Pluton Resources Limited (ASX:PLV) Update on Irvine Island Isthmus Region Assay Results

Perth, Sep 5, 2011 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) have received additional assay results from the current Phase II diamond drilling program at the Isthmus Region on Irvine Island, Western Australia (E04/1172). Irvine Island is Pluton's flagship iron ore development project.

HIGHLIGHTS

- Significant assay results have been received from five of seven diamond drill holes collared in the Isthmus Region.

- The assay results indicate potential for an increased total iron grade in the western area of the Isthmus Region.

- The Isthmus Region currently estimated to have a total Inferred Mineral Resource of 17 Mt @ 32% total iron, reported in accordance with the JORC Code.

Isthmus Region Assay Results

The initial Phase II diamond drilling program has been completed at the Isthmus Region.

To date, a total of fifty-four (54) holes at twenty-one sites have been completed for a total advance of approximately 6,608 metres. Diamond drilling has been completed for resource definition, metallurgical test work, hydrological and environmental purposes at the Isthmus Region.

Significant assay results have been received from five of seven recently completed diamond drill holes.

Pluton Resources Managing Director, Tony Schoer said: "The latest assay results from the Isthmus Region provide further encouragement and indicate a positive impact on the overall total iron grade for the western area of the Isthmus deposit when the next Mineral Resource estimation is completed".

"From these results we hope to convert a significant proportion of the Inferred Mineral Resource to higher confidence Indicated Mineral Resource which will enable the Stage 1 Ore Reserve estimate previously defined at the Hardstaff Peninsula (ASX announcement June 6th, 2011) to be expanded to include the Indicated Mineral Resources defined at the Isthmus Region, thereby increasing the Ore Reserve base and mine life of the Project."

Detailed Analysis of Results

True thickness estimates have been included in the tables where possible for all holes based on the geological interpretation contained in the latest Inferred Mineral Resource estimate for the Isthmus Region.

In some cases, the true thickness is reported at a greater width than the mineralised iron ore intersection. This is a direct result of the diamond drill holes being collared internally to the iron ore horizon.

True thickness has only been reported for one interval in drill hole 11DDH084 (EOH 257.10m). The multiple intervals reported were intersected within the limb of a fold structure. The total true width of the fold structure is estimated to be forty metres. The high grade iron intersections are contained within the fold structure each of which is separated by lower grade iron mineralised intervals.

Two diamond drill holes (11DDH85 and 11DDH086) did not intersect significant zones of iron mineralisation greater than 40% iron across a minimum continuous interval of four metres.

Drill hole 11DDH087 was completed as a short depth, vertical environmental monitoring hole. The final drill hole depth for 11DDH087 was 40.2m.

For the complete Pluton Resources Limited announcement including tables and figures, please view:
http://media.abnnewswire.net/media/en/docs/ASX-PLV-360500.pdf

Contact

Mr. Tony Schoer Managing Director Pluton Resources Limited Mob: +61-411-232-711 Email: tschoer@plutonresources.com http://www.plutonresources.com