company say project will proceed, page-19

Share price is up 60% in a week, on big volumes...from that intra day low of 23 cents last Monday. However still more than half down from 76 cents....4 weeks ago.

Just looking at some old 2010 broker report for Pluton (google "broker reports Pluton 2010")...in actual fact, the NPV of $700m presented in the PFS, easly beat estimates from 2010...also the waste strip ration 1 to .7 was way below that of Intersuisse estimate, who suggested 3 to 1, ......(the low cost of mining and gross value of the company, are hugh BEATS).... but we know what happened to the share price since release of the PFS.

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News flow may be close, on more drill results, or even a Cockatoo Island deal...they had 2 rigs in operation and had flagged $5.5m worth of drilling for the June quarter. Basically anything we hear from the company.....could put an additional rocket under the share price, as maybe shareholders start to reconsider why they sold in the first place.

I agree look for news soon.

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Of interest, Pluton said in a old disclosure, that Cockatoo Island initially was a benefication operation. (same as that planned for their Irvine Island project)

Sure enough, I found this information, on a 2007 Cleveland Cliffs SEC filing. Portman undertook benefication at Cockatoo for about 12 years.....they started in 1993, well prior to the big China driven iron ore boom.

The attraction was the very high grade of iron ore.

Look for the stock to continue to move up, especially on news flow.

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Cockatoo Island

The Cockatoo Island operation is located six kilometers to the west of Yampi Peninsula, in the Buccaneer Archipelago, and 140 kilometers north of Derby in the West Kimberley region of Western Australia. The island has been mined for iron ore since 1951, with a break in operations between 1985 and 1993. Over the past five years, Cockatoo Island has produced between .3 million and 1.5 million tonnes annually at the 100 percent ownership level.

Portman commenced a beneficiation project in 1993 that was completed in mid-2000. Portman and HWE then formed a 50:50 joint venture to mine remnant iron ore deposits on mining tenements held by BHP and mined by BHP from 1951 to 1985. HWE?s interest in the operations was acquired out of receivership by Leighton in early 2006. Mining from this phase of the operation commenced in late 2000 and is expected to continue, based on current reserves, until late 2007. Studies are underway evaluating the technical and economic feasibility of developing a below-sea-level eastward resource extension of the Cockatoo deposit. Ore is hauled by haul truck to the stockpiles, crushed and screened and then transferred by conveyor to the shiploader.

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