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Re: Press Release - Tuesday, December 30, 2008
Palladon Contracts with Geophysicist To Better Define Additional
Iron Resource
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Salt Lake City, Utah, December 30, 2008. Palladon Ventures Ltd.
("Palladon" or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) through
its subsidiary, Palladon Iron Corporation ("PIC") is pleased to
announce that it is contracting with a geophysicist to model high
resolution aeromagnetic data acquired during the recent airborne
magnetic survey. The survey was conducted this fall over an area of
approximately 24 square miles at Palladon's Iron Mountain property in
southern Utah. The data defined several pronounced, high relief
magnetic anomalies, which led to the acquisition of new property that
was recently announced by the Company. Preliminary 3-D modeling by the
geological staff has produced a magnetic relief model of the entire
Iron Mountain district, but more detailed modeling will be required to
better define the total size of the resource.
Phase 1 of the modeling project will estimate the total iron resource
of the Iron Mountain district at various cut-off grades. This estimate
will be based on data acquired by the survey that was flown on a 200 x
200-meter grid over the entire district. All the deposits in the Iron
Mountain district are primarily magnetite in composition and each
produces a highly anomalous magnetic response based on the thickness
and grade of the magnetite in the deposit. Based on historic drill hole
data, known iron deposits range from 60 to 1,000 feet thick.
Phase 2 of the modeling project will compare data for known iron
deposits with magnetic anomalies yet to be explored. The aeromagnetic
data for the known deposits will be factored by an extensive drill hole
database on which historic resource estimates are based. The
geological staff will utilize the results of the modeling project to
formulate drill plans that will better define the iron resources. This
will allow us to upgrade the historic resources into reserves and make
the entire project NI43-101 compliant.
"There is significant upside potential for iron resources in the Iron
Mountain district," stated Rick H. Russell, Chief Geologist for
Palladon Iron. "This modeling project is the next step in the
development of additional iron resources for the Company."
On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President & Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company focused on building
production facilities at the Comstock/Mountain Lion iron mine in Iron
County, Utah. Palladon also holds gold exploration projects in Nevada,
Utah and
Argentina.
For Further Information Please Contact:
Donald G. Foot Jr.
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com; www.irobullmining.com
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements,
which reflect the expectations of management regarding the Company's:
(1) need to conduct more detailed modeling to better define the total
size of the resource; (2) ability to conduct Phase 1 of the modeling
project; (3) ability to conduct Phase 2 of the modeling project; (4)
ability to explore magnetic anomalies; (5) geological staff utilizing
the results of the modeling project to formulate drill plans and
upgrade the historic reserves. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such statements are subject to risks and uncertainties that may
cause actual results, performance or developments to differ materially
from those contained in the statements. No assurance can be given that
any of the events anticipated by the forward-looking statements will
occur or, if they do occur, what benefits the Company will obtain from
them. These forward-looking statements reflect management's current
views and are based on certain expectations, estimates and assumptions
which may prove to be incorrect. A number of risks and uncertainties
could cause our actual results to differ materially from those
expressed or implied by the forward-looking statements, including: (1)
a downturn in general economic conditions in North America and
internationally, (2) the inherent uncertainties and speculative nature
associated with mineral exploration, (3) a decreased demand for
minerals, (4) any number of events or causes which may delay or cease
exploration and development of the Company's property interests, such
as environmental liabilities, weather, mechanical failures, safety
concerns and labour problems; (5) the risk that the Company does not
execute its business plan, (6) inability to retain key employees, (7)
inability to finance operations and growth, (8) other factors beyond
the Company's control. These forward-looking statements are made as of
the date of this news release and, except as required by law, the
Company assumes no obligation to update these forward-looking
statements, or to update the reasons why actual results differed from
those projected in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of the contents hereof.
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Copyright (c) 2008 PALLADON VENTURES LTD. (PLL) All rights reserved.
For more information visit our website at
http://www.palladonventures.com/ or send
mailto:info@palladonventures.com
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