Firstenergy Corp. (FE)

[mhlld]

Palladon Mobilizes Mining Contractor to Mine Comstock Iron Ore
Thursday July 14, 9:26 pm ET

BROOMFIELD, Colo.--(BUSINESS WIRE)--July 14, 2005--Palladon Ventures Ltd.(TSX VENTURE:PLL - News; "Palladon") is pleased to announce the selection of Gilbert Development Corp. "Gilbert", of Cedar City, Utah, to conduct contract mining at the Comstock Iron Mine in Iron County, Utah. Gilbert will mobilize immediately to commence first phase mining activities. Palladon plans to produce iron ore concentrate for sale to domestic and international customers.
Gilbert has been a mining contractor for over 30 years and has extensive expertise in crushing and magnetic separation. In 1983 the firm began contract mining for USX Corp. and Geneva Steel on the Comstock Iron Mine. Between 1983 and 1997 Gilbert moved over 50 million tons of iron ore and waste from the mine site. Following mobilization, Gilbert will commence mining high-grade zones of the pit in order to build stockpiles for further processing and shipment.

Don Foot, VP of Palladon Iron Corp., said, "Gilbert brings to Palladon intimate knowledge and experience in the Comstock Iron Project. Their extensive year-round experience in mining and loading at the site will provide great assistance in the resumption of mining activities and will enhance our ability to provide consistent product to the marketplace. Gilbert also holds the highest rating in safety from MSHA and OSHA, a point that is very important to Palladon."

Qualified Person and Quality Assurance and Control

Mr. Donald G. Foot, Jr., who holds a degree in Metallurgical Engineering from the University of Utah, has over 30 years of experience in mineral processing, beneficiation equipment design, marketing and sales, and executive management. He has acted as a qualified person as defined in National Instrument 43-101 for the purpose of the technical release of information contained herein relating to the Comstock Iron Project.

ON BEHALF OF THE BOARD OF DIRECTORS OF PALLADON VENTURES LTD.

George S. Young, President, Director

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.

Palladon Ventures Ltd. (TSX VENTURE:PLL - News)



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