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Re: Press Releases - Tuesday, November 18, 2008
Palladon Iron Corporation Acquires additional 2,000 Acres of
Mineral Property at Iron Mountain, Utah
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Salt Lake City, Utah, November 18, 2008. Palladon Ventures Ltd.
("Palladon" or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) through
its subsidiary, Palladon Iron Corporation ("PIC"), acquired an
additional 2,200 acres of mineral rights on the north side of Iron
Mountain at its iron project, located approximately 20 miles west of
Cedar City in southwestern Utah. PIC staked 111 lode mining claims to
cover a series of magnetic anomalies defined by a recently completed
aerial magnetic survey contracted by the Company. These new claims
expand PIC's property position by over 30% to over 8,500 net mineral
and surface acres of mining property.
All the iron deposits in the Iron Mountain area contain magnetite, an
ore mineral of iron that produces a significant magnetic response if
that mineral is concentrated in sufficient quantities. Palladon
contracted an airborne magnetic survey to be flown over Iron Mountain
to measure the magnetic response of the known iron deposits and to
indicate additional areas where iron deposits might be present.
Although the results of that survey are still being evaluated, PIC
decided the results of the survey warranted staking the new lode
claims. An exploration drilling program is in the planning stage and
will be announced when plans are complete.
"We are excited about what our initial interpretation of the magnetic
survey tells us. We feel the ground we just acquired has potential,
but we won't know the full potential of this area until we have the
opportunity to drill it," 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
WARNING: This news release may contain forward-looking statements
including but not limited to comments regarding the timing and content
of up-coming work programs, permitting processes, the first shipment of
iron ore from the site, potential mineral recovery processes, etc.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements.
Palladon Ventures Ltd. relies upon litigation protection for
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
Message sent on Tue Nov 18, 2008 at 10:13:32 AM Pacific Time
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