Vancouver, BC - (MetalsNews.com, August 3, 2010) Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX-V: PLL.V) (Frankfurt: PV-1). Palladon provides an update on efforts by CML Metals Corporation ("CML") to restart mining and initiate shipping from the Iron Mountain project located near Cedar City, Utah.
Mining activities have resumed at Iron Mountain. To date, three trains have left Cedar City on the Union Pacific Railroad bound for the port of Richmond, California. CML has leased a fleet of modern bottom-dump rail cars that are well suited to handling its product. Ore is being received and accumulated at the Port of Richmond for the first ocean shipment, which is currently expected to occur by the end of August. Each ship will transport approximately 55,000 tonnes of iron ore.
"With each train shipment we make from the mine, the process improves, from load out, to train movements, to handling of the ore at the port" said Dale Gilbert, CEO of CML Metals.
Additionally, CML's laboratory in Cedar City has been reopened and re-staffed so that assays and ore can be analyzed in house with a quick turnaround. The laboratory processes blast-hole assays and also analyzes mined ore for shipment specifications.
While the Company is pleased that shipping of run-of-mine ore has begun, the longer term strategy calls for producing a concentrate product at the mine. CML continues with its efforts on the technical and financial fronts to advance this concentrate scenario.
Palladon also announces that its financial statements and related Management Discussion & Analysis for the quarter ended May 31, 2010 have been filed on SEDAR and posted on the Company's website.
We look forward to providing additional updates as further developments occur.
About Palladon Ventures Ltd.
Palladon Ventures Ltd. holds a significant minority interest in CML, which is focused on advancing the Iron Mountain project, an iron ore mine located west of Cedar City, Utah.
For Further Information Please Contact:
John W. Cutler
Palladon Ventures Ltd.
Disclaimer for Forward-Looking Information:
Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to the commencement of shipping under the offtake agreement with CKI and future anticipated shipping volumes thereunder, pricing for the run-of-mine iron and the potential construction and financing of a concentrate facility. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, and (7) inability to finance operations and growth, (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CML Metals Corp Iron Ore Update