Pluton Resources Limited (ASX:PLV) Quarterly Activities Report Ended March 2010

Melbourne, April 27, 2010 AEST (ABN Newswire) - Pluton Resources Limited (ASX:PLV) releases its Quarterly Activities Report ended March 2010.

Irvine Island - Western Australia (E04/1172) - Pluton 100%

Drilling on the 8,000+ metre diamond hole program continued for the March quarter. For the quarter, and up until time of writing, seven holes have been completed and drilling of the eighth hole is close to completion. (See bottom of the release for the table summarising work program for the quarter.)

The rate of drilling has been pleasing given the program is operating during the wet season. Lost drilling time as a result of cyclone and storm activity has been as expected.

With the end of the wet season approaching, the rate of drilling is expected to increase.

A second LF70 series diamond core rig will be mobilised to Irvine Island during the dry season to further increase the rate of drilling.

Drilling at sites 4 and 5 are outside the envelope of the current JORC Inferred Resource of 54Mt from the Yampi Member alone. These holes are critical in meeting Pluton's targeted resource increase to >100Mt for Hardstaff Peninsula.

Assay results for hole ID12A (site 4) released to ASX on the 22nd April, and visual examination of the core from ID12B (site 4), ID6B (site 5) and ID6C (site 5) have provided management with great confidence that the <100Mt target will be met.

In addition, visual examination of the core from ID6B (as announced to ASX on the 16th April) confirms management's belief that the Yampi Member is thickening and grades are improving as we move west along Hardstaff Peninsula. Hole ID6B intersected 60 metres of iron mineralisation within the Yampi Member, with 24 metres appearing to contain higher grade ore that potentially may be suitable for direct shipping. Assay results for this hole are pending.

Upon receipt of assay results from holes ID12B, ID6B and ID6C, it is management's intention to calculate an updated JORC compliant resource. At this stage, and wholly dependant on the timely receipt of assay results, the resource model will be updated by the end of May 2010. Further updates to the resource model will be made as drilling progresses.

At time of writing, drilling on hole ID6A is within the Yampi Member. It is expected that the rig will be moved to site 6 over the next few days.

On the 5th February 2010, Pluton announced positive flotation test results from low-grade feed. Testing was performed by CSIRO's iron ore unit in Brisbane.

Flotation proved effective in rejecting silica in both the lower grade parts of the Yampi Member and the Wonganin Sandstones.

Flotation of material generated from the lower grade portions of the Yampi Member by magnetic separation produced a final concentrate assaying 66.24% iron (Fe) and 3.21% silica (SiO2), with an iron recovery of about 81%.

CSIRO tests on Wonganin Sandstone samples after magnetic separation produced a final concentrate assaying 65.62% iron (Fe) and 2.49% silica (SiO2), with an iron recovery of 83.7%.

Importantly, high grade concentrates were produced from the Wonganin Sandstones irrespective of initial feed grade.

Up until the receipt of the flotation test results, the Wonganin Sandstones were considered to be waste. However, based on magnetic separation and flotation test results, the sandstones are now considered to be a legitimate exploration target.

It is expected that a separate resource for the Wonganin Sandstones, in addition to the Yampi Member, will be calculated and declared as drilling continues. A resource from the sandstones will be over and above the targeted tonnage of >100Mt for Hardstaff Peninsula.

Pluton will benefit from processing tonnage previously thought to be overburden. This also means that the final stripping ratio decreases and hence adds further value to the Yampi Member.

Cethana - Tasmania (EL29/2006) - Pluton earning 60%

Pluton will be commencing a one to two diamond drill hole program (second hole dependant on visual results from the first hole) in the first week of May.

The program targets the large high-magnetic geophysical anomaly identified in March 2008.

Botanical clearance of the drill sites has been submitted to Mineral Resources Tasmania, and final approval for the work program is imminent.

A tracked diamond drill rig has been secured and will be mobilised early May with drilling to commence shortly thereafter.

Corporate Activity

Pluton management are currently assessing the most appropriate way to commercialise the patented Universal Drilling Platform (UDP).

Discussions have been held with various parties and there appears to be considerable interest in its potential. Discussions are on-going.

Funding

At the end of March 2010 Pluton had A$12.69 million cash on hand. In addition, a GST refund of A$1.3 million resulting from the purchase of the additional 50% of Irvine Island is due to be received in May.

Work program summary for the quarter.

------------------------------------------------------------Hole Number   Site Number   Metres Drilled      Status  ID33            2              160       Assays Announced  ID22B           3              360      No Mineralisation  ID22W           3              138         Water Bore  ID12A           4              313       Assays Announced  ID12B           4              310        Assays Pending  ID6B            5              247        Assays Pending  ID6C            5              283     Cutting in Progress  ID6A            5              275    Drilling in Progress  Total                         2,086------------------------------------------------------------

For the complete Pluton Resources Quarterly Report including figures, please view the following link:

http://www.abnnewswire.net/media/en/docs/62704-ASX-PLV-335458.pdf

Contact

Mr. Tony Schoer Managing Director and Chief Executive Officer Mob: +61-0411-232-711 Email: tschoer@plutonresources.com