Pluton Resources Limited (ASX:PLV) Moves Forward With Potential Cockatoo Island Acquisition

Perth, Dec 7, 2011 AEST (ABN Newswire) - Pluton Resources Limited ("Pluton") (ASX:PLV) are pleased to advise that after completion of due diligence the Company intends to advance forward with the potential Cockatoo Island acquisition.

On the 2nd September, 2011 Pluton announced that it had it has signed a legally binding term sheet with Cockatoo Mining, Cliffs Asia Pacific Iron Ore and HWE Cockatoo ("Joint Venturers") in relation to the acquisition of their beneficial interest in mining tenements and certain infrastructure owned by the Joint Venturers on Cockatoo Island located in the Kimberley Iron Ore Hub ("Potential Acquisition").

Following the completion of due diligence Pluton has advised the Joint Venturers that it intends to proceed to negotiate the key transactional document.

The potential acquisition is conditional on third party and regulatory consents. Pluton is currently seeking these consents and anticipates negotiations will be complete in January 2012.

It is expected Pluton will provide further information on the potential acquisition later this month.

Contact

Tony Schoer Managing Director Mob: +61-411-232-711