100% of cockatoo!, page-9

We now have 100% of Cockatoo and the Koreans are the ones that are putting up some cash for us as well.

Below the announcement:

"28 December 2012

ASX Release

PLUTON TO RETAIN 100% OF COCKATOO ISLAND IRON ORE PROJECT

Perth 28th December, 2012: Pluton Resources Limited (ASX:PLV) (“Pluton”) advises the following:

Pluton has notified Wise Energy Group (WEG) of the termination of the Asset Sale Agreement relating to the sale of 50% of the Cockatoo Island iron ore project, as the conditions precedent to the completion of the agreement had not been satisfied by the required date.
The termination gives rise to the repayment of the A$3 million loan provided by WEG. Pluton has the cash available to make this repayment.
The Sales and Marketing Agreement between Pluton and WEG remains in force."

It appears that, as they (The Chinese), are failing once again to complete/meet their side of the bargain, Tony is now showing his teeth. And, thanks to the Koreans putting up that letter of credit for us, we now have the cash to proceed and pay WEG back for their loan.

Obvioulsy there is more than one party out there willing to buy our good and valuable Iron Ore.

Good on you Tony.

Good luck all.