Pluton confirm receipt of positive results from flotation testing iron mineralisation from Irvine Island, Western Australia (E04/1172). Flotation test work was principally aimed at improving iron grades and recoveries from processing overburden sitting above the main iron mineralised Yampi Member. They indicate that flotation can reduce silica levels and increase iron grade using feed from either the Wonganin Sandstone or Yampi Member.

• Phase II drilling has started.

• Recent capital raising highly successful with both the placement and share purchase plan (SPP) heavily oversubscribed.
• A$23.3 million raised (before costs).
• Pluton now has 100% ownership of Irvine Island project.
• About to commence an 8000m core drilling program, targeting up to 130 million tonnes of iron ore.
• Test work on iron ore on track for completion before Christmas.

Research note prepared by Austock Securities.

• 12 month target valuation of PLV stock estimated at $0.86 
• Fully risked.
• Valuation based mainly on Inferred resource on Hardstaff Peninsula.
• Little value currently placed on iron ore exposed at the Isthmus Region.

• The SPP closed on 20th November 2009 and was significantly oversubscribed.
• The SPP offer was for the issue of shares at 40c per share up to a maximum of $15,000 per registered shareholder at the record date of 5pm on Friday 23rd October 2009.
• The Company advises that it is currently in the process of scaling back the applications.

• Issue of new shares in Pluton Resources Ltd
• Application for quotation of the new shares on the Australian Stock Exchange (ASX)

• The directors of Pluton are pleased to advise that the Company has completed purchase of the additional 50% interest in the Irvine Island iron ore project
• Pluton now owns 100% of the project
• Pluton welcomes Cliffs Asia Pacific Iron Ore Pty. Ltd. onto the register as the largest shareholder

• Top 20 shareholders following Pluton capital-raising