Managing Director Mr Tony Schoer said: “This new data confirms our expectations that iron mineralisation extends west and north of the current Inferred Resource on Irvine’s Hardstaff Peninsula, and that the Irvine Island Iron Ore Project is well placed to become a large scale, long life, mining operation”.

Pluton is currently in the process of raising capital to:

• settle the purchase of an additional 50% of Irvine Island;
• fund Phase II drilling on Irvine Island;
• fund the regulatory studies required to bring Irvine Island to the mining stage; and
• fund general working capital.

The upgrade is from 13Mt at 54.4% Fe at a cut off grade of 50% Fe (Inferred Resource) to 54Mt at 49% Fe (Inferred Resource) using a cut off grade of 30% Fe. This new Inferred Resource includes a high grade component of 25Mt at 55% Fe (Inferred Resource) using a cut off grade of 50% Fe.

Tests have now been completed on both hematite- and magnetite-rich feed material from Irvine Island. Pilot-scale Low Intensity Magnetic Separation (LIMS) followed by batch-scale Wet High Intensity Magnetic Separation (WHIMS) have produced iron concentrates from both the main iron mineralised Yampi Member on Irvine Island and overlying iron-bearing Wonganin Sandstones.

Mr Tony Schoer said: “We believe this transaction provides a win/win for both companies. Owning 100% of the Irvine project provides strategic options for Pluton to advance the project for the benefit of all stakeholders. We also welcome Cliffs as a major shareholder in our company”.