Sidace Lake Claims

  Gold Occurrences

   Sidace Geology

LOCATION AND OWNERSHIP

Planet’s primary property, the Sidace Lake Claims, comprises 63 unpatented contiguous mining claims covering an area of 12,224 Ha, located 25 km northeast of Balmertown, Red Lake Mining Division, Ontario. The property is owned by Planet as to 40% and Goldcorp Red Lake Gold Mines, an affiliate of Goldcorp Inc. (“Goldcorp”) as to 60% under the terms of a joint venture. The Sidace Lake property is subject to a 1% Net Smelter Royalty.

BRIEF HISTORY

Since 1998, when Planet first took an interest in the property, 237 diamond drill holes, totalling 85,658 metres of NQ core have been drilled on the Sidace Lake joint venture, including 16 holes abandoned for logistical reasons, 17 sidetrack wedges and 6 extensions to previously drilled holes. Initially, drilling was focussed on exploration, following targets located by geophysics, which identified 7 zones of interest within a 2.5 x 3.0 km area. These are the Main Discovery Zone (“MDZ”), Upper Duck Zone (“UDZ”), Western Duck, Deep Footwall, Far West, Skarn and the Anderson Zones. The following table shows progressive drilling on the property over the years on the Sidace Lake property. Most efforts have concentrated on delineation and evaluation of the MDZ and UDZ as areas of high potential.

NI 43-101

On April 14, 2009, Planet announced a National Instrument 43-101 (“NI 43-101”) compliant independent Technical eview of the Sidace Lake Gold Property, including a Mineral esource Estimate on the 2 most advanced prospects on the claims, the Main Discovery and Upper Duck Zones, Red Lake Mining Division, Northwestern Ontario. The Technical Report was produced by Watts, Griffis and McQuat Limited ("WGM"), a geological engineering firm based in Toronto, Ontario.

The Technical Report demonstrates:

• the Sidace Lake Property is host to several significant gold deposits;
• two of these deposits (MDZ and UDZ) are in an advanced stage of exploration; and
• the Mineral Resources on the MDZ and UDZ are substantial.