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Review of Projects 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.
PLV Price at posting:
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