Palladon Shareholder Update Regarding CML Offtake Agreement
12 6월 2010 - 1:57AM
Marketwired
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL)(FRANKFURT: PV-1). Palladon is pleased to provide an update on
CML Metals Corporation's ("CML Metals" or "CML") progress to sell
and ship iron ore from the Iron Mountain property located near
Cedar City, Utah.
CML, formerly known as Palladon Iron Corporation, has signed an
offtake agreement with China Kingdom International ("CKI") for the
shipment of 600,000 dry metric tonnes annually of run-of-mine iron
ore to be shipped from the port of Richmond, California. The ore
will be ultimately sold to Hebei Iron and Steel ("HBIS"), which is
one of the largest steel companies in China. The term of the
contract is two years and the parties have agreed to review the
price for the run-of-mine product every six months. CML expects to
ship its first vessel to CKI by the end July, 2010. After initial
shipments begin and CML is comfortable with all logistics, CML
believes it will be able to step up production and increase
shipments significantly above the base offtake volumes, market
conditions permitting.
While CML is initially shipping run-of-mine ore, CML is actively
pursuing a concentrate strategy to further improve project
economics. To this end, CML has commenced engineering and other
studies related to the construction and financing of a concentrate
facility. If CML is in a position to produce a concentrate product
before the end of the two-year contract term, the price would
adjust accordingly to reflect world iron ore pricing.
In addition to executing the offtake agreement, CML has entered
into long-term agreements with all required logistics partners,
including rail, port, and railcar leasing companies. In completing
these agreements, CML has now contracted for all the material
handling logistics associated with the production and shipment of
iron ore.
As part of the offtake agreement CML and CKI have agreed to
settle all claims relating to the arbitration dispute arising out
of CML's prior offtake agreement with CKI. Under the terms of the
settlement, CML will make certain cash payments and pay commissions
to CKI. Including the costs to settle these claims, CML expects to
be profitable in 2010 and significantly profitable in 2011 based on
current market conditions.
CML has also retained RK Equity Capital Markets to advise CML in
connection with capital raising activities. RK Equity is a FINRA
member broker-dealer specializing in corporate finance advisory and
capital raising primarily in the natural resource sector.
We look forward to providing additional updates as further
developments occur.
About Palladon Ventures Ltd.
Palladon Ventures Ltd. holds a significant minority interest in
CML Metals, 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, including
but not limited to the commencement of shipping under the offtake
agreement with CKI and future anticipated shipping volumes
thereunder, pricing for the run-of-mine iron and the potential
construction and financing of a concentrate facility. 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, and (7) inability to finance operations and growth,
(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 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. John W. Cutler 801.521.5252
604.681.4760 (FAX) info@palladonventures.com
www.palladonventures.com
Palladon Ventures Ltd. (TSXV:PLL)
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