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

Melbourne, July 19, 2010 AEST (ABN Newswire) - Pluton Resources Limited ("Pluton") (ASX:PLV) has received final assay results from angled drill hole ID16A and vertical drill hole ID16B from the current Phase II drilling program on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

Summary

- Angled drill hole ID16A intersects 7m @ 52.5% iron in the Yampi Member.

- Two intersections of 35m @ 25.0% iron and 16m @ 25.5% iron are returned from the overlying Wonganin Sandstone in drill hole ID16A.

- Vertical drill hole ID16B intersects 12m @ 55.9% iron in the Yampi Member

- Three intersections of 13m @ 25.5% iron, 9m @ 23.4% iron, 30m @ 23.9% iron (including 8m @ 33.6% iron) are returned from the overlying Wonganin Sandstone.

Background

Phase II drilling on Irvine Island has continued 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), which based upon CSIRO testing, the current Inferred Mineral Resource produces 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.

Conclusion

Results from the Yampi Member in drill holes ID16A and ID16B have returned significant iron grades greater than 50% Fe.


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 10DDH018, 10DDH019 and 10DDH020. 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, these latest and other pending assay results will be incorporated into our September resource model update"


"In addition, our prefeasibility study for the project continues on schedule. We have now appointed Calibre Engineering to design and manage a detailed metallurgical test work programme for the project. This will be completed in conjunction with a review of infrastructure and processing options for the project that will be examined further in our prefeasibility study".

For the complete Pluton announcement including figures, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/63329-ASX-PLV-338960.pdf

Contact

Mr. Tony Schoer Managing Director and Chief Executive Officer Mobile: +61-411-232-711 Email:tschoer@plutonresources.com