Iron Mountain Mine Readies for Q3 Startup

July 24, 2008

July 24th (Mainstreet Business Journal) – Palladon Iron Corporation has signed a five-year contract with Gilbert Development Corp. to be the company’s contract miner on the Iron Mountain project near Cedar City.

Gilbert will perform all mining duties at the site. Palladon personnel will oversee Gilbert’s operations and will conduct all operations for the mix of ores to be hauled to the stockpile, survey primary elevations of the benches, toe and crest limits for the mining pit, and percentage grade on all roads, based on permitting requirements.

Start of operations is expected in the third quarter of 2008. Final construction of facilities and pre-production activities at the site are currently underway.

Palladon has acquired 100 percent of the project and has in place financing more than adequate to fund all capital and operating costs to commence production of run-of-mine ore to fulfill Palladon’s contract to deliver iron ore to China Kingdom International.

Palladon Iron has signed a contract with GSL Electric to provide secondary power at the site. All power poles, wire and switches for the 138kVA line are installed and ready for power. Power should be operational by August 1, 2008.

“This has been a very exciting last few months with the signing of the long-term contract with CKI and buying out Luxor Capital Group’s stake in the iron mine. Palladon now controls the entire project, has sufficient working capital, and is at a tremendous pace to begin shipping by Q3 of this year,” said Donald G. Foot Jr., president and CEO of Palladon Ventures, Ltd.

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