The major terms of the agreement are as follows:

• Pluton will pay Gujarat $250,000 on the execution of a Farm-in and Joint Venture Agreement once approval has been given by shareholders.
• Pluton will be manager of the joint venture

Mr Arun Kumar Jagatramka, Chairman of Gujarat said, “This alliance will benefit both the companies as it would help pool its resources and expertise and at the same time greatly reduce exploration cost and later make commercial exploration ecconomical, thus adding value to the shareholders.”

Negotiations on the Native Title Agreement between the Company, Portman Iron Ore and the Kimberly Land Council have been on-going since the announcement of 2nd May 2007.

With the assistance of the Mayala People and the Kimberley Land Council, Pluton will be conducting heritage, flora and fauna studies on Irvine Island in the week commencing 24th June, 2007.

The Five Mile Rise drill hole is presently being logged, cut and will soon be sent for assay. Assay results will be reported in due course.

With the assistance of the Mayala people, Pluton will be conducting flora and fauna surveys over Irvine Island in late June 2007. An initial exploration reconnaissance visit by the company’s geologist will be conducted at the same time.

The Company made an announcement to the ASX on 17th April 2007 regarding the commencement of drilling on the Five Mile Rise goldfield located on the Dove River exploration licence in Tasmania (EL14/2006).

The first drill hole commenced on Monday 16th April in the vicinity of the Five Mile Rise goldfield. Drilling at this site will test for porphyry style mineralisation and indicative alteration in shallow covered Mt Read Volcanic rocks.

“Lead, zinc and silver veins are not uncommon in Tasmania. However, the addition of copper and gold and the coincidence with surrounding porphyry-like alteration and mineralisation is both unusual and highly prospective.” Dr Reed said.