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Palladon Announces Progress Update For Iron Mountain Project
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Salt Lake City, UT, May 5, 2008. Palladon Ventures Ltd. (TSX.V: PLL)
(Frankfurt: PV-1) is pleased to announce the following progress update
for the Iron Mountain project near Cedar City, Utah.
Construction of the electrical power substation at Iron Mountain was
completed at the end of March, and was successfully tested to meet
warranted service requirements in early April 2008. Palladon commenced
work today on the power line connecting the substation to permanent
power on the Cedar City power grid, with completion expected by
mid-July. Connections and wiring to primary equipment, which includes
crushers, stackers and loading equipment, will take place over the next
three months as equipment is assembled.
Crushing and loading equipment is currently being assembled and will
require one month for installation. Delivery is expected in early June.
The old stacking assembly, previously used by Geneva Steel, is
scheduled for demolition and a new portable stacking system has been
ordered. The new stacker will allow maintenance of a well-blended
stockpile of 100,000 - 130,000 tons. The new stacking system requires
a very short installation time and is scheduled to be completed by
mid-June.
Refurbishment of the Company's 14.4-mile railway spur will take place
in several phases. The initial phase, required for start-up, will be to
replace a number of worn ties, particularly those that are on the
curves. Future refurbishment will replace all of the ties over a
3-year period. Phase 1 refurbishment will be completed within the next
3 months.
"We are aggressively attacking site mobilization, making it an exciting
time for Palladon and our shareholders. Our share of the capital costs
for operations startup are approximately USD$2.5 million, and we are
confident that our current cash position, augmented by the receipt of
proceeds from the exercise of warrants, will be sufficient to fund
those costs. Now that we are rapidly moving forward, updates will be
reported on a more regular basis." said Donald G. Foot, Jr., President
and CEO of Palladon Ventures Ltd.
On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President and Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company focused on
redeveloping the Iron Mountain project in Iron County, Utah. Palladon
also holds interests in gold exploration projects in Nevada, Utah and
Argentina.
For Further Information Please Contact:
Hamish Greig
Vice President
Palladon Ventures Ltd.
604-484-7088 Tel
604-484-7044 Fax
Email: info@palladonventures.com
Web: www.palladonventures.com
Frank Dolce
Vice President
Palladon Ventures Ltd.
801-521-5252 Tel
801-521-5454 Fax
frank.dolce@palladoniron.com
www.ironbullmining.com
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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