Goldcorp buys into Planet

Goldcorp (G-T) has taken an 8.7% equity stake in Planet Exploration (PXI-V).

Via a private placement, the gold producer purchased 1 million units of the junior at 50 apiece. A unit consists of one share plus a full warrant. Each warrant is good for one share at 60 until March 10, 2004. If all the warrants were exercised, Goldcorp’s stake would climb to 16.1% on a partially diluted basis.

In recent months, Goldcorp has taken similar positions in Madison Enterprises (MNP-V), American Bonanza Gold Mining (BZA-V), and Candente Resources (DNT-V).

Planet Exploration plans to use the proceeds from the latest placement to fund ongoing exploration at its 42-sq.-km gold prospect in the Red Lake area of northwestern Ontario.

Planet recently completed a 13-hole diamond-drilling program. Hole 14 returned 122.7 metres grading 1.25 grams gold per tonne, including 11.65 metres of 3.9 grams and 5 metres of 3.6 grams. Results from the balance of the holes are expected soon.

Planet’s recent drilling has boosted its stake in the property by 20%, to 50%. The company intends to acquire the property outright by issuing 3.5 million shares to Madalena Ventures as soon as possible.

Further drilling is planned for early April.

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