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

Melbourne, Nov 3, 2010 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) has received final assay results from drill holes 10DDH021,10DDH022 and 10DDH023 from the current Phase II drilling program on Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

Summary

Yampi Member

- Vertical drill hole 10DDH021 intersects 10m @ 51.4% iron.

- Angled drill hole 10DDH022 intersects 4m @ 45.3% iron.

- Vertical drill hole 10DDH023 intersects 8m @ 52.4% iron Wonganin Sandstone

- Three intersections of 26m @ 23.7% iron, 13m @ 24.0% iron and 21m @ 23.0% iron intersected in drill hole 10DDH021.

- Two intersections of 28m @ 23.7% iron and 14m @ 27.7% iron intersected in drill hole 10DDH022.

- Two intersections of 12m @ 24.6% iron and 17m @ 25.4% iron intersected in drill hole 10DDH023.

Background

Phase II drilling on Irvine Island continues to intersect extensions to the iron mineralisation outside the latest Inferred Mineral Resource envelope containing 103 Mt @ 45% Fe for the Yampi Member and 349 Mt @ 21% Fe for the overlying Wonganin Sandstone (ASX announcement, 14th September 2010). Based on CSIRO testing the latest Inferred Mineral Resource would produce a concentrate of up to 150 Mt at > 66% Fe.

Phase II drilling has exceeded the initial target total of >100 Mt of product at Hardstaff Peninsula. Drilling at the Isthmus Region is designed to target a further 15 Mt to 30 Mt of predominantly Direct Shipping Ore.

Conclusion

Results from the Yampi Member in drill holes 10DDH021, 10DDH022 and 10DDH023 have returned significant iron grades in the northwestern area of the Hardstaff Peninsula. The results are considered positive as they demonstrate continuity of iron mineralisation in close proximity to drill hole ID-22B that did not intersect any significant iron mineralisation in the target Yampi Member.

Drilling on Irvine Island is continuing. Assay results are pending for Hardstaff Peninsula drill holes 10DDH025, 10DDH027 and 10DDH030. These holes are located in the northwestern area of the Hardstaff Peninsula and outside the latest Inferred Mineral Resource envelope.

In addition, a further announcement is expected to be made in November on assay results from drill hole 10DDH026 at the Isthmus Region, from which the first 60 metres contains iron mineralisation (ASX announcement September 6th, 2010).

Said Managing Director, Mr Tony Schoer, "It is encouraging to see iron intersections within the target Yampi Member continuing to the north and west and outside the existing resource envelope. These results will be incorporated into our next resource model update.

Drill hole 10DDH039 has just been completed in the southern area of Hardstaff Peninsula as a dedicated metallurgical hole that will provide larger diameter core for a further test work program to commence by the end of month.

The second drill rig continues to make steady progress at the Isthmus Region. We have now completed several holes for resource definition, metallurgical test work and environmental monitoring purposes with assay results from drill hole 10DDH026 pending."

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

http://www.abnnewswire.net/media/en/docs/64085-ASX-PLV-344992.pdf

Contact

Mr. Tony Schoer Managing Director Mob: +61-411-232-711 Email: tschoer@plutonresources.com