Palladon Ventures Ltd.
TSX VENTURE : PLL

Palladon Ventures Ltd.

May 18, 2012 08:41 ET

Palladon Ventures-CML and Kings Canyon Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 18, 2012) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL) announces the following update from Dale Gilbert, CEO of CML Holdings Inc., as well as an update regarding the disposition of the Kings Canyon mining claims.

CML Holdings Shareholder Update May 17, 2012

Dear Shareholder,

I am pleased to provide the following shareholder update regarding CML's current operations and concentrate plant progress.

Overall operations and plant startup are going well. Since February the startup team has been working diligently with vendors and engineers as the CML team has been operating the plant and making design modifications and operational changes to prepare the plant for full production.

Currently the plant is operating consistently around the clock, with only scheduled downtime for adjustments, and a substantial stockpile of concentrate has been produced as the startup team makes final adjustments to maximize quality and production to levels at or above design. As soon as enough stockpile is available CML will begin to ship concentrated iron ore exclusively.

During the transition from ROM to concentrate, CML is shipping a blended iron ore product around 58% Fe, in lieu of the 53% ROM, to facilitate a smooth product transition throughout the logistics chain.

Dale Gilbert
CEO, CML Holdings, Inc.

Kings Canyon miming claims update

Palladon is also pleased to announce that it has sold its interest in the Kings Canyon mining claims to Geomark Exploration Ltd. for C$162,500 in cash. As disclosed in a February 9, 2012 press release, Palladon and Invenio had agreed to combine their Kings Canyon properties for possible sale.

About Palladon Ventures Ltd.

Palladon owns 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.

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. 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, (7) inability to finance operations and growth, and (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 statement.

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.

Contact Information