project update asx release @ 9.10, page-3

From today's Australian....


"Our potential partners realise it was a stage-one valuation. They have not walked away," Mr Schoer said yesterday.

Mr Schoer will embark on a roadshow today to explain the study to investors. He said Pluton could shave up to $190m from the $700m development cost and reduce operating costs.

Pluton is in talks with potential partners for a 50-50 joint venture on fund development of Irvine.

Mr Schoer said an unnamed Japanese trading company that Pluton signed a memorandum of understanding with last year was doing due diligence on the pre-feasibility study, while talks were ongoing with five other interested partners.

In response to the study, Intersuisse cut its Pluton valuation from $2.82 to $1.44, while Austock cut its valuation from $1.33 to 68c.

Both kept a buy recommendation on the stock.


http://www.theaustralian.com.au/business/pluton-shares-savaged-after-iron-ore-project-costs-double/story-e6frg8zx-1226074522898



Cheers all