Pluton Resources Limited (ASX:PLV) Quarterly Activities Report - June 2010

Melbourne, July 29, 2010 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) is pleased to release quarterly activities report for the quarter ended June 2010.

Irvine Island - Western Australia (E04/1172) - Pluton 100%

Drilling on the 8,000+ metre diamond-hole program continued for the June quarter. For the June quarter, and up until time of writing, six holes were completed and drilling of the seventh hole is close to completion.

Drilling at Hardstaff Peninsula continues at a steady rate; and the results from holes drilled in the September quarter will be made available to the market in the next resource update due later this quarter.

During the June quarter and up to time of writing, assay results were received from six drill holes. Holes 16A, 16B, 6A, 6B, 6C and 12B continued to encounter both the Wonganin Sandstones and the Yampi Member. Results were as expected with consistently good grades to feed into the beneficiation process.

The second diamond-drill rig that will be dedicated to drilling at the Isthmus region of Irvine Island is expected to be mobilised this week. Drilling of the expected DSO iron ore deposit will begin shortly after the rig arrives.

On 4th June 2010 Pluton announced a 450% increase in the JORC compliant inferred resource for the Hardstaff Peninsula. Key to the upgrade is the ability to concentrate the low grade Wonganin Sandstone into a +66%Fe product. At a total capital cost of approximately A$350 million, and an estimated cash cost of A$37/tonne of product on ship, the concentrate produced from Hardstaff Peninsula is considered to be highly economic.

The upgraded resource, after beneficiation, can target up to 108Mt at a grade of better than 66%Fe. The final resource estimate, expected by the end of this drilling campaign, is targeted to produce, after beneficiation, up to 200Mt at +66%Fe.

During the quarter, land and marine based environmental surveys continued. To date nothing has been discovered that is listed as rare or endangered. Further studies have been planned to provide further data for the Irvine Island EPA submission.

Relationships with the Native Title Claimant Group, the Mayala People, remain very positive. Negotiations for a fair compensation package to allow mining are progressing.

The Irvine Island pre-feasibility study is on track for completion in the first quarter of calendar year 2011. The Company has appointed Calibre Engineering to design and manage a metallurgical test work program for the project. This will be completed in conjunction with a review of infrastructure and processing options for the project.

Cethana - Tasmania (EL29/2006) - Pluton 60%

Pluton re-commenced drilling on the Cethana licence during the quarter. The two diamond-drill holes are targeting porphyry-style copper/gold at depth.

While it is too early to judge the success of the drilling program, low grade chalcopyrite and pyrite in sulphides have been encountered in both holes. Within sections of the core there is a considerable amount of quartz veining.

Once assay results have been received the Company will be in a position to decide on future activities for the Tasmanian assets.

Funding

At the end of June 2010 Pluton had A$8.1 million cash on hand. In addition a GST refund of A$1.3 million due in the June quarter, will be received in August 2010.

For the complete Pluton quarterly report including tables and figures, please view the following link:

http://www.abnnewswire.net/media/en/docs/63429-ASX-PLV-339450.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