Palladon Ventures Ltd.
TSX VENTURE : PLL

Palladon Ventures Ltd.

September 14, 2005 19:43 ET

Palladon Ventures Ltd. Files NI 43-101 Technical Report on the Western Utah Copper Project

BROOMFIELD, COLORADO--(CCNMatthews - Sept. 14, 2005) - Palladon Ventures Ltd. (TSX VENTURE:PLL) is pleased to announce the completion of a Technical Report, dated August 18, 2005, complying with National Instrument 43-101 covering the Milford Mineral Belt. The report was prepared by Mine Development Associates ("MDA") of Reno, Nevada. The report has been sent for filing on SEDAR and it is expected to be available for public inspection on or about September 16, 2005.

About the District

Work in the Mineral Belt dates back to the late 1800's. Modern mineral exploration in the Milford Mineral Belt began in the early 1950's and has continued to the present time. With the exception of some work exploring for gold and tungsten, most of the exploration has been directed to exploration and development of the copper ores in the mineral belt. Recorded historic production from the Mineral Belt has totaled over 55 million pounds of copper.

Historic resource estimate

1998 Feasibility Study on Areas Previously Explored and Partially Mined

A feasibility study for mining the OK Mine, Copper Ranch, Hidden Treasure, and Maria deposits was completed in 1998 by Western States Engineers, with MDA supplying the resource and reserve information and mining costs for the study. Palladon is currently updating the study to reflect current costs and conditions. The study discussed the development of the previously-identified mineralized materials, including in excess of 3.1 million tones with an average grade of 1.18% Cu, using a cutoff grade of 0.40%, in the Hidden Treasure, Maria, Copper Ranch, and OK Mine areas, containing 73 million pounds of copper. These materials are now included in the Technical Report as "Indicated Resources" pending the additional work now being done to reflect current costs and conditions.

Conclusions and Recommendations from the Technical Report

The Technical Report concludes that "a Phase 1 budget be used to develop and improve the knowledge of the known deposits. A Phase 2 feasibility study should be done for mining the areas of known mineralization and follow-up for the resources developed in Phase 1." Palladon and its joint venture partner, Western Utah Copper Company, expect to expand the tonnage of mineralized materials and perform the additional work to categorize the previously-identified materials as well as newly-identified materials as reserves and resources within the parameters of NI 43-101. Palladon also plans to complete feasibility study activities to enable the financing and development of production on these areas.

The Technical Report also concludes that "the Milford Mineral Belt is highly prospective for porphyry copper deposit(s), as well as developing additional skarn resources. Recent work by Palladon and WUCC has identified six porphyry copper targets and target areas across the length and breadth of the Milford Mineral Belt, which targets heretofore have been ignored or under-explored by previous investigators. Many areas of known mineralization remain to be developed in more detail.....In the Milford Mineral Belt there are widespread copper occurrences and district wide metal zoning. Similar occurrences are often seen with porphyry copper deposits. MDA believes that the exploration potential of the Mineral Belt is excellent and that a multi-phase program is necessary to explore such a large mineralized area."

Additional Exploration and New Resource Estimate

Exploration Inside the 1998 Feasibility Areas

In 2004, Palladon conducted several rounds of drilling to confirm areas of mineralization included in the 1998 study and to expand on some of those areas. Palladon also conducted drilling on the Comet Breccia area to test for gold potential. See press releases of May 4, 27 and 31, 2004; June 11, 2004; and October 25, 2004. Palladon also conducted geophysics inside and outside the 1998 study area to aid in further exploration in both cases. See press releases of August 19 and October 25, 2004. The objectives of the exploration inside the 1998 study area is to confirm and expand upon the previously-identified historic resource estimate and aid in the work now being performed to reflect current costs and conditions. Palladon believes that significant additional tonnage can be added to the historic resource estimate and that an updated feasibility study can be completed on the historic resources as well as new resources yet to be delineated. Most of the deposits are open along strike and at depth, and Palladon believes there is excellent potential to add more copper resource with additional drilling.

Exploration outside the 1998 Feasibility Areas

The Technical Report discusses in considerable detail the vast areas that are prospective for porphyry copper exploration within the Milford Mineral Belt. Palladon and Western Utah Copper Company will continue the exploration activities in these areas, which have also included geophysics and drilling over the past 18 months. As stated in the Technical Report, "The Milford Mineral Belt contains an extensive area of mineralization. Many companies have explored the area and most have found mineralization that requires further exploration. In addition to exploration around the deposits of Hidden Treasure, Maria, Copper Ranch, and OK Mine, many areas with potentially economic mineralization are known to exist but with limited drill information."

Qualified Person

Neil Prenn of Mining Development Associates (MDA), a mining engineering service company from Reno, Nevada, has completed and filed a NI 43-101 technical report for Palladon on the Milford Mineral Belt, located in the Rocky, Beaver Lake and San Francisco Mining Districts, of Beaver County, Utah.

ON BEHALF OF THE BOARD OF DIRECTORS OF PALLADON VENTURES LTD.

George S. Young, President, Director


The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.

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