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

Melbourne, Aug 4, 2010 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) has received final assay results from angled drill hole 10DDH018 and vertical drill hole 10DDH019 from the current Phase II drilling program on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

Summary

- Angled drill hole 10DDH018 intersects 5m @ 55.4% iron in the Yampi Member.

- Two intersections of 18m @ 23.7% iron and 9m @ 26.9% iron are returned from the overlying Wonganin Sandstone in drill hole 10DDH018.

- Vertical drill hole 10DDH019 intersects 7m @ 50.3% iron in the Yampi Member.

- Two intersections of 33m @ 23.3% iron and, 16m @ 24.4% iron are returned from the overlying Wonganin Sandstone in drill hole 10DDH019.

Background

Phase II drilling on Irvine Island continues 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.

Conclusion

Results from the Yampi Member in drill holes 10DDH018 and 10DDH019 have returned iron grades greater than 50% Fe.

Drilling on Irvine Island is continuing. Samples have been submitted for assay testing for recently completed drill holes 10DDH021 and 10DDH022. These holes are located in the northwestern area of the Hardstaff Peninsula and outside the latest Inferred Mineral Resource envelope. Assay results are pending.

Said Managing Director, Mr Tony Schoer, "We are pleased to announce that we are in the process of accelerating our work program at the project. A second diamond drill rig is currently being mobilised to the project as well as the additional accommodation units for the crews. This will allow us to build upon our existing mineral resource inventory. The second drill rig is scheduled to commence drilling at the Isthmus Region to further test the potential of high grade direct ship ore previously intersected in Hole ID15.

We have also commenced a scoping study review of the infrastructure and processing options for Irvine Island in conjunction with Calibre Projects to assist us in identifying and potentially fast tracking the preferred development options for the project. As part of that process, samples from our drill core are being selected and prepared for metallurgical test work. We expect the results from this program will provide us with further positive news".

For the complete Pluton Resources announcement including Yampi Member and Wonganin Sandstone Results, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/63475-ASX-PLV-339765.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