Pluton Resources Limited (ASX:PLV) Completes Conditional Commercially Sensitive Off-Take Agreement For Cockatoo Island Stage 4 Ore

Perth, Oct 6, 2011 AEST (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.

Contact

Tony Schoer Managing Director Tel: +61-411-232-711 Pluton Resources Limited