Palladon Announces Progress Update for Iron Mountain Project
Market Wire, May, 2008
Palladon Ventures Ltd. (TSX VENTURE: 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.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.
Contacts: Palladon Ventures Ltd. Hamish Greig Vice President (604) 484-7088 (604) 484-7044 (FAX) Email: info@palladonventures.com Website: www.palladonventures.com Palladon Ventures Ltd. Frank Dolce Vice President (801) 521-5252 (801) 521-5454 (FAX) Email: frank.dolce@palladoniron.com Website: www.ironbullmining.com
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