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EXECUTION OF ASSET SALE AGREEMENT – COCKATOO ISLAND
Pluton Resources announce the execution of an Asset Sale Agreement with the current owners of Cockatoo Island, being Cockatoo Mining, Cliffs Asia Pacific Iron Ore Pty Ltd and HWE Cockatoo Pty Ltd, for the acquisition of 100% of the iron ore assets on Cockatoo Island, Western Australia. Cockatoo Island is part of a group of islands making up the Kimberley Iron Ore hub and includes Koolan Island and Irvine Island, the site of Pluton’s flagship iron ore project.
Completion of the acquisition is subject to regulatory approval and third party consents which are expected to be received before 31 August 2012.
IRVINE ISLAND
Mining Lease
The Company has been granted a mining lease over Irvine Island. The lease (M04/452) replaces exploration licence E04/1172. The issue of the mining lease is a significant step forward in the approvals process towards commercialisation of Irvine.
Environmental and Community
Work continued during the quarter on environmental surveys and data collection for inclusion in the Public Environmental Review (PER) document.
During the quarter Pluton commenced a Social Impact Study (SIS) on what effect mining Irvine Island will have on the Mayala People and other local indigenous groups. The study is an important input into the Ministerial approvals process.
Pluton has continued providing support for the Mayala People in various training courses, and has been successful in placing Mayala employees into local apprenticeships to gain experience for the commencement of development, construction and mining.
Exploration
The exploration program on Irvine has concluded. Skeleton staff remains on the island to assist in environmental surveys.
