Pluton Resources Limited (ASX:PLV) Received Assay Results For The Isthmus Region And Hardstaff Peninsula, Irvine Island

Melbourne, Feb 18, 2011 AEST (ABN Newswire) - Pluton Resources Limited ("Pluton") (ASX:PLV) have received additional final assay results from the current Phase II drilling program at the Isthmus Region and the Hardstaff Peninsula, Irvine Island, Western Australia (E04/1172).

HIGHLIGHTS

Isthmus Region

- Three significant hematite iron intervals intersected within the target Yampi Member in vertical drill holes 10DDH042 and 10DDH047 commencing from near surface.

- Drill hole 10DDH042 intersects 6m @ 60.1% Fe from 3m depth, drill hole 10DDH047 intersects 6.2m @ 61.5% Fe from surface and 15.8m @ 50.6% Fe from 6.2m to 22.0m down hole.

- All impurities apart from silica remain universally low.

Hardstaff Peninsula

- Four significant iron intervals intersected within the Yampi Member in vertical drill holes 10DDH041, 10DDH045 and 10DDH048.

- Drill hole 10DDH041 intersects 12m @ 41.6% Fe, drill hole 10DDH045 intersects 9m @ 46.5% Fe, drill hole 10DDH048 intersects 4m @ 58.5% Fe and 6m @ 60.9% Fe.

- Three significant iron intervals intersected within the Wonganin Sandstone in vertical drill holes 10DDH041, 10DDH045 and 10DDH048.

- Drill hole 10DDH041 intersects 44m @ 25.0% Fe including 14m @ 30.9% Fe, drill hole 10DDH045 intersects 60m @ 23.4% Fe, drill hole 10DDH048 intersects 23m @ 26.6% Fe including 8m @ 35.8% Fe.

Ongoing Exploration

Isthmus Region

The Phase II drilling program at the Isthmus Region continues to progress steadily since mobilsation of the first diamond drill rig to the area in late August 2010 (ASX announcement, August 23rd, 2010). Diamond drilling is being completed for resource definition, metallurgical test work, hydrological and environmental purposes at the Isthmus Region.

Final assay results from vertical drill holes 10DDH042 and 10DDH047 drilled at the Isthmus Region are summarised in the following table (see link at the bottom of the release).

The second diamond drill rig that was previously drilling at the Hardstaff Peninsula has been mobilised to the western area of the Isthmus Region to accelerate the Phase II drilling program. Drilling is currently underway in both the eastern and western areas of the Isthmus Region.

Hardstaff Peninsula

The Phase II drilling program at the Hardstaff Peninsula has been temporarily suspended following the mobilisation of the diamond drill rig across to the Isthmus Region to accelerate the Phase II drilling program. Diamond drilling has been completed for resource definition, metallurgical test work, hydrological and environmental purposes at the Hardstaff Peninsula.

Final assay results have been received from three diamond drill holes at the Hardstaff Peninsula and are summarised in the following tables (see link at the bottom of the release).

Comments

Managing Director Tony Schoer said: "We continue to make steady progress with our work programs at the Irvine Island Project and are pleased with the assay results of our latest intersections from both the Hardstaff Peninsula and Isthmus Region.

It is particularly encouraging that we continue to intersect iron grades in the vicinity of 60% Fe located near surface in our drill holes at the Isthmus Region. These results continue to confirm our belief that we expect to be able to produce a readily marketable product from the area with the only impurity of any significance being silica.

We have also submitted a large number of composite drill core samples from the Yampi Member at the Hardstaff Peninsula for Davis Tube Recovery (DTR) including assaying of the resultant concentrate by XRF analytical methods. These results will not only provide more detailed information regarding the quality of the concentrate that may be produced from the area but also enable us to have the data included in our next resource model update. We are expecting to start receiving the first set of results in the near future".

For the complete Pluton Resources Limited announcement including tables, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/65253-ASX-PLV-350358.pdf

Contact

Mr. Tony Schoer Managing Director and Chief Executive Officer Mob: +61-411-232-711 Email: tschoer@plutonresources.com http://www.plutonresources.com