UPDATE: SWAYZE'S DOCTOR GIVES STATEMENT.

"Patrick has a very limited amount of disease and he appears to be responding well to treatment thus far," Dr. George Fisher says in a statement. "All of the reports stating the time frame of his prognosis and his physical side effects are absolutely untrue. We are considerably more optimistic."

A rep for Swayze also added, "Patrick is continuing his normal schedule during this time, which includes working on upcoming projects. The outpouring of support and concern he has already received from the public is deeply appreciated by Patrick and his family."

This is much better than the news the Inquirer was reporting below!

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The National Enquirer is reporting that 55 year old actor Patrick Swayze has been diagnosed with pancreatic cancer and may only have 5 weeks to live. Sufferers of pancreatic cancer typically have a survival rate of less than five per cent.

They say that the actor and his wife Lisa Niemi, who both have pilot's licenses have been flying their private Beechcraft plane into Palo Alto's airport, minutes away from the Stanford Cancer Center, where the actor has received outpatient treatment.

After chemotherapy, his tumor shrank but not as much as the doctor's would have hoped and they told Swayze to prepare for the end. The cancer is said to have already spread throughout his body which makes his chances even more slim.

A source who was working with the star of 'Dirty Dancing' and 'Ghost' says that Patrick has been at rehearsals for a new cheer-leading movie at Century City studio frequently lately, and he definitely does not look like he has five more weeks of life left. "I'm not sure of his medical condition(s), but if he is gravely ill, he is hiding it very well."