Pluton Resources Limited: Irvine Island Assay Update for Hardstaff and Isthmus Regions

Sydney, Australia - The Directors of Pluton Resources Limited (ASX:PLV) have received final assay results from the Phase II diamond drilling program at the Hardstaff Peninsula and Isthmus Region on Irvine Island, Western Australia (E04/1172). Irvine Island is Pluton's flagship iron ore development project.


HIGHLIGHTS

- Significant assay results received from the Hardstaff Peninsula in drill holes 11DDH111 and 11DDH115.

- Drill hole 11DDH111 intersects 17.1m @ 49.1% iron from 190.0 m to 207.1 m in the target Yampi Member. Drill hole 11DDH115 intersects 42.1m @ 46.4% iron from 210.9 m to 253.0 m in the target Yampi Member.

- Multiple intersections averaging greater than 21% iron interested in the overlaying Wonganin Sandstone in both drill holes.

- Significant assay results received in Isthmus Region drill hole 11DDH119.

- Drill hole 11DDH119 intersects 7.0m @ 50.8% iron from 23.3 m to 30.0 m and 13.6 m @ 42.1% iron from 84.4 m to 98.0 m in the target Yampi Member. Three drill holes have previously been completed from this site.

COMMENTS
Pluton Resources Managing Director, Tony Schoer said: 'The two diamond holes completed at the Hardstaff Peninsula are significant in that they continue to demonstrate continuity and grade of iron mineralisation developed in this region'.

'Whilst the results for drill hole 11DDH111 were included in our latest Mineral Resource estimation released to the ASX on 8th November 2011, the Yampi Member results in 11DDH115 were not included as they were received after the cut-off date for the estimation. This information will now be included as part of our next Ore Reserve update for the Project'.

'In addition, the assay results from hole 11DDH119 drilled for hydrological purposes at the Isthmus Region is considered significant as it provides additional assay data that will be included in our next resource estimation for the area'.

Hardstaff Peninsula
Drilling has been completed at two additional drill sites at the Hardstaff Peninsula (Figure 1). One combined purpose angled resource definition/geotechnical drill hole, (11DDH111) was completed at drill site Y2-9. One vertical combined purpose resource definition and hydrological monitoring hole (11DDH115) was completed at site Y2-11. Vertical environmental monitoring drill holes (11DDH112 and 11DDH1116) were also completed at each site. Drill core from the environmental monitoring holes was not submitted for assay.

Isthmus Region
One combined purpose vertical resource definition/hydrological drill hole, (11DDH119) was completed at drill site K at the Isthmus Region (Figure 2). Three diamond drill holes have been completed at this drill site (11DDH081 to 11DDH083) and reported previously (ASX announcement 27th July 2011).

An additional vertical hole was completed at this site to enable hydrological monitoring equipment to be installed down hole for sub-surface groundwater modeling. The drill core from this hole was also assayed to provide additional information for inclusion in the current Isthmus Region resource estimation.

For the full release including results data, please view:
http://media.abnnewswire.net/media/en/docs/ASX-PLV-368218.pdf


About Pluton Resources Limited:

Pluton Resources Limited (ASX:PLV) is listed on the Australian Stock Exchange (ASX Code 'PLV'). Pluton has assembled a diversified portfolio of interests in tenements in Western Australia and Tasmania. Tenements in Western Australia are 100% owned by Pluton, which includes the Irvine Island iron ore project. Tenements located in Tasmania are prospective for high grade or bulk tonnage copper, gold and silver. Further details can be found at www.plutonresources.com



Contact:

Pluton Resources Limited
T: +61-3-9867-8283
F: +61-3-9867-8587
www.plutonresources.com