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 March 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 March 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

     CHANGES  IN  SECURITIES  AND  USE OF PROCEEDS.  On February 17, 1998, the
Company  agreed  to  sell  370,000 of its unregistered common stock for a cash
consideration  of $55,500 to a company related to the Company's president.  It
is  anticipated by management that these funds will be used to investigate the
feasibility  of  acquiring  additional  acreage  to  the  south of its present
holdings  in  the  Mullan  Idaho  area.

     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:    April  2,  1998