BUY-IF GOOD NEW
Palladon Announces Annual General Meeting and Start-Up of Operations at Iron Mountain
9:06 PM ET, August 5, 2008
SALT LAKE CITY, UTAH, Aug 05, 2008 (MARKET WIRE via COMTEX) -- Palladon Ventures Ltd. ("Company") (PLL)(FRANKFURT: PV-1) is pleased to announce that it will hold its Annual General Meeting on Wednesday September 17th 2008, at 9:00 a.m. at the Company's corporate offices in Salt Lake City, Utah.
Palladon Iron Corporation ("Palladon Iron") has initiated operations at the Iron Mountain facility in Cedar City, Utah in anticipation of the first shipment of iron ore from the site during the third quarter of 2008. Palladon Iron's staff is now on-site at the Iron Bull Mining & Milling facility as work in all aspects of the operation moves forward.
Palladon's Iron's contract miner has installed the first crusher on-site which is in operation crushing ballast for the railroad refurbishment project. Not only was suitable ballast material found within the project area, eliminating the necessity of purchasing and delivering ballast from a third-party, it created a significant cost savings. An additional crusher, that will provide complete redundancy in crushing capability, will also be installed. Additionally, the stacker has been installed and is ready for connection to permanent power. With rock being crushed at the site, the substation gravel base is now complete and new roads are being graded and shaped with crushed fine material.
Palladon Iron Corporation (Iron Bull Mining & Milling) has received approval of the Amended Notice of Intention to Commence Large Mining Operations, from the Utah State Division of Oil, Gas and Mining, pending payment of a small additional reclamation bond. This approves the new dump designs and allows Palladon Iron to resume all mining activities.
Palladon Iron signed a contract with a rail contractor to replace 4,280 feet of 90-lb. rail with upgraded heavy duty 133-lb. rail and 5,400 ties on the existing 14.6 mile short-line from the mine load-out facility to the interchange tracks at Iron Springs. In this phase, about one-third of the ties will be replaced for added safety as loaded trains are moved down the two-percent grade track to the interchange. Two additional phases of refurbishment are planned that will replace 100% of the ties over the next two years.
Palladon Iron has formed Palladon Iron Corporation Railroad ("PICR") to act as the operating company over the shortline railroad. PICR is a wholly-owned subsidiary of Palladon Iron.
PICR and the Union Pacific Railroad ("UP") have signed a track lease contract for the "Comstock Subdivision" of the UP effective August 1, 2008. Through this agreement, PICR will be able to move all loaded and empty trains between the load-out facility at Iron Mountain, and the interchange tracks.
The Operating Agreement between the short-line operator and the PICR was signed August 1, 2008. This allows our shortline operator to move all rail cars on the tracks and to interface with the UP.
In order to keep our investors current with the rapid changes taking place at the Iron Mountain site, updates will be posted each Monday afternoon on www.ironbullmining.com. These will include pictures, progress reports and updated schedules.
"Things are moving ahead rapidly at the site as our mine office is fully functional and our contractors are diligently working to get the mine into operation and begin shipments," 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 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.
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.
