the CIM standards on Mineral Resources and Reserves.

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INITIAL RESOURCE CALCULATIONS FOR THE MDZ & UDZ