SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

<PAGE>

[X]     ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE
ACT  OF  1934  (FEE  REQUIRED)  for  the  fiscal  year  ended  June  30,  1998.

[   ]     TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(D) OF THE SECURITIES
EXCHANGE  ACT  OF  1934  (NO  FEE  REQUIRED)  for  the  transition  period  from
___________  to  _______________.

Commission  File  No.  1-7149
<TABLE>
<CAPTION>

                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
             (Exact name of Registrant as specified in its charter)



  Delaware                                  82-0277987
---------------------------------  -----------------------------
<S>                                <C>
(State or other jurisdiction       (IRS Employer Identification
of Incorporation or organization)  Number)
</TABLE>



     1415 Louisiana, Suite 3100   Houston, Texas 77002-7360   (713) 658-1142
     (Address, including zip code, and telephone number including area code
       of Registrant's principal executive offices and place of business)

     Securities  registered  pursuant  to  Section  12(b)  of  the  Act:
                    Title of Class     Name of each exchange
                    --------------     ---------------------
                                         on which registered
                                        -------------------
     Common Stock $.001 par value     Shares were formerly listed on the Spokane
                                      Stock  Exchange which closed May 24, 1991.
                                      The Shares of the Registrant are now
                                      quoted  by  the  Spokane  Quotation  
                                      Bureau.

     Securities  registered  pursuant  to  Section  12(g)  of  the  Act:
                                      NONE
                                (Title of Class)

Indicate by check mark whether the Registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities 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.
          Yes          X                    No     ______
                       -

THE  AGGREGATE MARKET VALUE OF THE SHARES OF COMMON STOCK HELD BY NON-AFFILIATES
OF  THE  REGISTRANT  AT SEPTEMBER 16, 1998 WAS $____________**.  FOR PURPOSES OF
THIS  COMPUTATION, ALL OFFICERS AND DIRECTORS OF THE REGISTRANT ARE DEEMED TO BE
AFFILIATES.  SUCH  DETERMINATION  SHOULD  NOT  BE  DEEMED AN ADMISSION THAT SUCH
OFFICERS  AND  DIRECTORS  ARE  AFFILIATES.

INDICATE  THE NUMBER OF SHARES OUTSTANDING OF THE REGISTRANT'S CLASSES OF COMMON
STOCK,  AS  OF  THE  LATEST  PRACTICABLE  DATE.
<TABLE>
<CAPTION>


                                                NUMBER OF SHARES OUTSTANDING
     TITLE OF EACH CLASS OF COMMON STOCK            AT SEPTEMBER 16, 1998
        ---------------------------                   ---------------------
<S>                       <C>                                  <C>
    COMMON STOCK $.001 PAR VALUE                            1,605,818
</TABLE>



                      DOCUMENTS INCORPORATED BY REFERENCE:
                                      NONE

This Form 10-K consists of 21 pages.  The Table of Contents is listed on Page i.
**  See  Page  4.

<PAGE>
i

<TABLE>
<CAPTION>

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

                                      FORM 10-K ANNUAL REPORT
                                           JUNE 30, 1998

                                         TABLE OF CONTENTS




PART I
<S>         <C>

ITEM 1      BUSINESS
ITEM 2      PROPERTIES
ITEM 3      LEGAL PROCEEDINGS
ITEM 4      MATTERS SUBMITTED TO A VOTE OF SECURITIES HOLDERS


PART II

ITEM 5 MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER MATTERS
ITEM 6 SELECTED FINANCIAL DATA
ITEM 7 MANAGEMENT'S DISSCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
       OF OPERATIONS
ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
       DISCLOSURE


PART III

ITEM 10  DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
ITEM 11  MANAGEMENT REMUNERATION AND TRANSACTIONS
ITEM 12  SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
ITEM 13  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


PART IV

ITEM 14  EXHIBITS, FINANCIAL STATEMENTS SCHEDULES AND RECORDS ON FORM 8-K

SIGNATURES
</TABLE>





<PAGE>
                                        7
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                               FORM 10-K -- PART I
                                  JUNE 30, 1998

ITEM  1.     BUSINESS
--------     --------

(a)     The  Registrant was incorporated under the laws of the State of Idaho on
March  22, 1967 and until January 1992 operated as an exploratory mining company
in  the  development  stage.

     Since  its  incorporation,  the  business  activities of Allied Silver-Lead
Company ("Allied") have been confined to the acquisition of mineral rights lying
beneath  the  City of Mullan, Shoshone, County, Idaho, and seeking to identify a
third-party  partner  to  finance  exploration  and development of the property.

     Registrant  acquired  by deed and/or lease the subsurface mineral rights to
approximately  393  acres  or  99.9%  of  the  land  area  contained  within the
boundaries  of  the  City  of  Mullan, County of Shoshone, Idaho, located in the
Hunter  Mining  District.  Included in the above are mineral rights to 3   acres
owned  by School District #392 and 200 acres owned by the City of Mullan, Idaho,
under  a  lease  agreement  which  has  now  expired.

     On  January  1,  1981,  Registrant  entered  in  to  a lease agreement (the
"Agreement")  with  Sunshine Mining Company, a Delaware corporation, with mining
properties  situated in Shoshone County, Idaho.  On June 26, 1984, the lease was
assigned by Sunshine to Hecla Mining Company ("Hecla").  The lease covers all of
Registrant's  properties  north  of  the  Osburn  Fault  as defined in the lease
agreement.  The  lease  is for a period of forty years with a right to renew for
an  additional  forty  years;  however,  on October 16, 1991, Hecla notified the
Registrant  that it was electing to terminate the Agreement on January 16, 1992.
Hecla  paid the final royalty check of $28,512 on December 31, 1991.  At a later
date,  Hecla  provided  the  Registrant with an inventory of the pipe, track and
writing  installed  in  Allied's  property.

     Effective  January  15,  1996,  Allied reincorporated in Delaware through a
merger  into  Planet  Resources,  Inc.  ("Planet"  or  the  "Company").  The
reincorporation resulted in (1) Allied's name being changed to Planet Resources,
Inc.,  (2)  shares  of  common stock of Allied being converted into the right to
receive one share of common stock of Planet for each five shares of common stock
of  Allied  as  of  the date of reincorporation, (3) elimination of the right to
cumulative  voting  for  the  election  of directors, (4) the persons serving as
officers  and  directors  of  Allied  continue  to  serve  in  their  respective
capacities,  and  (5)  the  Articles  of  Incorporation of Allied changed to (a)
reduce  the  par  value  of  the common stock from $.01 to $.001, (b) reduce the
number  of  shares  of  common  stock  the  Company  is authorized to issue from
50,000,000  to  10,000,000,  and  (c)  authorized the Company to issue 1,000,000
preferred  shares  with  a  par  value  of  $.001  per  share.

     The  Company  presently has no commercial operations although management is
evaluating  various  future  operating  strategies,  including the merger of the
Company  with  operating  entities.

(b)     Not  applicable.

(c)     (1)     (i)     if  the  Registrant  were  to develop an ore body on its
property,  such  ores  would  be  processed  through  a  floatation mill and the
concentrates  sold  at  prevailing market prices to a smelter under a negotiated
smelter  contract.  The  closest  smelter  to the Registrant's properties is the
East Helena Smelter of ASARCO Incorporated, approximately 240 miles to the east.
Any  transportation  of  concentrates  would  be  by  truck.

     (ii)     Not  applicable.

<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                               FORM 10-K -- PART I
                                  JUNE 30, 1998

ITEM  1.     CONTINUED

          (iii)     The  source  and  availability of raw materials essential to
the  Registrant's  business  are  readily  available  from  local  suppliers.

          (iv)     Registrant  holds  no patents, trademarks, licenses franchise
or  concessions.

          (v)     The  business  of  Registrant  is  not  of  a seasonal nature.

          (vi)     The  business  of  Registrant  does  not  require significant
amounts  of  working  capital  at  the  present  time.

          (vii)     See  (c)(1)(i)  above.

(viii)     The  Company  does  not  have  a  back  log  of  orders.

          (ix)     Registrant  does  not  participate  in  any  governmental
contracts.

          (x)     Registrant  is  inactive and is not in direct competition with
any  other  business.

          (xi)     Registrant's  business  is  such  that  no  expenditures  are
required  for  research  and  development.

          (xii)     See  (c)(1)(i)  above.

          (xiii)     There  have  been  no  material  effects  upon Registrant's
business in complying with governmental provisions with respect to protection of
the  environment.  (See  Item  14)

          (xiv)     Registrant  has  no  employees  and its current officers and
directors  serve  without  established  compensation.

(d)     Not  applicable.


ITEM  2.     PROPERTIESITEM  2.     PROPERTIESl1
--------     ----------

(a)     The  Company  is the owner of subsurface mineral rights on approximately
190  acres located in the City of Mullan, Idaho.  Title was acquired by issuance
to real property owners of one share of capital stock for each 25 square feet of
surface  owned.  In  acquiring  such  mineral rights, the Company issued 361,739
shares  of  capital stock as adjusted for subsequent stock splits and the Planet
merger.  Conveyance  of  title included, free of any additional stock issue, all
subsurface  rights  lying  beneath  adjacent  streets and alleys where ownership
rested  with  the grantor.  The acquisition of such mineral rights was completed
in  November  of  1985.

<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                               FORM 10-K -- PART I
                                  JUNE 30, 1998

ITEM  2.     CONTINUED

(b)     Property  Being  Leased  to  Allied
        -----------------------------------

     (1)     Allied  entered  into an agreement dated May 1, 1981, with the City
of  Mullan  (which  supersedes  a  previous  agreement  dated December 31, 1971)
whereby  the  Company,  as  Lessee, has the right to mine subsurface minerals on
approximately  200 acres owned by the City north of Osburn Fault for a period of
25 years (subject to a renewal option for an additional 25 years),  The City, as
lessor,  received 20% of all royalty payments or other consideration received by
Allied  from  Hecla.  In the event Allied enters in to a lease agreement for the
exploration  and  development  of "City Property" south of the Osburn Fault, the
City  shall  receive 15% of the royalties received.  No royalties have been paid
on  "City  Property"  south  of  the  fault.


(c)     The  Registrant  has  no  competitive  economic  position  in the mining
industry  as  no  mineral  production  has  ever  been  realized.

(d)     Registrant  has  no  oil  and  gas  operations.


ITEM  3.     LEGAL  PROCEEDINGSITEM  3.     LEGAL  PROCEEDINGSl1
--------     ------------------

     There  are  no  legal  proceedings  pending.  However, refer to Item 14(b).


ITEM 4.     MATTERS SUBMITTED TO A VOTE OF SECURITIES HOLDERSITEM 4.     MATTERS
-------     -------------------------------------------------
SUBMITTED  TO  A  VOTE  OF  SECURITIES  HOLDERSl1

     None


<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART II
                                  JUNE 30, 1998

ITEM  5.     MARKET  FOR  THE  REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
--------     -------------------------------------------------------------------
MATTERSITEM  5.     MARKET  FOR  THE  REGISTRANT'S  COMMON  STOCK  AND  RELATED
-------
STOCKHOLDER  MATTERSl1
-------

(a)     Price  Range  of  Common  Stock
        -------------------------------
<TABLE>
<CAPTION>


     The  following  table  shows the range of closing bid prices for the Common
Stock  as  reported  by  the  Spokane  Quotation  Bureau  Service.



Quarter           Period 07/01/95  Period 07/01/96  Period 7/1/97
 Ended              to 06/30/96      to 06/30/97     to 6/30/98
----------------  ---------------  ---------------  -------------             
<S>                  <C>   <C>       <C>     <C>     <C>   <C>

                     High  Low       High    Low      High  Low
----------------  ---------------  ---------------  ------------- 
September 30          *     *         *       *        *      *
December 31           *     *         *       *        *      *
March 31              *     *         *       *        *      *
June 30               *     *         *       *        *      *
</TABLE>


<TABLE>
<CAPTION>


(b)     Approximate  number  of  Equity  Security  Holders
        --------------------------------------------------



                                               Number of Record Owners
<S>                     <C>                      <C>
                        Title of Class           at August 13, 1998
                        -----------------------  ------------------
                          Common Capital Stock           1,473
</TABLE>

(c)     No  cash dividends have been paid by the Registrant since inception.  It
is  not  anticipated  that  dividends  will  be  paid in the foreseeable future.


*  Quarterly prices are not readily available, this information will be provided
as  a supplement to this Form 10-K if the information necessary to complete this
table  is  received.  Recent  transactions  in the stock have been at a price of
$0.125  per  share.


<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART II
                                  JUNE 30, 1998
<TABLE>
<CAPTION>


ITEM  6.     SELECTED  FINANCIAL  DATAITEM  6.     SELECTED  FINANCIAL  DATAl1
--------     -------------------------

The  selected  financial  data for each of the five years ended June 30, 1998,
1997, 1996, 1995, and 1994 were derived from the audited financial statements 
for such periods.  The selected financial data should be read in conjunction  
with,  and are qualified by, such financial statements and notes thereto,
including the auditor's report  thereon.



                                        Selected Income Statement Data:
                         -----------
                      YEAR ENDED JUNE 30
                         -----------                                       
                             1998       1997       1996       1995       1994
                         -----------  ---------  ---------  ---------  ---------
<S>                           <C>        <C>        <C>        <C>        <C>

Revenues:
Advance royalties             -0-      $-0-       $-0-       $-0-       $-0-
Other Income                  -0-        2        3,776      3,412      6,685
                          ----------  ---------  ---------  ---------  ---------
Total Revenues               $-0-       $2       $3,776     $3,412     $6,685
                          ----------  ---------  ---------  ---------  ---------

Expenses:
General and Administrative $(13,377) $(32,633)  $(25,143)  $(18,730)  $(34,161)
Property write-down           -0-       -0-        -0-        -0-        -0-
Income tax (expense)  
       benefit                -0-       -0-        -0-        25        2,895
                          ----------  ---------  ---------  ---------  ---------

Net Loss                   $(13,377)  $(32,631)  $(21,367)  $(15,293)  $(24,581)
                          ==========  =========  =========  =========  =========

Net (loss) per common
      share                 $(.01)      $(.02)     $(.01)     $(.01)     $(.02)
                          ==========  =========  =========  =========  =========

Selected Balance Sheet Data:
-------------------------------                                              

Current Assets:            $108,356   $121,733   $154,364   $146,447   $158,238
Mineral rights and
 depreciable property 
   net (1)                   10,000     10,000     10,000     10,027     10,529
                          ----------  ---------  ---------  ---------  ---------
Total Assets               $118,356    $131,733   $164,364   $156,474   $168,767
                          ==========  =========  =========  =========  =========

Current Liabilities:         $-0-        $-0-       $-0-       $-0-       $-0-

Long-term debt                -0-         -0-        -0-        -0-        -0-
Commitments
Stockholders' equity       $118,356    $131,733   $164,364   $156,474   $168,767
                          ==========  =========  =========  =========  =========
Cash dividends               N/A         N/A        N/A        N/A        N/A
Working Capital           $108,356     $121,733   $154,364   $146,447   $158,238
                          ==========  =========  =========  =========  =========


</TABLE>



(1)     See  Note  2  to  Financial  Statements.

<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART II
                                  JUNE 30, 1998

ITEM  7.     MANAGEMENT'S  DISSCUSSION  AND  ANALYSIS OF FINANCIAL CONDITION AND
--------     -------------------------------------------------------------------
RESULTS  OF  OPERATIONS
------

(a)     Results  of  Operations  for  the  Year  Ended  June  30,  1998
The  Registrant had no operations for the year ended June 30, 1998 and had a net
loss  of  $13,377  for  the year.  There was no revenue whereas, the expenses of
$13,377  were  for  professional  fees  and general and administrative expenses.

(b)     Results  of  Operations  for  the  Year  Ended  June  30,  1997
        ---------------------------------------------------------------
The  Registrant had no operations for the year ended June 30, 1997 and had a net
loss  of  $32,631 for the year.  The only income was from interest; whereas, the
expenses  of  $32,633  were for professional fees and general and administrative
expenses.

(c)     Results  of  Operations  for  the  Year  Ended  June  30,  1996
        ---------------------------------------------------------------
     The Registrant had no operations for the year ended June 30, 1996 and had a
net  loss  of $21,367 for the year.  The only income was from interest; whereas,
the  expenses  of  $25,143  were  for  professional  fees  and  general  and
administrative  expenses.

(d)     Comparison  of  Operations  -  June  30,  1998  versus  June  30,  1997
        -----------------------------------------------------------------------
     The  Registrant  had  no  operations  for the year ended June 30, 1998. The
principal  difference  between  expenses  for  the  two  years was a decrease in
professional  fees,  stock transfer, filing fees, permits and printing costs and
legal  fees  of  $18,628.

(e)     Comparison  of  Operations  -  June  30,  1997  versus  June  30,  1996
        -----------------------------------------------------------------------
     The  Registrant  had  no  operations  for  year  ended  June 30, 1997.  The
principal  difference  between  expenses  for  the  two years was an increase in
professional fees and stock transfer, filing fees, permits and printing costs of
$11,488.

(f)     Comparison  of  Operations  -  June  30,  1996  versus  June  30,  1995
        -----------------------------------------------------------------------
     The  Registrant  had  no  operations  for  year  ended  June 30, 1996.  The
principal difference between expenses for the two years was an increase in legal
fees  of  $7,168.

(g)     Liquidity  and  Capital  Resources
        ----------------------------------
     The  Registrant's  working capital decreased from $121,733 at June 30, 1997
to  $108,356  at  June 30, 1998.  The decrease was due primarily to the expenses
for  the  year  ended  June  30,  1998.  The  Company  does not have any present
commitments  for  capital  expenditures.  Management  believes  that the present
working  capital  balance  will  provide  adequate  funds  to  pay  ongoing
administrative  costs  for  several  years.

<PAGE>
<TABLE>
<CAPTION>

                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART II
                                  JUNE 30, 1998

ITEM  8.     FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY DATA
--------     ----------------------------------------------

                          INDEX TO FINANCIAL STATEMENTS
                 Filed as part of the Annual Report on Form 10-K
                                  June 30, 1998



                                                         Page
                                                         -----
<S>                                                      <C>

Independent Auditor's Report                                 8

FINANCIAL STATEMENTS:
  Balance Sheets, June 30, 1998 and 1997                     9

  Statements of Operations for the Years Ended
    June 30, 1998, 1997, and 1996                           10

  Statements of Changes in Stockholders' Equity for the
    Years Ended June 30, 1998, 1997 and 1996                11

  Statements of Cash Flows for the Years Ended
    June 30, 1998, 1997 and 1996                            12

  Notes to Financial Statements for the Years Ended
    June 30, 1998, 1997 and 1996                         13-15
</TABLE>




<PAGE>
                                        8
     INDEPENDENT  AUDITOR'S  REPORT



To  the  Board  of  Directors  and  Shareholders
Planet  Resources,  Inc.
Houston,  Texas


We  have  audited  the  accompanying  balance  sheets  of Planet Resources, Inc.
(formerly  Allied  Silver-Lead  Company)  as  of June 30, 1998 and 1997, and the
related statements of operations, changes in stockholders' equity and cash flows
for the years ended June 30, 1998, 1997 and 1996. These financial statements are
the responsibility of the Company's management. Our responsibility is to express
an  opinion  on  these  financial  statements  based  on  our  audits.

We  conducted  our  audits  in  accordance  with  generally  accepted  auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the  amounts and disclosures in the financial statements. An audit also includes
assessing  the  accounting  principles  used  and  significant estimates made by
management,  as well as evaluating the overall financial statement presentation.
We  believe  that  our  audits  provide  a  reasonable  basis  for  our opinion.

In  our  opinion,  the financial statements referred to above present fairly, in
all  material respects, the financial position of Planet Resources, Inc. at June
30,  1998 and 1997, and the results of its operations and its cash flows for the
years  ended  June 30, 1998, 1997 and 1996 in conformity with generally accepted
accounting  principles.






     /s/Harper  &  Pearson  Company






Houston,  Texas
August  13,  1998


<PAGE>

                                       12
<TABLE>
<CAPTION>

                             PLANET RESOURCES, INC.
     (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
     BALANCE  SHEETS
     JUNE  30,  1998  AND  1997






                                               ASSETS
                                              ---------      
                                                1998       1997
                                              ---------  ---------
<S>                                           <C>        <C>


CURRENT ASSETS
Cash and cash equivalents                     $108,356   $121,733 
                                              ---------  ---------

Total current assets                           108,356    121,733 
                                              ---------  ---------

PROPERTY
Mineral rights                                  10,000     10,000 
Depreciable property                            15,963     15,963 
                                              ---------  ---------

                                                25,963     25,963 

Accumulated depreciation                        15,963     15,963 
                                              ---------  ---------

Net property                                    10,000     10,000 
                                              ---------  ---------

TOTAL ASSETS                                  $118,356   $131,733 
                                              =========  =========


  LIABILITIES AND STOCKHOLDERS' EQUITY
--------------------------------------------                      

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
Preferred stock - par value $.001,
1,000,000 shares authorized, none
issued or outstanding                         $    -0-   $    -0- 
Common stock - par value $.001; 10,000,000
  shares authorized, 1,605,147 shares
  issued and 1,583,672 shares outstanding        1,605      1,605 
Additional paid-in capital                     252,184    252,184 
Retained earnings (deficit)                    (92,249)   (78,872)
Less treasury stock, at cost, 21,475 shares    (43,184)   (43,184)
                                              ---------  ---------

Total stockholders' equity                     118,356    131,733 
                                              ---------  ---------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $118,356   $131,733 
                                              =========  =========

</TABLE>





See  notes  to  financial  statements.


<PAGE>

<TABLE>
<CAPTION>

                                 PLANET RESOURCES, INC.
                       (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
                               STATEMENTS  OF  OPERATIONS
                    FOR  THE  YEARS  ENDED  JUNE  30  1998,  1997  AND  1996










                                 1998            1997            1996
                             --------------  --------------  --------------
<S>                              <C>             <C>             <C>

INCOME
Interest income             $         -0-   $           2   $       3,776 
                              --------------  --------------  --------------

EXPENSES
Professional fees                    9,381          16,869          10,940 
Office rent, related party             -0-             -0-           4,500 
Depreciation                           -0-             -0-              27 
Stock transfer, filing fees,
permits and printing costs               1           8,030           2,471 
Legal fees                           3,930           7,222           7,168 
Other                                   65             512              37 
                              --------------  --------------  --------------

Total expenses                      13,377          32,633          25,143 
                              --------------  --------------  --------------


NET LOSS                     $     (13,377)  $     (32,631)  $     (21,367)
                               ==============  ==============  ==============


NET LOSS PER SHARE 
     OUTSTANDING             $        (.01)  $        (.02)  $        (.01)
                               ==============  ==============  ==============


WEIGHTED AVERAGE SHARES 
      OUTSTANDING                  1,583,672       1,583,672       1,485,147 
                               ==============  ==============  ==============



</TABLE>

See  notes  to  financial  statements.



<PAGE>

<TABLE>
<CAPTION>

                                PLANET RESOURCES, INC.
                      (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
                 STATEMENTS  OF  CHANGES  IN  STOCKHOLDERS'  EQUITY
             FOR  THE  YEARS  ENDED  JUNE  30,  1998,  1997  AND  1996

                     Number Additional Retained  Total
                    of Shares Common   Paid-In  Earnings Treasury Stockholders'
                     Issued   Stock    Capital (Deficit)  Stock       Equity
                   --------  --------  -------  -------  -------  -----------
<S>                   <C>       <C>       <C>     <C>      <C>         <C>

BALANCES, 
 JUNE 30, 1995     6,825,737  $ 68,257  $ 149,532 $(24,874) $(36,441) $156,474 

SHARES 
  ISSUED FOR CASH  1,200,000   12,000     24,000     -0-      -0-       36,000 

FIVE FOR ONE
  REDUCTION IN SHARES
     OUTSTANDING  (6,420,590) (78,652)   78,652      -0-      -0-         -0- 

67,430 TREASURY 
  SHARES PURCHASED      -0-      -0-      -0-        -0-     (6,743)   (6,743)

NET LOSS                -0-      -0-      -0-    (21,367)      -0-    (21,367)
                      -------  ------  -------  ----------  --------  ----------

BALANCES, 
  JUNE 30, 1996     1,605,147   1,605  252,184  (46,241)   (43,184)    164,364 

NET LOSS                -0-      -0-      -0-    (32,631)      -0-    (32,631)
                    ---------  --------  -------  -------  --------  -----------

BALANCES, 
   JUNE 30, 1997    1,605,147    1,605   252,184 (78,872)   (43,184)   131,733 

NET LOSS                -0-      -0-      -0-    (13,377)      -0-    (13,377)
                    ---------  --------  ------  --------  -------  -----------

BALANCES, 
  JUNE 30, 1998     1,605,147   $1,605  $252,184  $(92,249)  $(43,184) $118,356 
                    =========  ========  =======  ========  ========  ==========

</TABLE>






See  notes  to  financial  statements.

<PAGE>

                                       12
<TABLE>
<CAPTION>

                           PLANET  RESOURCES,  INC.
                   (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
                         STATEMENTS  OF  CASH  FLOWS
              FOR  THE  YEARS  ENDED  JUNE  30  1998,  1997  AND  1996








                                               1998       1997       1996
                                             ---------  ---------  ---------
<S>                                          <C>        <C>        <C>

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss                                     $(13,377)  $(32,631)  $(21,367)
                                             ---------  ---------  ---------
Adjustments to reconcile net loss
to net cash used by operating activities:
Depreciation                                      -0-        -0-         27 
Decrease in receivables and prepaids              -0-        -0-        500 
                                             ---------  ---------  ---------

Total adjustments                                 -0-        -0-        527 
                                             ---------  ---------  ---------

Cash used by operating activities             (13,377)   (32,631)   (20,840)
                                             ---------  ---------  ---------

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from the issuance of
common stock                                      -0-        -0-     36,000 
Purchase of treasury stock                        -0-        -0-     (6,743)
                                             ---------  ---------  ---------

      Cash provided by financing activities       -0-        -0-     29,257 
                                             ---------  ---------  ---------

NET (DECREASE) INCREASE IN CASH
AND CASH EQUIVALENTS                          (13,377)   (32,631)     8,417 

CASH AND CASH EQUIVALENTS AT
BEGINNING OF YEAR                             121,733    154,364    145,947 
                                             ---------  ---------  ---------

CASH AND CASH EQUIVALENTS AT
END OF YEAR                                  $108,356   $121,733   $154,364 
                                             =========  =========  =========


</TABLE>
















See  notes  to  financial  statements.



<PAGE>
                                       17
                             PLANET RESOURCES, INC.
                  (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
                        NOTES  TO  FINANCIAL  STATEMENTS
             YEARS  ENDED  JUNE  30,  1998,  1997  AND  1996



1.     ORGANIZATION  AND  BUSINESS

Planet  Resources,  Inc.(formerly  Allied  Silver-Lead  Company)  ("Allied") was
incorporated  under  the  laws of the State of Idaho on March 22, 1967 and was a
company  operating in the exploratory stage initially engaged in the business of
exploring  for  non-ferrous  and  precious  metals, principally silver, lead and
zinc.  Allied's  principal  operating  asset  is the ownership of mineral rights
under  the  City  of Mullan, Idaho ("the City"). In January 1992, the lease with
Hecla  Mining  Company  ("Hecla")  relating  to  Allied's  mineral  rights  was
terminated, at which time management determined that Allied could no longer fund
its  exploratory  stage  activities  and  that its initial development stage had
ended.  Accordingly, management commenced a program to obtain additional capital
for  Allied  from  unrelated  third-party investors and to pursue other business
opportunities.  In  October  1992,  discussions  were  commenced  with  Houston
Resources Corporation ("HRC") which culminated in April 1993 with HRC's purchase
of  2,000,000  shares  of  Allied's  common  stock  for  $100,000.

Effective  January  15, 1996, Allied reincorporated in Delaware through a merger
into  Planet  Resources,  Inc.  ("Planet" or the "Company"). The reincorporation
resulted  in  (1)  Allied's  name  being  changed to Planet Resources, Inc., (2)
shares  of  common stock of Allied being converted into the right to receive one
share  of  common stock of Planet for each five shares of common stock of Allied
as  of  the  date of reincorporation, (3) elimination of the right to cumulative
voting  for  the  election of directors, (4) the persons serving as officers and
directors  of  Allied  continue to serve in their respective capacities; and (5)
the  Articles of Incorporation of Allied changed to; (a) reduce the par value of
the  common  stock from $.01 to $.001, (b) reduce the number of shares of common
stock  the Company is authorized to issue from 50,000,000 to 10,000,000, and (c)
authorized  the  Company to issue 1,000,000 preferred shares with a par value of
$.001  per  share.

The  Company  presently  has  no  commercial  operations  although management is
evaluating  various  future  operating  strategies,  including the merger of the
Company  with  operating  entities.


2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES

(a)     Estimates  -  The preparation of financial statements in conformity with
        ---------
generally  accepted  accounting principles requires management to make estimates
and  assumptions  that affect the reported amounts of assets and liabilities and
disclosure  of  contingent  assets  and liabilities at the date of the financial
statements  and  the  reported  amounts  of  revenues  and  expenses  during the
reporting  period.  Actual  results  could  differ  from  those  estimates.

(b)     Equipment  and  Leasehold  Improvements  -  The  costs  of equipment and
        ---------------------------------------
leasehold  improvements  are  capitalized  and charged to earnings utilizing the
straight-line  method  of  depreciation, with useful lives ranging from three to
ten years. The costs of routine maintenance are charged to earnings as incurred.
When  assets  are  sold  or  retired, any resulting gain or loss is reflected in
operations.

(c)     Realization  of  the  Carrying  Cost  of Mining Property and Exploration
        ------------------------------------------------------------------------
Costs  - Following termination of the Hecla lease agreement in January 1992, the
    -
Board  of  Directors  wrote  down the mineral rights and capitalized exploration
costs  to  their  best  estimate  of  their net realizable value of $10,000. The
ultimate  realization  of  the  Company's  carrying  costs  in  these  assets is
dependent  upon  the  discovery  and  the  ability  of  the  Company  to finance
successful  exploration  and  development of commercial ore deposits, if any, in
the  mining  properties  in  sufficient  quantity for the Company to recover its
recorded  value.

(d)     Loss  Per  Share  -  Net  loss per share of common stock is based on the
        ----------------
weighted  average  number of shares outstanding during each period, adjusted for
the 5 for 1 reduction in the number of shares authorized, issued and outstanding
resulting  from  the  merger.

<PAGE>
                             PLANET RESOURCES, INC.
                  (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
                       NOTES  TO  FINANCIAL  STATEMENTS
              YEARS  ENDED  JUNE  30,  1998,  1997  AND  1996



2.     SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

(e)     Cash  Equivalents  -  The  Company  considers as cash equivalents highly
        -----------------
liquid  investments purchased with an original maturity of three months or less.
Substantially  all  of  the  Company's cash and cash equivalents are held by one
financial  institution  and  is  therefore  subject to the risks inherent in the
financial  industry.


3.     PROPERTY  -  MINERAL  RIGHTS  AND  LEASES

(a)     The  Company  is the owner of subsurface mineral rights on approximately
190  acres  located in the City of Mullan, Idaho. Title was acquired by issuance
to real property owners of one share of capital stock for each 25 square feet of
surface  owned.  In  acquiring  such  mineral rights, the Company issued 361,739
shares  of  capital stock as adjusted for subsequent stock splits and the Planet
merger.  Conveyance  of  title included, free of any additional stock issue, all
subsurface  rights  lying  beneath  adjacent  streets and alleys where ownership
rested with the grantor. The acquisition of such mineral rights was completed in
November  1985.

     (b)     Property  Leased  by  Allied
             ----------------------------

The Company entered into an agreement dated May 1, 1981, with the City of Mullan
(which  supersedes  a  previous  agreement  dated December 3, 1971), whereby the
Company,  as  lessee, has the right to mine subsurface minerals on approximately
200  acres owned by the City north of the Osburn Fault for a period of 25 years.
The  City,  as  lessor,  will  receive  20%  of  all  royalty  payments or other
consideration  received  by  the  Company  from  Hecla. In the event the Company
enters  into  a  lease  agreement  for  the exploration and development of "City
Property" south of the Osburn Fault, the City shall receive 15% of the royalties
received.  No  royalties  have been received or paid on "City Property' south of
the  fault.


4.     RELATED  PARTY  TRANSACTIONS

Prior to April 1993, the Company rented its office and building in Mullan, Idaho
from  its  president,  Marjorie  Almquist  for $300 per month. Mrs. Almquist has
direct  ownership of 69,004 shares (adjusted for the 5 for 1 reduction resulting
from  the  merger)  of  the  Company's  common stock. In March 1993, the Company
entered  into  a new lease agreement with Mrs. Almquist at a rental rate of $500
per  month for a period of three years. This lease expired in March 1996 and was
not  renewed.

As  the  prior  Treasurer  for  the  Company,  Mr. Paul Morris performed various
accounting and tax services for the Company for which he was paid $4,500 in 1996
 .

The  Company  receives  free  rent,  accounting, and management services from an
entity  controlled  by  the  Company's  president.








<PAGE>
                             PLANET RESOURCES, INC.
                (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
                      NOTES  TO  FINANCIAL  STATEMENTS
               YEARS  ENDED  JUNE  30,  1998,  1997  AND  1996



5.     COMMON  STOCK

On  July  28,  1994,  the  Board  of  Directors  granted  options to purchase an
aggregate  of  645,000  (of  which  240,000 shares were sold during fiscal 1996)
shares  of  the  Company's  common  stock, as adjusted for the Planet merger, to
certain officers and directors. The options are exercisable for a period of five
years  at $.15 per share, which amount was in excess of net book value per share
at  June  30,  1994  and is deemed to represent fair market value at the date of
grant.

On  February 28, 1997, the Company's Board of Directors unanimously approved the
issuance  and sale at a future date, to Delaware Royalty, Inc. of 360,000 shares
of  its  common  stock  subject to the $.15 per share option agreement. Delaware
Royalty,  Inc.  is  a  Texas  corporation  owned  by a Trust whose beneficiaries
include  family  members  of  the  Company's  president  and  director.


6.     INCOME  TAXES

The  Company  has  a  net  operating  loss  carryforward  for federal income tax
purposes  in  the  approximate  amount of $95,121. This carryforward will expire
periodically  through  the  year  2013,  if  not  previously  utilized.

The Company was required to adopt in fiscal 1994, the provisions of Statement of
Financial  Accounting  Standards  No,  109, "Accounting for Income Taxes" ("FASB
109"),  which  amends  or  supersedes most prior authoritative literature on the
subject,  and has as its basic objective the recognition of current and deferred
income tax liabilities or assets based upon all events that have been recognized
in  the  financial  statements as measured by the provision of enacted tax laws.
The  impact  of  adopting  FASB 109 was not material. At June 30, 1998, 1997 and
1996  the Company had deferred tax assets in the approximate amounts of $32,000,
$28,000  and  $17,000,  respectively,  applicable  to  it's  net  operating loss
carryforward.  As the Company has no ongoing operations, these amounts have been
fully  reserved.


7.     CONTINGENT  LIABILITY

On  June  10,  1997, the Company received from the EPA a request for information
pursuant  to  Section  104(e)  of  the  Comprehensive  Environmental  Response,
Compensation  and  Liability  Act  ("CERCLA").  The  request  for information is
seeking  information  and  documents  relating  to the Company's knowledge of or
involvement  in  releases  or  threatened  releases  of  hazardous  substances
associated  with  mining  activities occurring within the Coeur d'Alene Basin of
Northern  Idaho.  The investigation includes an inquiry into the identification,
nature,  source  and quantity of materials transported to or generated, treated,
stored  or  disposed  of  within  the  Coeur  d'Alene  Basin.

On August 21, 1997, the Company received from the EPA, a letter stating that the
EPA has determined that it will not, based upon current information, include the
Company  in  any  litigation  associated  with  this  matter.

Management  of the Company does not believe the Company was involved in releases
or  threatened  releases  of  hazardous  substances  associated  with  mining
activities.  No  amounts  have  been  recorded  in  the  accompanying  financial
statements  for  any  possible  costs  associated  with  this  matter.






<PAGE>
                                       24
                      
                            PLANET  RESOURCES,  INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART II
                                  JUNE 30, 1998

ITEM  9.     CHANGES  IN  AND  DISAGREEMENTS  WITH ACCOUNTANTS ON ACCOUNTING AND
--------     -------------------------------------------------------------------
FINANCIAL DISCLOSURE
--------------------
     For  the  year  ended  June  30,  1998:

          NONE

     For  the  year  ended  June  30,  1997:

          NONE

     For  the  year  ended  June  30,  1996:

     (a)     The  Company  has changed the certifying independent accountant for
the  Company  from  Deloitte  &  Touche,  LLP  to  Harper & Pearson Company.  In
connection  with  such change of certifying accountant, the Company states that:

          (i)     The  former  accountant was dismissed effective July 25, 1996.

          (ii)     The accountant's report on the prior financial statements did
not  contain  an  adverse opinion or a disclaimer of opinion or was qualified or
modified  as  to  an  uncertainty,  audit  scope,  or  accounting  principals.

          (iii)     The decision to change accountants was approved by the Board
of  Directors.

          (iv)     There  were  no  disagreements between the Registrant and the
former  accountant  preceding  such  dismissal.

          (v)     With  respect  to  the  Company's former principal accountant,
Deloitte  & Touche, LLP, the Company states that none of the events described in
Item  304(a)(1)(v)  of Regulation S-K occurred within the time specified in Item
304(a)(1)(v)  of  Regulation  S-K.

     (b)     The  new  independent  accountant,  Harper  &  Pearson Company, was
engaged by the Company on the 25th day of July, 1996.  There was no consultation
between  the  Registrant  and  the newly engaged accountant regarding any of the
matters  described in Item 304(a)(2)(i) or 304(a)(2)(ii) of Regulation S-K prior
to  engaging  Harper  &  Pearson  Company.


<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART III
                                  JUNE 30, 1998
<TABLE>
<CAPTION>


ITEM 10.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
--------     --------------------------------------------------

                            PRINCIPAL OCCUPATION AND FIVE-YEAR BUSINESS HISTORY
                             SHARES OF CAPITAL STOCK OWNED AS OF JUNE 30, 1997
NAMES OF OFFICERS AND 
POSITIONS HELD
                              AGE                             TERM EXPIRES
                          -----------                     -------------------
<S>                           <C>                                   <C>

A.W. DUGAN(1)                   70                       Next Annual Meeting
   President, Director
JACQUE N. YORK(1)               52                       Next Annual Meeting
   Secretary, Director
MICHAEL K. BRANSTETTER(2)       44                       Next Annual Meeting
   Director
-------------------------------------                               


NAMES OF OFFICERS AND POSITIONS HELD
<S>                                    <C>                 <C>

A.W. DUGAN(1)                          Oil & Gas Operator  -0-
   President, Director
JACQUE N. YORK(1)                      Corporate Officer   -0-
   Secretary, Director
MICHAEL K. BRANSTETTER(2)              Attorney            200
   Director
-------------------------------------                         
</TABLE>


(1)  Officer  and  director of Houston Resources Corp. which owns 400,000 shares
(24.919%)  of  the  Registrant. Officer  and  director of Anglo Exploration 
Corporation which owns 240,000 shares  (14.952%)  of  the  Registrant.
(2)  Mr.  Branstetter  is  an  officer  and  director  of  the  following public
companies:  Pilot Silver Lead, Inc., Idaho General Mines, Inc.; and Lucky Friday
Extension  Mining  Company.


     The  City  of Mullan is also entitled to have a representative on the Board
pursuant  to  the  lease  between the Company and the City but has not requested
same.


<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART III
                                  JUNE 30, 1998
<TABLE>
<CAPTION>


ITEM  11.     MANAGEMENT  REMUNERATION  AND  TRANSACTIONSITEM 11.     MANAGEMENT
---------     -------------------------------------------
REMUNERATION  AND  TRANSACTIONSl1
---

(a)     The  following  table sets forth all remuneration paid by the Company on
an  accrual basis during the fiscal years ended June 30, 1998, 1997 and 1996 for
the  services  in  all capacities to all directors and executive officers of the
Company:




NAME AND CAPACITY IN WHICH REMUNERATION WAS RECEIVED

<S>


All executive officers and directors as group (4 to 6 persons in group)



  SECURITIES OR PROPERTY, INSURANCE BENEFITS OR REIMBURSEMENTS PERSONAL BENEFITS

NAME AND CAPACITY IN 
WHICH REMUNERATION 
WAS RECEIVED         SALARIES, FEES, DIRECTORS' FEES, COMMISSIONS AND BONUSES
                          AGGREGATE OF CONTINGENT FORMS OF REMUNERATION
<S>                             <C>                     <C>   <C>

All executive officers
 and directors
   as group (4 to 6
     persons in group)  $  -0- (1997)  None  See Note 4 to Financial Statements
                        $   4,594 (1996)  None
                        $   5,478 (1995)  None
</TABLE>



<TABLE>
<CAPTION>


ITEM  12.     SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENTITEM
---------     --------------------------------------------------------------
12.     SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND  MANAGEMENTl1

(a)     As  to  voting  securities  of  the  Registrant  owned  of  record  or
beneficially by each person who owns of record, or is known by the Registrant to
own  beneficially,  more than five percent (5%) of any class of such securities:


<S>                            <C>                     <C>         <C>       <C>

Marjorie P. Almquist           $          .001 Common  Record and  68,984**   4%
254 Copper Street              Non-Assessable Shares   Beneficial
Mullan, Idaho

Houston Resources Corp.        $          .001 Common  Record and   400,000  25%
1415 Louisiana, Suite 3100     Non-Assessable Shares   Beneficial
Houston, Texas 77002

Anglo Exploration Corporation  $          .001 Common  Record and   240,000  15%
1415 Louisiana, Suite 3100     Non-Assessable Shares   Beneficial
Houston, Texas 77002
</TABLE>



**  An  additional 29,592 shares of the Registrant are owned of record by family
members related to Marjorie P. Almquist.  Mrs. Almquist disclaims any beneficial
ownership  of  these  shares.
<TABLE>
<CAPTION>


(b)     As  to  each  class  of  equity  securities of the Registrant other than
directly  or  indirectly  by  all directors and officers of the Registrant, as a
group,  without  naming  them:



TITLE OR CLASS          AMOUNT BENEFICIALLY OWNED  PERCENT OF CLASS
----------------------  -------------------------  -----------------
<S>                     <C>                        <C>

 .01 par value common                     640,000                40%
Non-assessable shares
</TABLE>




<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART III
                                  JUNE 30, 1998

ITEM  12.     CONTINUED
---------     ---------

(c)     On  July  28, 1994, the following options were granted for a period of 5
years at $.15 per share (which was in excess of book value on June 30, 1994) for
645,000  shares  of  the  unissued  common  stock  to the following officers and
directors:

   A.W. Dugan and/or assignees - President,CEO and Director     600,000 shares
   P.V. Morris - Treasurer and Director, Deceased                40,000 shares
   Michael K. Branstetter - Director                              5,000 shares

     During  fiscal  1996, 240,000 of the option shares were sold to a corporate
entity  controlled  by  A.W. Dugan.

     Upon  exercise of the remaining 360,000 share options by A.W. Dugan, he and
his  assignees  would  control  51%  of  the  outstanding  shares.


ITEM  13.     CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONSITEM 13.     CERTAIN
---------     ----------------------------------------------
RELATIONSHIPS  AND  RELATED  TRANSACTIONSl1

     The  corporation  previously  rented  a building and office from its former
President,  Marjorie  Almquist, for $500 per month through March 31, 1996.  Upon
expiration  on  March  31,  1996,  the  lease  was not renewed.  The Corporation
receives free rent, accounting and management services from an entity controlled
by  the  Company's  President.


                                     PART IV

ITEM  14.     EXHIBITS,  FINANCIAL  STATEMENTS  SCEHDULES  AND  RECORDS  ON FORM
---------     ------------------------------------------------------------------
8-KITEM  14.     EXHIBITS,  FINANCIAL  STATEMENTS  SCEHDULES AND RECORDS ON FORM
------
8-Kl1
---

(a)     1.     Financial  Statements     Page  No.
               ---------------------
          See  Item  8,  Index to Financial Statements of this Report          7

     Other  schedules  are  omitted  because  of the absence of conditions under
which  they  are  required,  or because the required information is given in the
financial  statements  or  notes  thereto.

     3.     Exhibits
            --------
          27  -  Financial  Data  Schedule

<PAGE>
                             PLANET RESOURCES, INC.
                      (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART IV
                                  JUNE 30, 1998



ITEM  14.     CONTINUED
---------     ---------

(b)     Reports  on  Form  8-K

     The  following  reports  on  Form  8-K  were  filed  during  fiscal  1997:

          On  June  10,  1997,  the  Company  received  from  the  United States
Environmental  Protection  Agency  ("EPA") a request for information pursuant to
Section  104(e)  of  the  Comprehensive Environmental Response, Compensation and
Liability  Act  ("CERCLA").  The  request for information is seeking information
and  documents relating to the Company's knowledge of or involvement in releases
or threatened releases of hazardous substances associated with mining activities
occurring  within  the Coeur d'Alene Basin of Northern Idaho.  The investigation
includes  an  inquiry  into  the  identification, nature, source and quantity of
materials transported to or generated, treated, stored or disposed of within the
Coeur  d'Alene  Basin.

          On  August  21,  1997,  the  Company  received  from the EPA, a letter
stating  that  the  EPA  has  determined  that  it  will not, based upon current
information,  include the Company in any litigation associated with this matter.

          Management  of the Company does not believe the Company is involved in
releases  or  threatened releases of hazardous substances associated with mining
activities  and  that  no  future  liability  will  exist.


<PAGE>
                             SIGNATURESSIGNATURESl1


     Pursuant  to  the requirements of Section 13 of the Securities Exchange Act
of  1934,  the  Registrant has duly caused this report to be signed on behalf by
the  undersigned,  thereunto  duly  authorized.

                                             PLANET  RESOURCES,  INC.
                                             Registrant



/s/Jacque  N.  York                              By:  /s/A.W.  Dugan
-------------------                                   --------------
Jacque  N.  York,  Secretary                          A.W.  Dugan, President



     Pursuant  to  the requirements of the Securities Exchange Act of 1934, this
report  has  been  signed  below  by  the  following  persons  on  behalf of the
Registrant,  in  the  capacities  and  as  of  the  date  indicated.




Date:  August 13, 1998                                    /s/A.W. Dugan
                                                    -------------------------
                                                   A.W. Dugan, CFO and Director



Date: August 13, 1998                                       /s/Jacque N. York
                                                    -------------------------
                                                    Jacque N. York, Director
                


Date: August 13, 1998                               /s/Michael K. Branstetter
                                                    -------------------------
                                                     Michael K. Branstetter, 
                                                       Director