The Environmental Protection Agency has determined that the level of assessment for Pluton’s proposed exploration program on Irvine Island be “Not Assessed, Public Advice Given”.

Pluton Resources Limited (“Pluton”) (ASX:PLV) is pleased to announce that the exploration licence for Irvine Island (EL 04/1172-I) has now been issued.

The native title claimant group, the Mayala People, has approved the exploration program for Irvine Island. The approval is subject to three minor conditions that will not affect the exploration program.

Sixteen results for the Isthmus region range up to 67.6% Fe. Sampling tested prospective hematite-rich rock and less prospective hematite-bearing ‘waste’ rock over a distance of about 600m.

The article states that Pluton has organized a royalty agreement with the native title claimant group, the Mayala People, possibly around the $1 a tonne mark. This is incorrect. The Company, nor its joint venture partner, Portman Iron Ore Limited (ASX:PMM), has yet to negotiate a royalty agreement.

Pluton’s Managing Director, Tony Schoer said “This is an important day for our Company. We have now achieved two very pivotal milestones; those being the negotiation of a native title agreement and the granting of the exploration licence, in our quest to access the high grade iron ore deposits on Irvine Island”.

Pluton Resources advises that 1.5 million shares, owned by Gujarat NRE Coke Ltd., that were voluntarily escrowed prior to listing the Company’s shares on ASX have been released from escrow and were sold on market today to overseas institutional investors.