SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                   FORM 10-K

[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, 1997.

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

     Delaware                                                       82-0277987
     --------                                                       ----------
(State  or  other  jurisdiction                                  (IRS Employer
Identification
of  Incorporation  or  organization)                                   Number)

    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:
                               Name of each exchange
                               ---------------------
                    Title of Class     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 ___, 1997 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.
                                        Number  of  Shares  Outstanding
     Title  of  Each  Class  of  Common  Stock          at  September  9, 1997
     -----------------------------------------          ----------------------
          Common  Stock  $.001  par  value                    1,605,818

                     DOCUMENTS INCORPORATED BY REFERENCE:
                                     NONE

This  Form 10-K consists of 22 pages.  The Table of Contents is listed on Page
i.
**    See  Page  4.
i

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

                            FORM 10-K ANNUAL REPORT
                                 JUNE 30, 1997

                               TABLE OF CONTENTS


                                    PART I

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


                                       7
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                              FORM 10-K -- PART I
                                 JUNE 30, 1997

ITEM  1.          BUSINESS"ITEM1.BUSINESS"l1
--------          --------

(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, 1997

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.          PROPERTIES"ITEM2.PROPERTIES"l1
--------          ----------

(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, 1997

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  PROCEEDINGS"ITEM3.LEGALPROCEEDINGS"l1
--------          ------------------

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


ITEM  4.          MATTERS  SUBMITTED  TO  A  VOTE  OF  SECURITIES
--------          -----------------------------------------------
HOLDERS"ITEM4.MATTERSSUBMITTEDTOAVOTEOFSECURITIESHOLDERS"l1
-------     ------------

     None


<PAGE>
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                             FORM 10-K -- PART II
                                 JUNE 30, 1997

ITEM  5.      MARKET FOR THE REGISTRANT'S COMMON STOCK AND RELATED STOCKHOLDER
--------      ----------------------------------------------------------------
M
-
"l1

(a)          Price  Range  of  Common  Stock
             -------------------------------

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

               Quarter          Period 07/01/94     Period 07/01/95     Period
07/01/96
               Ended          to  06/30/95         to 06/30/96     to 06/30/97
               -----          ------------         -----------     -----------
                              High     Low          High     Low          High
                              ----     ---          ----                  ----
Low
---
          September  30          $.24          $.16        *     *     *     *
          December  31          .18          .10          *      *     *     *
          March  31          .16          .12          *         *     *     *
          June  30          .16          .12          *          *     *     *

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

                              Number  of  Record  Owners
     Title  of  Class          at  September  18,  1997
     ----------------          ------------------------
     Common  Capital  Stock          1,472

(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, 1997

ITEM  6.          SELECTED  FINANCIAL  DATA"ITEM6.SELECTEDFINANCIALDATA"l1
--------          -------------------------

     The  selected  financial  data  for each of the five years ended June 30,
1997,  1996,  1995,  1994  and  1993  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
                    ---------------------
                      1997     1996     1995     1994     1993
                      ----     ----     ----     ----     ----
Revenues:
            Advance royalties     $        -0-     $        -0-     $        -0-
                                                 $        -0-     $        -0-
                    Other Income                 2          3,776          3,412
                                     -------------     ----------     ----------
                                                          6,685          3,744
                                                             --     ----------
          Total Revenues     $           2     $    3,776     $    3,412     $
                             -------------     ----------     ----------     -
                                                          6,685     $    3,744
                                                          -----     ----------

Expenses:
            General and Administrative     $(32,633)     $(25,143)     $(18,730)
                                                       $(34,161)     $(21,045)
                   Property write-down     -0-     -0-     -0-     -0-     -0-
                   Income tax (expense) benefit              -0-             -0-
                                                    ------------     -----------
                                                25         2,895         4,117
                                                --     ---------     ---------

               Net Loss      $(32,631)     $(21,367)     $(15,293)     $(24,581)
                            ==========     =========     =========     =========
                                                                     $(13,184)
                                                                        ======

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

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

             Current Assets:     $121,733     $154,364     $146,447     $158,238
                                                                      $182,338
     Mineral  rights  and  depreciable
          property  net  (1)              10,000         10,000         10,027
                                      ----------     ----------     ----------
10,529                  11,089
------          --------------
                             Total Assets     $131,733     $164,364     $156,474
                                              ========     ========     ========
                                                         $168,767     $193,427
                                                               ==     ========

   Current Liabilities:     $        -0-     $        -0-     $        -0-     $
                                                          -0-     $         79

                        Long-term debt     -0-     -0-     -0-     -0-     -0-
     Commitments
        Stockholders' equity     $131,733     $164,364     $156,474     $168,767
                                 ========     ========     ========     ========
                                                                      $193,348
                                                                      ========
                        Cash dividends     N/A     N/A     N/A     N/A     N/A
             Working Capital     $121,733     $154,364     $146,447     $158,238
                                 ========     ========     ========     ========
                                                                      $182,259
                                                                       =======

(1)          See  Note  2  to  Financial  Statements.

<PAGE>
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                             FORM 10-K -- PART II
                                 JUNE 30, 1997

ITEM  7.      MANAGEMENT'S DISSCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
--------      ----------------------------------------------------------------
RESULTS  OF
-----------
O
-
ULTSOFOPERATIONS"l1


(a)          Results  of  Operations  for  the  Year  Ended  June  30,  1997
             ---------------------------------------------------------------
     The  Registrant  showed  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.

(b)          Results  of  Operations  for  the  Year  Ended  June  30,  1996
             ---------------------------------------------------------------
     The  Registrant  showed  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.

(c)          Results  of  Operations  for  the  Year  Ended  June  30,  1995
             ---------------------------------------------------------------
     The  Registrant  showed  a  net  loss  of $15,293 for the year.  The only
income  was  from  interest;  whereas,  the  expenses  of  $18,730  were  for
professional  fees  and  general  and  administrative  expenses.

(d)          Results  of  Operations  for  Year  Ended  June  30,  1994
             ----------------------------------------------------------
     The  Registrant  showed  a  net  loss  of $24,581 for the year.  The only
income  was  from interest, dividends and gain on sale of securities; whereas,
the  expenses of $34,161 were for professional fees and general administrative
expenses.

(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)          Comparison  of  Operations  -  June 30, 1995 versus June 30, 1994
             -----------------------------------------------------------------
     The  Registrant  had  no  operations  for  year ended June 30, 1995.  The
principal  difference  between  expenses  for the two years was a reduction in
geological,  accounting  and  legal  fees  of  $15,572.

(h)          Comparison  of  Operations  -  June 30, 1994 versus June 30, 1993
             -----------------------------------------------------------------
     The  Registrant  had  no  operations  for  year ended June 30, 1994.  The
differences  between  expenses  for  the two years were increased professional
fees  incurred in the audit of the years ended June 30, 1992 and 1993 together
with  preparation and filing of the annual 10-K report with the Securities and
Exchange  Commission  and  the  preparation  of  an  independent  geological
assessment  of  the  Company's  mineral  rights.

(i)          Liquidity  and  Capital  Resources
             ----------------------------------
     The Registrant's working capital decreased from $154,364 at June 30, 1996
to  $121,733 at June 30, 1997.  The decrease was due primarily to the increase
in expenses for the year ended June 30, 1997, offset by minimal revenues.  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>
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                             FORM 10-K -- PART II
                                 JUNE 30, 1997

ITEM  8.          FINANCIAL  STATEMENTS  AND  SUPPLEMENTARY
--------          -----------------------------------------
DATA"ITEM8.FINANCIALSTATEMENTSANDSUPPLEMENTARYDATA"l1
-------     ---------------

                         INDEX TO FINANCIAL STATEMENTS
                Filed as part of the Annual Report on Form 10-K
                                 June 30, 1997

               Page
               ----

Independent  Auditor's  Report                    8

FINANCIAL  STATEMENTS:
     Balance  Sheets,  June  30,  1997  and  1996                    9

     Statements  of  Operations  for  the  Years  Ended
          June  30,  1997,  1996,  and  1995                    10

     Statements  of  Changes  in  Stockholders'  Equity  for  the
          Years  Ended  June  30,  1997,  1996  and  1995                   11

     Statements  of  Cash  Flows  for  the  Years  Ended
          June  30,  1997,  1996  and  1995                    12

     Notes  to  Financial  Statements  for  the  Years  Ended
          June  30,  1997,  1996  and  1995                    13



     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, 1997 and 1996, and the
related  statements  of  operations,  changes in stockholders' equity and cash
flows  for  the  years  then  ended.  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. The financial
statements  of  Allied  Silver-Lead  Company for the year ended June 30, 1995,
were audited by other auditors whose report dated September 7, 1995, expressed
an  unqualified  opinion  on  those  statements.

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,  1997 and 1996, and the results of its operations and its cash flows
for  the  years  then  ended  in conformity with generally accepted accounting
principles.

As  further  discussed  in  the  accompanying  footnote  Number 7, the Company
received  from  the  United  States  Environmental  Protection  Agency (EPA) a
request  for information regarding the Company's knowledge or involvement with
hazardous  substances  as  part  of  an  ongoing  EPA  investigation.




     /s/Harper  &  Pearson  Company



Houston,  Texas
August  15,  1997








     -8-
     PLANET  RESOURCES,  INC.
     (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
     BALANCE  SHEETS
     JUNE  30,  1997  AND  1996





     ASSETS
     ------
            1997              1996
          ------          --------


CURRENT  ASSETS
     Cash  and  cash  equivalents          $121,733          $154,364
                                            -------           -------

     Total  current  assets          121,733          154,364
                                     -------          -------

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          $131,733          $164,364
                        =======           =======


     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)          (78,872)          (46,241)
Less  treasury  stock,  at  cost,  21,475
     shares          (43,184)          (43,184)
                     -------           -------

     Total  stockholders'  equity          131,733          164,364
                                           -------          -------

TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY          $131,733      $164,364
                                                         =======       =======

See  notes  to  financial  statements.


     -9-

<PAGE>
     PLANET  RESOURCES,  INC.
     (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
     STATEMENTS  OF  OPERATIONS
     FOR  THE  YEARS  ENDED  JUNE  30  1997,  1996  AND  1995







            1997              1996              1995
          ------          --------          --------

INCOME
     Interest  income          $            2          $    3,776     $  3,412
                                -------------           ---------      -------


EXPENSES
     Professional  fees          16,869          10,940          10,478
Office  rent,  related  party          -0-          4,500          6,000
Depreciation          -0-            27          502
Stock  transfer,  filing  fees,
     permits  and  printing  costs          8,030          2,471         1,496
     Legal  fees          7,222          7,168          -0-
Other                              512                    37               254
                           -----------          ------------          --------

     Total  expenses            32,633            25,143            18,730
                              --------          --------          --------


LOSS  BEFORE  INCOME  TAX  BENEFIT          (32,631)     (21,367)     (15,318)


INCOME  TAX  BENEFIT                  -0-                    -0-          (25)
                              -----------            -----------      -------


NET  LOSS          $(32,631)          $(21,367)            $(15,293)
                    =======            =======              =======


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


WEIGHTED  AVERAGE SHARES OUTSTANDING     1,583,672     1,485,147     1,351,814
                                         =========     =========     =========









See  notes  to  financial  statements.
     -10-          PLANET  RESOURCES,  INC.
     (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
     STATEMENTS  OF  CHANGES  IN  STOCKHOLDERS'  EQUITY
     FOR  THE  YEARS  ENDED  JUNE  30,  1997,  1996  AND  1995





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

BALANCES, JUNE 30, 1994     6,725,737     $ 67,257     $ 147,532     $ (9,581)
$  (36,441)          $  168,767

SHARES  ISSUED  FOR  CASH          100,000     1,000     2,000     -0-     -0-
3,000

NET  LOSS               -0-         -0-          -0-     (15,293)          -0-
                  ---------     -------     --------     -------      --------
(15,293)
-------

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
 =========              =========






See  notes  to  financial  statements.
     -11-

     PLANET  RESOURCES,  INC.
     (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
     STATEMENTS  OF  CASH  FLOWS
     FOR  THE  YEARS  ENDED  JUNE  30  1997,  1996  AND  1995



            1997              1996              1995
          ------          --------          --------

CASH  FLOWS  FROM  OPERATING  ACTIVITIES
     Net  loss          $(32,631)          $(21,367)          $(15,293)
                         -------            -------            -------
Adjustments  to  reconcile  net  loss
     to  net  cash  used  by  operating
activities:
     Depreciation          -0-          27          502
Decrease  in  receivables
  and  prepaids                  -0-                  500              7,012
                         -----------          -----------          ---------

Total  adjustments                  -0-                  527             7,514
                            -----------          -----------          --------

     Cash  used  by  operating
  activities          (32,631)          (20,840)              (7,779)
                      -------           -------             --------

CASH  FLOWS  FROM  FINANCING  ACTIVITIES
     Proceeds  from  the  issuance  of
     common  stock          -0-          36,000          3,000
     Purchase  of  treasury  stock                -0-      (6,743)         -0-
                                            ---------     -------      -------

               Cash  provided  by  financing
       activities                    -0-            29,257              3,000
                             -----------          --------          ---------

NET  (DECREASE)  INCREASE  IN  CASH
     AND  CASH  EQUIVALENTS          (32,631)          8,417          (4,779)

CASH  AND  CASH  EQUIVALENTS  AT
     BEGINNING  OF  YEAR          154,364          145,947          150,726
                                  -------          -------          -------

CASH  AND  CASH  EQUIVALENTS  AT
     END  OF  YEAR          $121,733          $154,364          $145,947
                             =======           =======           =======






See  notes  to  financial  statements.
     -12-

<PAGE>
     PLANET  RESOURCES,  INC.
     (FORMERLY  ALLIED  SILVER-LEAD  COMPANY)
     NOTES  TO  FINANCIAL  STATEMENTS
     YEARS  ENDED  JUNE  30,  1997,  1996  AND  1995


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 has
been  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.

                                     -13-
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                   YEARS ENDED JUNE 30, 1997, 1996 AND 1995

2.          SUMMARY  OF  SIGNIFICANT  ACCOUNTING  POLICIES  (CONTINUED)

(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.

(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  and  $5,425  in  1995.

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

                                     -14-

                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                   YEARS ENDED JUNE 30, 1997, 1996 AND 1995


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  components  of  the Company's tax provision (benefit) for the years ended
June  30,  1997,  1996  and  1995  are  as  follows:

            1997              1996              1995
          ------          --------          --------

     Federal                    $        -0-          $       -0-     $    -0-
State                                      -0-                -0-         (25)
                                   -----------          ---------     -------

     Total                              $      -0-     $    -0-      $    (25)
                                         =========      =======       =======

The  Company  has  a  net  operating  loss carryforward for federal income tax
purposes  in  the approximate amount of $81,744. This carryforward will expire
periodically  through  the  year  2012,  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, 1997,
1996  and  1995 the Company had deferred tax assets in the amounts of $27,793,
$16,709  and  $9,722  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.

                                     -15-
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                         NOTES TO FINANCIAL STATEMENTS
                   YEARS ENDED JUNE 30, 1997, 1996 AND 1995


7.          CONTINGENT  LIABILITY  (CONTINUED)

Management  of  the Company is in the process of responding to the request for
information  and  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.








































                                     -16-

                                      22
     PLANET  RESOURCES,  INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                             FORM 10-K -- PART II
                                 JUNE 30, 1997

ITEM  9.       CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
--------       ---------------------------------------------------------------
FINANCIAL
---------
D
-
CIALDISCLOSURE"l1

     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, 1997

ITEM  10.          DIRECTORS  AND  EXECUTIVE  OFFICERS  OF  THE
---------          --------------------------------------------
REGISTRANT"ITEM10.DIRECTORSANDEXECUTIVEOFFICERSOFTHEREGISTRANT"l1
--------     ------------

                     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
A.W.  DUGAN(1)       69     Next Annual Meeting     Oil & Gas Operator     -0-
   President,  Director
JACQUE  N.  YORK(1)           51     Next Annual Meeting     Corporate Officer
-0-
   Secretary,  Director
MICHAEL  K.  BRANSTETTER(2)            43     Next Annual Meeting     Attorney
200
   Director
(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, 1997

ITEM  11.          MANAGEMENT  REMUNERATION  AND
---------          -----------------------------
TRANSACTIONS"ITEM11.MANAGEMENTREMUNERATIONANDTRANSACTIONS"l1
--------     ------------------------

(a)     The following table sets forth all remuneration paid by the Company on
an  accrual  basis  during the fiscal years ended June 30, 1997, 1996 and 1995
for  the services in all capacities to all directors and executive officers of
the  Company:

               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
  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


ITEM  12.          SECURITY  OWNERSHIP  OF  CERTAIN  BENEFICIAL  OWNERS  AND
---------          ---------------------------------------------------------
MANAGEMENT"ITEM12.SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERSANDMANAGEMENT"l1
--------

(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:

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

**    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.

(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
                   $.01 par value common     640,000     40%
                             Non-assessable shares

<PAGE>
                            PLANET RESOURCES, INC.
                     (FORMERLY ALLIED SILVER-LEAD COMPANY)
                             FORM 10-K -- PART III
                                 JUNE 30, 1997

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.

     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.


ITEM  13.          CERTAIN  RELATIONSHIPS  AND  RELATED
---------          ------------------------------------
TRANSACTIONS"ITEM13.CERTAINRELATIONSHIPSANDRELATEDTRANSACTIONS"l1
--------     ------------------

     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-K"ITEM14.EXHIBITS,FINANCIALSTATEMENTSSCEHDULESANDRECORDSONFORM8-K"l1
----

(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, 1997

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.

          Management  of  the  Company  is in the process of responding to the
request  for  information  and  does  not  believe  the Company is involved in
releases or threatened releases of hazardous substances associated with mining
activities.


<PAGE>
                           SIGNATURES"SIGNATURES"l1


     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:    September  ___,  1997                                      A.W. Dugan
                                                                    ----------
                                             A.W.  Dugan,  CFO  and  Director



Date:  September  ___,  1997                                 /s/Jacque N. York
                                                             -----------------
                                             Jacque  N.  York,  Director



Date:  September  ___,  1997                         /s/Michael K. Branstetter
                                                     -------------------------
                                             Michael  K. Branstetter, Director