Plutonic Gold Project - Inception to Operation

Plutonic Resources Limited (formerly known as Pioneer Mineral Exploration Limited) delineated, developed and operates the Plutonic Gold Mine located 180 kms northeast of Meekatharra, Western Australia. Gold mineralisation was discovered in the Marymia greenstone belt by Great Central Mines NL (GCM) in 1988. There was no previous, recorded gold mining activity in the area. In May 1989, Plutonic Resources Limited (PRL) entered into an agreement to acquire a 51 per cent interest in the three Mining Leases containing the Plutonic deposit from GCM. Subsequently in December 1989, PRL acquired the remaining 49 per cent interest in the Mining Leases. PRL and GCM are also involved in a 51:49 regional joint venture on extensive Exploration Licences in the vicinity of the Mining Leases. Following due diligence validation, reserve delineation and testwork, a feasibility study was undertaken in conjunction with JR Engineering Services, which led to the financing and development of the project for operation in August 1990.