Following the recent resource upgrade and positive beneficiation test results we have reinitiated coverage of Pluton Resources (ASX:PLV). We rate PLV a Speculative Buy with a target of A$0.76/share - based on our risked DCF valuation.
Pluton Resources Limited (ASX:PLV) resource upgrade during the quarter was better than expected and significantly reduces the resource risk at the Irvine Island project. The current resource is sufficient to produce approximately 108mt of beneficiated product at 66%Fe and 2.5% SiO2, with the Company targeting ~200mt of product by the end of the drilling program.
Pluton Resources Limited ("Pluton") (ASX:PLV) is pleased to announce that it has commenced diamond drilling at the Isthmus Region on Irvine Island, Western Australia (E04/1172).
Hosted by the China Ministry of Land & Resources and the Tianjin Municipal Government, the 12th annual China Mining Congress & Expo 2010 will be held at the Tianjin Meijiang Convention and Exhibition Center from November 16 through 18, 2010. The theme of this year's Congress & Expo is: The World and China in Mining Consolidation: Co-operation, Responsibility and Development.
The Australian share market opened lower after receiving negative leads from overseas over the weekend. Last week, Wall Street fell for four consecutive days and most metals and oil prices were lower.
Baobab Resources plc (LON:BAO), the iron ore, base and precious metals explorer with a portfolio of mineral projects in Mozambique, is pleased to present an update on the exploration activities currently underway at the Tete iron/vanadium/titanium project.
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).
