Palladon Ventures Ltd.

Palladon Ventures Ltd.

May 30, 2006 09:00 ET

Palladon Announces Updated Historic Iron Resource Estimate: 172,597,554 Tons Grading 44% Iron

SALT LAKE CITY, UTAH--(CCNMatthews - May 30, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) is pleased to announce an increased historic resource estimate of 172,597,554 tons (156,578,050 metric tonnes) grading 44.0% Fe, for the Iron Mountain project located in the Iron County, Utah. Tonnage and grade have both increased from the previous historic resource estimate of 125,770,260 tons (114,097,000 metric tonnes) grading 40.8%, contained in Palladon's Technical Report, submitted in conformance with NI 43-101 on September 15, 2005.

The historic resource estimate was compiled as part of an extensive study by Mr. Richard H. Russell on the archive of historic resource, drilling, engineering, processing, and production data acquired by Palladon from Geneva Steel in connection with the purchase of the property. Many of the drill logs, mining reports, maps and photographs of old mining facilities date back to the 1930's, 1940's & 1950's.

Although historically relevant, none of these historic resource estimates conform to current NI 43-101 standards and will need to be confirmed by appropriate drilling. The Qualified Person did not perform the resource estimates and does not infer or assert that the resource estimates were performed under current NI 43-101 guidelines, nor that the historic resources are reliable or accurate. A current NI 43-101-compliant resource and mine life study is planned for a later date.

Mr. Richard H. Russell, former Chief Geologist of Gold Fields Mining Company between 1991 and 1993, was appointed by Palladon to review and consolidate historic geologic data. Mr. Russell, M.Sc, Geology, is a Qualified Person and has over 38 years experience in the mining industry, is a Licensed Geologist in the State of Washington (#205), and is a member of SEG and SME.

The table below presents documented historical resource estimates performed by or for predecessor companies, including U.S. Steel, Columbia Iron Mining Company, Geneva Steel, NorWest Mine Services, Pincock, Allen & Holt, Basic Manufacturing and Technologies of Utah, and Still & Still Consulting Mining Engineers & Geologists. For further historic reference, a list of supporting documents for the table below is included on the company website alongside further historic information at

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President & Chief Operating Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on the exploration and development of mineral resource projects worldwide. Development stage projects include the Western Utah Copper Project near Milford, Utah, the Iron Mountain project near Cedar City, Utah, in addition to gold exploration projects in Nevada and Argentina.

Historic Iron Resource Estimates
Palladon Iron Corp.
Iron Springs District, Iron County, Utah
(Date of Stripping Est.%
Document Open Pit Underground Total Ratio Deposit
Reporting Gross Tons Gross Tons Gross Tons (Waste: Drilled
Estimate) & Grade & Grade & Grade Ore) Out
Comstock/Mt. 33,233,554 - 33,233,554 0.6:1 +/-95%
Lion (2001) @ 47.2% @ 47.4%

Rex (1961, 88,740,000 22,494,000 111,234,000 6:1 +/-90%
1962, 1975) @ 39.1% @ 47.8% @ 40.9%

Homestake 3,630,000 5,800,000 9,430,000 5:1 +95%
(1949, 1975) @ 50.5% @ 46.5% @ 48.2%

A & B (1975) - 18,000,000 18,000,000 - +/-80%
@ 54.6% @ 54.6%

Duncan (1989) 700,000 - 700,000 - +95%
@ 45.7% @ 45.7%

RESOURCE 125,303,554 46,294,000 172,597,554
@ 41.6% @ 50.3% @ 44.0%

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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