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Re: Press Release - Monday, January 12, 2009
Palladon Iron Corporation Leases an additional 1,184 Acres of
Mineral Rights
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Salt Lake City, Utah, January 12, 2008. Palladon Ventures Ltd.
("Palladon" or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) through
its subsidiary, Palladon Iron Corporation ("PIC"), acquired an
additional 1,184 acres of mineral rights in the central region of Iron
Mountain at its iron project, located approximately 20 miles west of
Cedar City in southwestern Utah. These rights were obtained from The
State of Utah School and Trust Lands Administration and include all the
rights to iron and other minerals. These properties were identified in
the recent and previous magnetic survey conducted in the Iron Mountain
district. The new property expands PIC's land position to approximately
9,700 acres of net mineral and surface acres of mining property.
The mineral lease has a primary term of 10 years and gives PIC
exclusive right to explore and mine iron and related minerals on state
land. These new properties will be included in the aeromagnetic
analysis, which is beginning this week. The analysis will help define
the exploration-drilling program which will be announced when plans are
complete.
"We continue to expand our land holdings in the Iron Mountain area to
be in a position to significantly increase our iron resources over both
the near and long-term," said Donald G. Foot, Jr., President and CEO of
Palladon Ventures Ltd.
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.ironbullmining.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) proposed exploration-drilling program; and (2) belief that the
business climate in Utah would allow for the successful development of
the resource. 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 and production, (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) 2009 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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