Pluton Resources Limited Announce Ratification of Native Title Mining Agreement for Irvine Island Iron Ore Project

13:20 AEST June 28, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.

Melbourne, Australia (ABN Newswire) - Pluton Resources Limited (ASX: PLV) is pleased to announce that an agreement to develop Irvine Island in Western Australia has been ratified by the traditional owners, the Mayala People.

The legally binding native title agreement, reached with senior Mayala representatives in December 2010, was ratified at a community meeting of the traditional owners in Broome. Development of Irvine Island has been unanimously endorsed by other indigenous leaders from the region. The final agreement has now been executed.

Pluton will continue to work with the Mayala to develop the Irvine Island project, delivering significant benefits to the traditional owners. Pluton is the first mining company to have successfully reached agreement with the Mayala to develop Irvine Island.

Tony Schoer, Managing Director, Pluton said: 'The Irvine Island project will provide the Mayala and other regional indigenous groups with skills training, employment, a steady income stream and exciting new business opportunities. We are proud to be able to work with the Mayala to help build a sustainable economic future for the traditional owners of Irvine Island.

'Approximately half our exploration workers are Mayala employees. This agreement is testimony to the success of that project and the mutual trust and respect that has developed between the Pluton team and the Mayala People.

'We would also like to acknowledge the role the Kimberly Land Council and the Kimberly Regional Economic Development Corporation played in reaching this agreement.'

Mr Schoer said the agreement was another significant step forward for the project.

Irvine Island, part of the well-established Kimberly Iron Ore region, benefits from deep water access and close proximity to Asia. The island is free from the rail and infrastructure constraints that generally typify deposits within the Pilbara region.

In June 2011, Pluton completed an initial Pre-Feasibility Study (PFS) supporting the development of a significant and profitable project at Irvine Island producing a premium iron ore product for Asian markets.

With the native title agreement now in place, encouraging results from environmental studies, and based on the positive initial findings of the PFS, Pluton will now move forward with confidence to progress project approvals and to commence the Definitive Feasibility Study.


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:

Mr. Tony Schoer
Managing Director and Chief Executive Officer
Pluton Resources Limited
Mob: +61-411-232-711
Email: tschoer@plutonresources.com