Technical Report, Iron Mountain Area, Utah

Palladon Ventures Ltd. June 18, 2008

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21.0 INTERPRETATION AND CONCLUSIONS

The Iron Mountain property contains of a large historic iron resource and land position that appear to represent an exceptional business opportunity for Palladon. Work performed by the author of this report and by Palladon personnel and Palladon contractors, in which the author was involved or is aware, reinforces that conclusion. Detailed examination of Property data by the author, including but not limited to drill hole and assay results, drill logs, drill hole location and geologic

maps and land and survey data, has convinced the author that the data are reliable and accurate as per the technology of the time The data from drilling conducted over the past several decades does demonstrate the existence of a number of iron-bearing replacement bodies flanking the Iron Mountain laccolith near the southwest end of the Iron Springs district. The Comstock/Mountain Lion and the Rex deposits together reportedly contain 114,097,000 metric tonnes of iron-bearing rock averaging 40.8 % Fe (historic resource estimate by Geneva and others as per Wendt, 2005). Although the author has not examined in any way the numerous stockpiles of iron-bearing

material, the stockpiles might possibly represent a significant, as yet not fully understood, potential iron resource. The author further concludes that Palladon continues to move forward with efforts to put the Comstock/Mountain Lion iron deposit into production. Palladon has selected Gilbert Development as the mining contractor, has secured a transportation contract with Union Pacific Railroad, has

secured a contract with the Port of Long Beach, California, and has entered into a five-year sales agreement with China Kingdom International Minerals & Metals (CKI). Dawson Metallurgical

Labs has performed definitive laboratory tests on several iron samples and has completed the initial test work. Power has also been secured and a substation has been installed, grounded and charged to run the plant. Adequate water for production is in place through purchase of water rights in the Asset Purchase Agreement. The Property’s fee land and water rights may have real estate and other value which is an

additional asset for Palladon and which could be realized now or in the future.