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Irvine Island – Western Australia
Pluton has the opportunity to earn a 50% equity
in the Irvine Island exploration licence application
held by Portman Iron Ore Limited, a subsidiary of
Portman Limited (ASX: PMM). Irvine Island hosts a
continuation of the high grade, low impurity, iron ore
body that is currently being mined at nearby Koolan
and C*ckatoo Islands.
Significant progress has been made on the Irvine Island
iron ore project. In June Pluton successfully finalised the
negotiations of a Native Title, Heritage Protection and
Mineral Exploration Agreement with the registered native
title claimant group, the Mayala People. This Agreement
paves the way for the issue of the exploration licence,
where Pluton will spend the first $500,000 on
exploration to earn a 50% equity share in the project.
A visit was made to Irvine Island in June 2007 by Pluton
management, consultants and representatives from
the Kimberley Land Council and the Mayala People.
The purpose of the visit was to conduct high level flora,
fauna and heritage studies and to select drill sites for
the upcoming exploration program. Pluton management
believes that Irvine Island hosts commercial grades and
quantities of iron ore.
A second visit will be made to the island in September
to finalise drill site selection of up to 32 drill holes, and
finalise flora and heritage clearance for these sites.
Upon issue of the exploration licence Pluton will be
submitting a work program to its joint venture partner
and regulatory authorities for approval. Drilling will
commence as soon practicable once approvals have
been granted.
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