SALT LAKE CITY, UTAH -- (Marketwire) -- 03/31/09 -- Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL)(FRANKFURT: PV-1) would like to clarify the press release dated March 27, 2009 to explain that the quantities and grades disclosed are not a resource estimate and that they represent a target. The March 27, 2009 press release is repeated in its entirety below. Additional clarifying language is marked with (i).
Palladon, through its wholly-owned subsidiary, Palladon Iron Corporation, announces operational and resource updates.
Palladon has been committed and has worked diligently to effect the shipment of ROM ore. We have benefited from untiring support from our partners both in China and domestically to make this happen and for that we are truly grateful. In spite of these efforts, it is clear that shipping ROM ore in this environment is uneconomic. Therefore, the Board of Directors has decided to suspend that effort in the short term.
As outlined below we have new information on the resource and understanding the significance of this data is a priority.
Palladon Iron Corporation Completes Phase 1 of 3-D Modeling of High Resolution
Aeromagnetic Data From Iron Mountain, Utah Property
Palladon Ventures is pleased to announce completion of Phase 1 of 3-D modeling of high resolution aeromagnetic data acquired over its Iron Mountain property in September, 2008. Dr. Craig Beasley of Wave Geophysics L.L.C., an independent geophysical consultant based in Evergreen, Colorado, was contracted to model the data. Dr. Beasley computed a 3-D model with model volumes having no geologic constraints and with the computed model parameter magnetic susceptibility in International Standard (S.I.) units. These units are not geologically intuitive so the S.I. units were converted to equivalent percent magnetite (PMT) values. After reviewing several modeling scenarios, representative isosurfaces (shape boundaries) were chosen at 2 PMT, 5 PMT and 10 PMT. Without geologic constraints, the model cannot produce standard cut-off grades of % Fe.
This 3-D model is an effective method for assessing the location and geometry of specific zones of magnetite content. The model consists of several hundred thousand cube-shaped voxels 50 x 50 x 50 meters in size. The 2 PMT, 5 PMT and 10 PMT isosurfaces were determined to be the most representative shape boundaries for correlation with PIC's knowledge of the known iron deposits in the district. The total volume of magnetite content and total volume of rock enclosed by each isosurface shell were determined from the model. However, as stated previously, the Beasley model did not define grades or tonnes for any of the isosurface shells. The model was computed between a base elevation of 975 meters and a top elevation of 2,381.44 meters, a thickness of 1,404.44 meters.
The 3-D model clearly identifies known iron deposits and presents several high priority exploration targets as well. The Reduced To-Pole Vertical Derivative map by Dr. Beasley is the best 2-D data representation of the close fit of the modeled magnetic anomalies of the known iron deposits to the true outline of the historic 39% Fe cutoff boundary of the known deposits. That is especially true of PIC's Rex, A&B and Comstock/Mountain Lion iron deposits.
