Pluton Resources Limited - Entered Into Native Title Mining Agreement For Irvine Island Project

09:17 AEST Dec 23, 2010 ABN Newswire (C) 2004-2010 Asia Business News PL. All Rights Reserved.

Melbourne, Australia (ABN Newswire) - Pluton Resources Limited (ASX: PLV) is pleased to announce that it has entered into a legally binding agreement with the Mayala People for the development of Irvine Island. The agreement with the traditional owners is a significant milestone. Mayala People support the roject and agree to the grant of M04/452, the mining lease application that replaces the existing exploration licence. Pluton and the Mayala People will work together to develop the project, which will eliver significant benefits to the traditional owners.

The negotiations were conducted with a team of senior Mayala representatives elected by the Mayala community, with the agreement to be ratified at the next community meeting early in the new year. Pluton Managing Director, Tony Schoer said: 'This agreement builds on an excellent relationship between Pluton and the Mayala People who already have significant involvement in the project. It's a relationship which is based on mutual respect and trust.'

'Many of our employees working on the exploration program are Mayala People who have made an important contribution to Pluton's success. Going forward Mayala People have the opportunity to take advantage of significant employment and business development opportunities which will arise from the development of a mining operation on their country.'

'The partnership is strong and effective, making Irvine Island a blueprint for cooperative development in the mining industry and providing tangible and long-lasting benefits for the Mayala People. Pluton welcomes the ongoing partnership.'

Pluton would like to thank the Kimberley Land Council who represented Mayala People during negotiations. The KLC helped to deliver positive results and security for all parties.

Mayala representatives, Aubrey Tigan and Lorna Hudson OAM said; 'We have been involved with Pluton people now for over 3 years and have built a friendship based on mutual trust and respect. We are excited about the opportunities mining will bring for our people, and look forward to working with Pluton to bring the mine to reality.'

Pluton has identified a major resource with the potential to support a significant operation for more than 25 years. Pluton is well advanced with environmental and engineering studies. The project prefeasibility study is due for completion by the end of the 1st quarter in 2011.


About Pluton Resources Limited:

Pluton Resources Limited (ASX:PLV) is a mineral exploration company focusing on iron ore in the Kimberley region of Western Australia, with additional copper, gold and silver projects located in North Western Tasmania. The company was listed in 2006 and is based in Melbourne, Australia. Pluton Resources has proven to innovate and develop new technologies that would otherwise restrict other companies.



Contact:

Pluton Resources Limited
Mr. Tony Schoer
Managing Director and Chief Executive Officer
Mob: +61-0411-232-711
Email: tschoer@plutonresources.com
www.plutonresources.com