Palladon Ventures Ltd.

Palladon Ventures Ltd.

March 21, 2005 09:05 ET

Palladon Ventures Ltd. Reports Ore Bench Assays Over 60% Iron


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PALLADON VENTURES LTD.

TSX VENTURE SYMBOL: PLL

MARCH 21, 2005 - 09:05 ET

Palladon Ventures Ltd. Reports Ore Bench Assays Over
60% Iron

BROOMFIELD, COLORADO--(CCNMatthews - March 21, 2005) - Palladon Ventures
Ltd. (TSX VENTURE:PLL) ("Palladon") is pleased to report assays of over
60% iron from bench samples taken in connection with its preparation of
a conforming Technical Report under National Instrument 43-101 for the
Comstock / Mountain Lion Iron Project, as previously announced in press
releases of February 1 and 7 and March 18, 2005. The acquisition of the
Comstock / Mountain Lion Iron Project previously owned by Geneva Steel
remains subject to the approval of the TSX Venture Exchange.

Palladon contracted during February geologist Clancy J. Wendt, P. Geo.,
a disinterested qualified person to provide a Technical Report
discussing the geology and development potential of the project.
Palladon has just received assays of samples taken at the Comstock /
Mountain Lion stockpiles and open pit to verify the previous numbers
obtained by Geneva Steel and others in connection with that report. Only
three samples were taken as an initial check on existing data. Although
there was a vast number of samples taken by the previous operators, a
full modeling of areas of potential direct shipping ore was not
conducted by previous operators, since the ore was segregated into
direct-shipping ore and "low grade" ore (for storing in stockpiles) by
visual examination and/or blasthole assaying while mining took place.

The samples were taken by Mr. Wendt from one of the several large, "low
grade" stockpiles adjoining the Comstock / Mountain Lion pit, from the
west wall of the Comstock / Mountain Lion pit, and from the east wall of
the pit. The samples were put into sample bags and taken to the ALS
Chemex laboratories in Reno and assayed for Fe (iron). The sample of the
stockpile assayed 43.8% iron. The sample from the east wall assayed at
52.8% iron, while the sample from the west wall returned a value in
excess of 60% iron, and will be rerun at the laboratory. The three
samples do not of themselves define the quality of mineralization
present, but are useful as a limited check of the thousands of iron
analyses obtained by previous operators. Since the Comstock / Mountain
Lion pit was mined for direct-shipping iron ore for the Geneva Steel
plant in northern Utah, the results of the recent three samples are not
surprising. Palladon will also take additional samples to delineate the
areas of the materials exposed in benches for suitability as direct
shipping ore, and will also assay for additional elements to verify ore
specifications for direct shipping.

Palladon is continuing with its analysis of work performed previously
which evaluated various parameters of the project, including mining
costs, resource evaluation, mine capital requirements, milling costs,
mill design, material costs, permitting and reclamation costs. The
substantial historical data concerning the mining and resource
evaluations on the project has been performed as late as 1997 as
documented by a number of feasibility studies and independent consulting
reports commissioned by previous operators on the property. Palladon
believes that mining costs and resource estimates have been thoroughly
and adequately analyzed in the previous preliminary feasibility studies
on the project, with the possible exception of areas of direct shipping
ore grades in relation to the current market. Palladon will therefore
undertake a more detailed direct shipping analysis as well as a general
updating of the previous studies to provide current costs adjusting for
inflation since 1997.

Qualified Person and Quality Assurance and Control

Mr. Clancy J. Wendt, P.Geo, who has over 34 years experience in the
mining industry, is a Licensed Geologist in the State of Arizona #18283,
has acted the qualified person as defined in National Instrument 43-101
for the purpose of the technical release of information contained herein
relating to the Comstock/ Mountain Lion Iron Project. Mr. Wendt is an
independent consultant and does not have any ownership or financial
interest in either Palladon Ventures Ltd. or Western Utah Copper Company.

ON BEHALF OF THE BOARD OF DIRECTORS

OF PALLADON VENTURES LTD.

George S. Young, President, Director

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Palladon Ventures Ltd.
    George S. Young
    (303) 327-1535
    (303) 327-1526 (FAX)
    info@palladonventures.com
    www.palladonmining.com
    The TSX Venture Exchange has not reviewed and does not take
    responsibility for the adequacy or accuracy of the contents hereof.