Pluton Resources Limited is an ASX listed company

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Pluton Resources Limited is an ASX listed company (ASXLV), established in 2006 having assembled a diversified portfolio of exploration tenements in Western Australia and Tasmania. Pluton’s aim is to create shareholder value by acquiring projects that have had some exploration and/or mining history, developing them and taking them through to production either independently or with a high quality end user or Joint Venture partner.

The Company’s current interests focus on Cockatoo Island and Irvine Island – two of the three islands that make up the Kimberley Iron Ore Hub (“KIOH”) in Yampi Sound, Western Australia as well as four tenements in Collier Bay. The three islands share the same ore body with the KIOH being a centre of mining for more than 60 years (BHP Billiton commenced production at Cockatoo Island in 1951) and is the location of the first iron ore exports from Australia in the 1950s. Cockatoo Island has historically produced Direct Shipping Ore (DSO), with average grade above 63% over the last 3 years with ultra low levels of Phosphorus, Aluminaand Sulphur.

The high grades, low impurities, existing infrastructure, ready access to seaways and being one of the closest sources of mined iron ore in Australia to China makes the KIOH very attractive for further exploration and increased production.

Pluton’s ambition for Cockatoo Island is to expand the production capability through further drilling of the subsea seawall hematite ore body to ensure a long term consistent supply of the high grade, low impurity iron ore whilst continuing to reduce production costs and remain one of the lowest cost producers compared to other Australian iron ore producers.

The exploration program at Cockatoo Island will recommence in Q4 2013. Pluton will undertake technical studies to assess the potential of further seawall expansions from the existing Stage 1 to Stage 4 mined areas. Preliminary scoping study designs for the construction of an extended seawall may allow access to further high grade ore beneath previous mine stages, utilising current open cut mining methods. The area has been estimated by Pluton to contain a conceptual exploration target of 15-20 million tonnes1 in the grade range of 65-69% Fe1.

In addition to the potential open pit expansion, the Cockatoo Island Underground Mining Concept Study contains a conceptual exploration target2 of 60-120 million tonnes in the grade range of 65-69% Fe. The concept study results have warranted a more detailed assessment of the viability and different options for underground mining at Cockatoo Island2.

The Pre-Feasibility Study at Irvine Island has been completed. Results show a mine life of ~21 years; low strip ratio of 0.4 to 1; a pre-concentrate 3mm product of >40% Fe with final beneficiation to a high quality concentrate of 67.5% Fe. We expect production of 141 million tonnes of pre-concentrate for a final product of 71 million tonnes.

With deep water access adjacent to the island suitable for Cape size vessels and no requirement for rail infrastructure, we are extremely positive on the long term prospects for the Irvine Island project.

The environment is a key consideration for Pluton and the Company has won national and international recognition for its innovative new strategies for minimising the environmental impact during exploration. We take a partnership approach to development with the traditional owners of Cockatoo and Irvine Islands. Signed exploration and mining agreements are in place with the Malaya people, who also have an equity stake in the business allowing all parties to participate in Pluton’s success going forward. All environmental studies and other regulatory requirements are well advanced.

Pluton has an experienced Board led by Mr Richard Mehan. Mr Mehan has 30 years’ experience in the bulk resources sector, the majority within senior roles in the iron ore industry. He spent 15 years with Rio Tinto Iron Ore in a range of commercial roles including sales and marketing, business analysis and development and bulk shipping.  In 1998, Mr Mehan joined Portman Ltd as General Manager Iron Ore, and subsequently held the positions of General Manager Marketing, Chief Operating Officer and finally Managing Director as the company grew substantially in production and sales of traded iron ore.  In  2005, Cliffs  Natural  Resources  took  control  of  Portman  Ltd  and  in  2007, Mr Mehan was appointed President and CEO of Cliffs Asia Pacific with regional responsibility for iron ore, coal, business development and global exploration. More recently, Mr. Mehan was Managing Director and CEO of Jupiter Mines Limited and CEO and Managing Director of Grange Resources Limited.  Mr. Mehan is  also  a  director  and  deputy  president  of  the  Industrial  Foundation  for Accident Protection (IFAP).

The Board also includes Brett Clark, Managing Director and Chief Executive Officer, joined Pluton Resources in February 2012, and has over 20 years experience in the resources sector in operations, mergers and acqusitions, project implementation and debt/ equity funding.  Non-executive director Russell Williams is the former Alcoa Mining Division Chief Operating Officer.

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