Iron ore projects in the Kimberley Region of Western Australia

• Pluton holds 100% of the mineral tenement on Irvine Island.
• The region includes existing mining and port infrastructure, including  operations on Cockatoo Island co-owned by  Cliffs in a joint venture with HWE Mining Pty ltd.
• The Tenements are strategically located for Chinese and Indian markets.
• Iron mineralisation on Irvine Island is exposed in two locations; Hardstaff Peninsula and the Isthmus region.
• Phase II drilling has identified an inferred resource of 294Mt.
• The ore has very low phosphorous, alumina and sulphur in the iron ore.
• CSIRO pilot scale test work has shown that magnetic seperation can produce a concentrate with an iron content of 65.62% Fe and 2.49% SiO2 with an iron recovery of 83.7% from Wonganin sandstones(ASX announcement, February 5, 2010).