Palladon Ventures Ltd.

Palladon Ventures Ltd.

March 18, 2005 08:43 ET

Palladon Ventures Ltd. Updates Status of Evaluation of Iron Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PALLADON VENTURES LTD.

TSX VENTURE SYMBOL: PLL

MARCH 18, 2005 - 08:43 ET

Palladon Ventures Ltd. Updates Status of Evaluation of
Iron Project

BROOMFIELD, COLORADO--(CCNMatthews - March 18, 2005) - Palladon Ventures
Ltd. (TSX VENTURE:PLL) ("Palladon") updates the status of its evaluation
of the acquisition, operation and development of the Comstock / Mountain
Lion Iron Project, as previously announced in press releases of February
1 and 7, 2005. The acquisition of the Comstock / Mountain Lion Iron
Project remains subject to the approval of the TSX Venture Exchange.

Palladon contracted during February a disinterested qualified person to
provide a Technical Report discussing the geology and development
potential of the project. That report addresses all of the matters
required by the comments of the TSX Venture Exchange as discussed in
previous press releases, and is being prepared as a completely new
Technical Report as opposed to a rewrite of the existing report. It is
near completion and will be filed on or about March 25. Concerning the
Preliminary Scoping Study that was the subject of the press release of
March 17, Palladon's consultants have already made a number of revisions
and updates of the work and analyses presented in the study. It will be
continually refined and updated throughout the evaluation process until
the filing of a Final Scoping Study. Palladon expects that upon the
filing of the qualifying Technical Report next week, an updated,
compliant Preliminary Scoping Study will also be filed simultaneously.

Palladon is moving forward rapidly with the ongoing process of refining
its analyses and in the preparation of the revised technical report to
demonstrate the value of the project. Palladon is undertaking a complete
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.

There is substantial historical data concerning the mining and resource
evaluations on the project, as considerable work 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, and therefore an updating of those
studies to provide current costs adjusting for inflation between 1997
and 2005 will be performed readily and at minimal cost.

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.