Palladon Ventures Ltd.

Palladon Ventures Ltd.

October 31, 2007 09:30 ET

Palladon Announces Power Infrastructure Update for Iron Mountain Project

SALT LAKE CITY, UTAH--(Marketwire - Oct. 31, 2007) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FRANKFURT:PV-1) announces the following update on the installation of electrical power substation facilities at Iron Mountain in southwestern Utah.

The September 2007 delivery and installation of the substation at Iron Mountain marks another big step toward production for Palladon. As the longest lead-time item of any piece of equipment at the mine site, this installation represents a significant achievement.

With the completion of earthwork and the pouring of concrete foundations in September of this year, the site was readied for delivery of equipment. Structural steel was installed and the new 12/16/20 MVA transformer was delivered and mounted in place at the Iron Mountain site in early October. With the installation of power poles and transmission lines, transmission line switching equipment and metering equipment, site power will be operational by March 2008. Importantly, this allows for permanent power at the site for full-time construction and operation (For pictures of the installation please visit

The power infrastructure at Iron Mountain will consist of the electrical substation and switching unit connecting future plant facilities to both the Cedar City and the Newcastle 138 kV main power line. To ensure full-time operation, the substation has been designed to accept power from several sources for a stable supply, free of surges and interruptions, and with expandable capacity.

"This installation represents a noteworthy accomplishment for Palladon," said Don Foot, President and CEO of Palladon Ventures. "We are now positioned to move the project forward with better precision as a constant and dependable source of power will now be available at the mine."

In other news, the Company announces that it has granted incentive stock options to directors of the Company for the purchase of a total of 600,000 common shares of the Company at a price of $0.40 each until October 31, 2012. The options are granted pursuant to the terms of the Company's August 29, 2005 stock option plan, ratified by shareholders at the Company's annual general meeting held on September 12, 2007.

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President and Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on building production facilities at the Comstock/Mountain Lion iron mine in Iron County, Utah. Palladon also holds gold exploration projects in Nevada, Utah and Argentina. Palladon Iron Corporation, its subsidiary, also does business as Iron Bull Mining & Milling.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.

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