chinese, page-5

Great work Tony, brilliant synergies


"Key to the selection of Timeone as a strategic investor in Pluton and joint venture partner for the project was the compelling combination of logistics and beneficiation expertise Timeone and Rizhao Port Group offer. They also offer strong financial backing, optimal location for beneficiation and strong relationships with end‐users in China."

"The results of initial beneficiation testing at our facilities in South‐East China indicate that a high quality
average 67.5% iron concentrate can be produced. We have strong expertise and experience in
management of logistics, which can help Pluton reduce capital and operating costs in these areas.
Meanwhile, we have a contractual relationship with the operator of the world?s largest iron ore import
port, Rizhao Port Group. They have committed to provide land access at the port to build beneficiation
plants and facilities to process the pre‐concentrate from this project."




Some more news soon as of Tranche 2 conditions


"The Tranche 2 investment is conditional upon execution of a conditional commercially sensitive off‐take agreement within 2 months of the date of signing the term sheet."

"Pluton and Timeone have agreed to use their best endeavours to finalise a Joint Venture Agreement to
support development of the Irvine Island project by 2nd January 2012, which is expected to include:

? Funding of the development capital for Irvine Island;
? An off‐take agreement; and
? Agreement for the production of a beneficiated product from a pre‐concentrate product to be mined and shipped from Irvine Island to the port of Rizhao China, including beneficiation and logistics."


Congratulations

CK