SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C.  20549

                                    FORM 10-Q

                                QUARTERLY REPORT

                        PURSUANT TO SECTION 13 OR 15 (D)
                                     OF THE
                       SECURITIES AND EXCHANGE ACT OF 1934

                     FOR THE QUARTER ENDED DECEMBER 31, 1998


                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)

             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                                    DELAWARE
                                (FORMERLY IDAHO)
          (STATE OR OTHER JURISDICTION OF INCORPORATION OR ORGANIZATION)

               1-7149                              82-0277987
     (COMMISSION  FILE  NUMBER)     (IRS  EMPLOYER  IDENTIFICATION  NUMBER)

                                 C/O A.W. DUGAN
                           1415 LOUISIANA, SUITE 3100
                              HOUSTON, TEXAS  77002
                    (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)

                                 (713) 658-1142
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)



     INDICATE  BY  CHECK MARK WHETHER THE REGISTRANT (1) HAS FILED ALL DOCUMENTS
AND  REPORTS  REQUIRED  TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES AND
EXCHANGE  ACT  OF 1934 DURING THE PRECEDING 12 MONTHS OR FOR SUCH SHORTER PERIOD
THAT  THE REGISTRANT WAS REQUIRED TO FILE SUCH REPORTS, AND (2) HAS BEEN SUBJECT
TO  SUCH  FILING  REQUIREMENTS  FOR  THE  PAST  90  DAYS.
               X  YES            NO

     INDICATE  THE  NUMBER OF SHARES OUTSTANDING OF EACH OF THE ISSUER'S CLASSES
OF  COMMON  STOCK,  AS  OF  THE  LATEST  PRACTICABLE  DATE.

                  CLASS                    OUTSTANDING  AT  DECEMBER  31,  1998
     COMMON  STOCK,  $.001  PAR  VALUE                  1,605,818


                                    FORM 10-Q

                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)

                                INDEX AND REPORT



PART  1.     FINANCIAL  INFORMATION

     PLANET  RESOURCES, INC. IS A MINING COMPANY IN THE DEVELOPMENT STAGE AND IS
NOT REQUIRED TO FILE PART I OF FORM 10-Q (FINANCIAL INFORMATION) UNDER THE TERMS
OF  RULE  13(A)  -13(B).


PART  II.     OTHER  INFORMATION  AND  SIGNATURES

     THE  COMPANY  HAS  REVIEWED  THE  REPORTING REQUIREMENTS OF PART II OF FORM
10-Q.  NO  CORPORATE  OR  OTHER ACTIVITIES HAVE OCCURRED WHICH REQUIRE A REPORT.

     NO  EXHIBITS  ARE  ATTACHED.

     PURSUANT  TO  THE  REQUIREMENTS OF THE SECURITIES AND EXCHANGE ACT OF 1934,
THE  REGISTRANT  HAS  DULY  CAUSED THIS REPORT TO BE SIGNED ON ITS BEHALF BY THE
UNDERSIGNED  THEREUNTO  DULY  AUTHORIZED.

                            PLANET  RESOURCES,  INC.
                    (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)

                                    BY: /S/ A.W. DUGAN
                                        --------------
                                        A.W.  DUGAN,  CHIEF  EXECUTIVE  OFFICER
                                        AND  CHAIRMAN  OF  THE  BOARD


DATE:  JANUARY  19,  1999