Pluton Resources Limited (ASX:PLV) Received Irvine Island Assay Results

Melbourne, June 23, 2010 AEST (ABN Newswire) - Pluton Resources Limited ("Pluton") (ASX:PLV) has received final assay results from angled drill holes ID6A and ID6C from the current Phase II drilling program on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

Summary

- Angled drill hole ID6A intersects 21m @ 48.9% iron (including 8m @ 58.5% iron) in the Yampi Member.

- Three intersections of 21m @ 27.2% iron, 8m @ 30.7% iron and 7m @ 29.7% iron are returned from the overlying Wonganin Sandstone in drill hole ID6A.

- Angled drill hole ID6C intersects 18m @ 51.0% iron and 7m @ 52.2% iron in the Yampi Member

- Two intersections of 28m @ 24.0% iron, 12m @ 25.8% iron are returned from the overlying Wonganin Sandstone.

Background

Phase II drilling on Irvine Island will continue to intersect extensions to the iron mineralisation outside the latest Inferred Mineral Resource envelope containing 90 Mt @ 46% Fe for the Yampi Member and 204 Mt @ 23% Fe for the overlying Wonganin Sandstone (ASX announcement, June 4th, 2010). Based on CSIRO testing the latest Inferred Mineral Resource would produce a concentrate of up to 108 Mt at > 66% Fe.

Phase II drilling has now exceeded the initial target total of >100 Mt at Hardstaff Peninsula.

Planned drilling at the Isthmus Region is designed to target a further 30 Mt of predominantly Direct Shipping Ore.

Results from the Yampi Member in drill holes ID6A and ID6C continue to confirm that iron mineralisation in the Yampi Member increases in thickness towards the west when compared to the intersections reported previously in drill holes ID28 and ID29 located on the eastern side of Hardstaff Peninsula (ASX announcements dated February 9, 2009 and March 19, 2010).

Results from the overlying Wonganin Sandstone continue to intersect significant widths and grade of iron mineralisation from which a concentrate at > 66% Fe can be produced based on previous CSIRO test work results.

Drilling on Irvine Island is continuing. Samples have been submitted for recently completed drill holes ID16A and ID16B. These holes are located in the western area of the Hardstaff Peninsula and outside the latest Inferred Mineral Resource envelope. Assay results are pending.

Said Managing Director, Mr Tony Schoer, "We continue to drill outside of the latest Inferred Mineral Resource envelope. It is particularly encouraging that we continue to intersect increasing volumes suitable to produce a high quality concentrate."

"It is our intention to further update our latest resource model by the end of September this year incorporating additional drilling results using Australian Mining Consultants. We are confident that the update will further expand our mineral resource and target concentrate estimates."

"In addition, we are in the process of expanding our existing camp facilities and infrastructure in preparation for the mobilisation of a second diamond drill rig to Irvine Island next month. The second drill rig will be dedicated to drilling the high grade iron at the Isthmus Region which has been shown by previous drilling to contain material suitable as direct shipping ore."

For the complete Pluton Resources announcement including Composite results through the Yampi Member and the Wonganin Sandstone, please view the following link:

http://www.abnnewswire.net/media/en/docs/63148-ASX-PLV-337917.pdf

Contact

Mr. Tony Schoer Managing Director and Chief Executive Officer Pluton Resources Limited Tel: +61-3-9820-3802 Mob: +61-411-232-711 Email: tschoer@plutonresources.com www.plutonresources.com