http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00003454

By the looks of the 3rd quarter of 2009 the company had cash of $475 thousand as of November 30, 2009. That was 1 1/2 months ago so by the looks of it they need cash quickly. If they can get their act together and get some sort of good news out then a P.P. could be done at a much higher price then .075.

If they don't then a P.P at .06 should be in the works. It looks like they tried to do a P.P last year. I wonder who the investment advisory firm was? Hint maybe Swank Capital?

The 99% increase in consulting fees to $111 thousand reflects fees paid in relation to
amending and restating prior period financial statements, as well as for the 2009 audit.
This category also includes fees paid to an investment advisory firm in its efforts to raise
capital for the Company.

It looks like Palladon will give more information to share holders if we agree to buy into there private placements.

Consulting expenditures of $1.2 million primarily reflect cost related to generating the
Preliminary Economic Assessment. PEA costs include related drilling activities and iron
ore / alternate iron units market studies. The benefit of these expenditures should accrue
to the Company by contributing more information to investors, from whom additional
financing will be required.

Management is making enough money to keep there monthly pay cheques going.

Ore sales totaling $247,961 reflect small quantities of iron ore sold to one local cement
company.