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

Melbourne, Aug 12, 2010 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) has received final assay results from vertical drill hole 10DDH020 from the current Phase II drilling program on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

Summary

- Vertical drill hole 10DDH020 intersects 17m @ 52.4% Fe in the Yampi Member.

- Two intersections of 36m @ 24.1% Fe and 17m @ 26.2% Fe (including 8m @ 31.5% Fe) are returned from the overlying Wonganin Sandstone in drill hole 10DDH020.

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.

Conclusion

Results from the Yampi Member in drill hole 10DDH020 returned iron grades greater than 50% Fe across a significant width intersection. The results continue to demonstrate increased thickness of iron mineralisation being developed along the western side of Hardstaff Peninsula.

Drilling on Irvine Island is continuing. Assay results are pending for 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.

Said Managing Director, Mr Tony Schoer, "We are also pleased to announce that the additional accommodation units are now being installed at the project site and the second drill rig is scheduled to arrive next week. Drill site preparations are currently underway at the Isthmus Region where we will commence drilling operations with the second rig to undertake further testing of the potential of high grade direct ship ore previously intersected in ID15".

For the full Pluton Resources announcement including Results on the Yampi Member and Wonganin Sandstone, please refer to the following link below:
http://www.abnnewswire.net/media/en/docs/63512-ASX-PLV-340113.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