Pluton Resources Limited (ASX:PLV) Completes Conditional Commercially Sensitive Off-Take Agreement For Cockatoo Island Stage 4 Ore
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Perth, Australia (ABN Newswire) - Pluton Resources Limited (ASX:PLV) are pleased to advise that the company has entered into a conditional commercially sensitive off-take agreement with Timeone Holdings Limited relating to 100% of ore mined from Stage 4 of the Cockatoo Island Project. The ore to be sold under the off-take agreement is priced at full market value.
The off-take agreement was referred to in the Term Sheet announced on 4th August 2011 relating to 100% of ore mined from Stage 4 of the Cockatoo Island Project, and is conditional on Pluton completing the potential acquisition of Cockatoo Island iron ore assets, announced on 2nd September 2011.
As advised to the market on the 4th August 2011, a tranche 2 investment of A$5,504,688 for the issue of 15,506,164 shares in Pluton at 35.5 cents each was conditional on entering into a conditional commercially sensitive off-take agreement.
Under the terms of the Term Sheet, Pluton advise that the conditions in relation to the tranche 2 payment from Timeone Holdings Limited have been met, and that the payment has been received.
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.
Source:
Pluton Resources Limited
Contact:
Tony Schoer
Managing Director
Tel: 61-411-232-711
Pluton Resources Limited