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Message: Leases an Additional 1,184 Acres of Mineral Rights
| January 12, 2009 |
| Palladon Iron Corporation Leases an Additional 1,184 Acres of Mineral Rights |
| SALT LAKE CITY, UTAH--(Marketwire - Jan. 12, 2009) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) through its subsidiary, Palladon Iron Corporation ("PIC"), acquired an additional 1,184 acres of mineral rights in the central region of Iron Mountain at its iron project, located approximately 20 miles west of Cedar City in southwestern Utah. These rights were obtained from The State of Utah School and Trust Lands Administration and include all the rights to iron and other minerals. These properties were identified in the recent and previous magnetic survey conducted in the Iron Mountain district. The new property expands PIC's land position to approximately 9,700 acres of net mineral and surface acres of mining property. The mineral lease has a primary term of 10 years and gives PIC exclusive right to explore and mine iron and related minerals on state land. These new properties will be included in the aeromagnetic analysis, which is beginning this week. The analysis will help define the exploration-drilling program which will be announced when plans are complete. "We continue to expand our land holdings in the Iron Mountain area to be in a position to significantly increase our iron resources over both the near and long-term," said Donald G. Foot, Jr., President and CEO of Palladon Ventures Ltd. On Behalf of the Board of Directors, Donald G. Foot, Jr., President & 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. |
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