Pluton Resources Limited (ASX:PLV) Receives Final Assay Results From Phase II Dilling Results At Irvine Island

Melbourne, April 22, 2010 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) has received final assay results from angled drill hole ID12A from the current Phase II drilling program on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

Summary

- Angled drill hole ID12A intersects 26m @ 50.01% iron, (including 11m @ 53.58% iron) confirming iron mineralisation in the target Yampi Member increases in thickness towards the west.

- Three intersections (8m @ 26.53% iron, 12m @ 26.87% iron and 6m @ 32.16% iron) from the overlying Wonganin Sandstone return iron grades that would be suitable as feed ores for concentration as indicated by previous CSIRO test work results.

Background

Phase II drilling on Irvine Island is targeting an extension to an Inferred Resource of 54Mt @ 49% iron (Fe) identified from drilling in 2008. Phase II drilling is targeting a total of >100Mt at Hardstaff Peninsula of mixed grade Direct Shipping Ore and feed ore for beneficiation, and up to a further 30Mt of predominantly Direct Shipping Ore from the Isthmus region.

Phase II drilling is primarily targeting iron mineralisation contained within the Yampi Member.

This is the same rock unit that is mined on the adjacent Cockatoo and Koolan Islands.

CSIRO test work has shown that additional concentrate can be produced from rocks overlying the Yampi Member. These rocks are referred to as the Wonganin Sandstones. The Wonganin Sandstones were originally considered as waste, but feed materials grading between 25.4% iron and 32.2% iron have yielded concentrates of >66% iron (Fe).

The iron mineralisation contained within the Wonganin Sandstone is now considered as an additional resource target to the Yampi Member.

Conclusion

Results from the Yampi Member in drill hole ID12A confirms that iron mineralisation in the target Yampi Member increases in thickness towards the west when compared to the intersections reported previously in drill holes ID29 and ID33 located on the eastern side of Hardstaff Peninsula (see announcement dated March 19, 2010).

Three intersections from the overlying Wonganin Sandstone returned iron grades that would be suitable as feed ores for concentration, as indicated by previous CSIRO test work results.

Higher feed grades can ultimately result in higher mass recoveries and lowered costs during iron concentration.

Levels of impurities other than silica remain universally low.

Drilling on Irvine Island is continuing. Samples have been submitted for drill holes ID12B and ID6B. These holes are located in the western area of the Hardstaff Peninsula and outside the current Inferred Resource area of 54Mt @ 49% iron (Fe). Visual interpretations of these holes are positive (see announcement dated March 16, 2010). Assay results are pending.

Managing Director, Mr Tony Schoer, said "We are now drilling well outside of the current Inferred Resource envelope. Results to date indicate that we will reach our target of >100Mt for the Hardstaff Peninsula."

"Hole ID12A confirms our belief that the target Yampi Member is thickening as we head west. It is particularly encouraging that we are seeing increasing volumes of material that is of high quality."

For the complete Pluton Resources announcement including Table Results for - Yampi Member and Wonganin Sandstones, please click the following link:

http://www.abnnewswire.net/media/en/docs/62681-ASX-PLV-335321.pdf

Contact

Mr. Tony Schoer Managing Director and Chief Executive Officer Mob: +61-0411-232-711 Email: tschoer@plutonresources.com