Palladon Ventures Announces Board and Management Changes
26 January 2010 - 10:32AM
Marketwired
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL)(FRANKFURT: PV-1) announces the following changes to its
corporate structure:
- Dale S. Gilbert has been appointed President and Chief
Executive Officer, and has also been appointed to the board of
directors.
- Steve L. Gilbert has been appointed to the board of
directors.
- John W. Cutler has been appointed Chief Operating Officer.
- Leonard Sojka has resigned from the board of directors.
Steve Gilbert is the founder of Gilbert Development Corporation,
a large regional construction company headquartered in Hurricane,
Utah. Under Steve's leadership, Gilbert Development expanded into a
variety of major construction activities, including housing
subdivisions, dams, highways and open-pit mines.
Dale Gilbert worked his way up the family business, and is
currently the President and Chief Executive Officer of Gilbert
Development Corporation. He oversees all operations of the General
Engineering/Mining parent company Gilbert Development Corporation,
as well its manufacturing division Crusher Rental and Sales, which
is a leading manufacturer of mining and construction equipment.
Dale and Steve have been involved with the Iron Mountain Project
since Gilbert Development Corporation began mining operations there
in the late 80's under US steel and later Geneva Steel. Since being
awarded the current mining contract with Palladon Ventures, Dale's
expertise has helped Palladon move the project forward on a number
of levels.
COO John Cutler stated: "We are very pleased to have Steve and
Dale formally join our company. They bring a wealth of knowledge
about the project, and have already worked very hard to advance it.
Dale's appointment as CEO of Palladon Ventures recognizes his
interest in and value to the project. In addition to his industry
contacts and broad industry experience, Dale brings an intimate
knowledge of the Iron Mountain Project itself. We look forward to
Dale and Steve making significant contributions on a number of
corporate initiatives."
Palladon CEO Dale Gilbert stated: "I am extremely excited and
optimistic about this opportunity to help advance the Iron Mountain
Project. I appreciate the confidence placed in me by the Palladon
Board and management team, and I look forward to working closely
with them.
The Gilbert family has a long and well-established operating
history with the Iron Mountain Project. We fully understand the
mining and logistical aspects of the business, and will bring all
of our resources to bear in an effort to resume shipment of iron
ore as soon as possible. The market environment for iron ore has
improved significantly. As such, we will pursue near term options
to profitably ship run-of-mine ore. We will also continue to
efforts develop the project for the eventual shipment of iron
concentrate.
I understand the near-term challenges facing the company.
However I have a vested interest in achieving a successful outcome
and I am optimistic that we will quickly pursue the best path for
the Company. We look forward to updating shareholders on a regular
basis, as we pursue near-term shipping scenarios and as we evaluate
options to refinance the outstanding debt."
On Behalf of the Board of Directors,
Dale S. Gilbert, Chief Executive Officer
About Palladon
Palladon Ventures Ltd. is a junior resource company 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, which
include the Company continuing to work on a plan to repay its Luxor
debt and to finance current operations and further development of
the Iron Mountain Project. 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, (8) other factors
beyond the Company's control; and (9) the risk that the Company
will not be able to raise funds due to Luxor Capital Group. 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 statements.
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.
Contacts: Palladon Ventures Ltd. Dale S. Gilbert President &
CEO 801.521.5252 801.521.5454 (FAX) info@palladonventures.com
www.palladonventures.com
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