Ann: Pluton acquires additional 50% of Irvine Isl, page-52

re: Ann: Pluton acquires additional 50% of Ir... Hi beavau,

The Board believes that owning 100% of Irvine means we now have more options available to us than when we had 50%.

Of course I can't say too much however the fact that we made the announcement on the 18/6/09 regarding interested parties has not changed. We know that having 100% means we can still do something with interested parties, whilst still having a large slice of the tenement ourselves.

I saw someone say we only paid $35m for Cliffs share, what was missing was the NPV of the royalty stream. The amount paid was very fair to both parties.

cheers Tony.