Ann: Torchlight Drill Results and Cash Update , page-2

hi PMQsss,


goooood decission what we can learn fm todays PR........


ASX RELEASE 26 March 2012 ASX Code: PMQ Acquisition of Tenement & Termination of Farm-In Agreement Key Points Planet Metals Limited (ASX Code: PMQ) is pleased to announce that it has reached agreement with Callabonna Uranium Limited (ASX Code: CUU) to purchase 100% of the tenement EPM 17945 (Oak River) in North Queensland for $65,000 cash. The Oak River tenement is contiguous to Planet’s existing Mount Borium gold project. This acquisition provides the Company with a significant holding in this prospective region, located between the historic Kidston gold (>3 million oz gold) and Einasleigh copper mines.

The Oak River tenement was one of three tenements subject to a farm-in agreement entered into last year (refer ASX release dated 15/9/11) whereby Planet was earning a 51% interest. Planet has now officially terminated this farm-in agreement.

This was largely due to exploration results from the Torchlight gold project (within the Hatch tenement) not meeting our expectations........


so lets cross the fingers, that we rcv more favourable
results fm OAK RIVER


cheers hgb55