SALT LAKE CITY, UTAH--(Marketwire - Feb. 4, 2009) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) is pleased to provide the following corporate update.
Palladon Ventures' wholly-owned subsidiary, Palladon Iron Corporation ("PIC"), continues to face hurdles in initiating shipments of its ore from the Port of Long Beach. Consequently, the company has been actively pursuing the feasibility of shipping from alternate ports on the west coast. Negotiations are ongoing with many service providers to finalize a viable total solution. Operationally, this effort remains the company's highest priority.
Despite the challenging commodities markets, PIC continues to receive positive indications regarding the desirability of its product as our Chinese buyers reiterate their desire for immediate delivery of our high-quality magnetite ore. PIC is making every effort to make this happen quickly and economically.
The Board of Directors of Palladon Ventures created an Executive Committee to formally assign resources of the board to assist management in dealing with the numerous initiatives being pursued by the Company. The Executive Committee is made up of Palladon CEO Don Foot, and two independent board members. Initially those independent board members are John Cutler and Robert Getz. The mandate from the full board is that the executive committee pool talent from the board and management to advance the Iron Mountain project to the shipping of iron ore as soon as possible.
The Board of Directors also directed the Finance Committee, with Robert Getz as its chairman, to take the lead on certain financial issues. Specifically, the board gave the finance committee a mandate to refinance the Company's existing indebtedness and to pursue any and all strategic alternatives and opportunities.
Members of the board and management are working diligently to resolve operational and financial issues in order to bring clarity to the future course of the Company.
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.
