Palladon Ventures Ltd.

Palladon Ventures Ltd.

January 15, 2007 09:01 ET

Palladon Gold Exploration Update-Kings Canyon, Utah

SALT LAKE CITY, UTAH--(CCNMatthews - Jan. 15, 2007) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) is pleased to announce plans for the 2007 gold exploration program on the Kings Canyon project in western Utah. The program was developed under the supervision of John Zimmerman of Genesis Gold Corp. of Salt Lake City, Utah, and will be carried out by Maestro Ventures Ltd. pursuant to an option agreement.

Maestro holds separate option agreements on adjoining properties in the Kings Canyon area: the first agreement, between Maestro and Palladon Ventures Ltd., enables Maestro to earn a 75% interest from Palladon on 2,160 acres, which property adjoins a 1,525 acre property held by Crown Resources Corp. of Colorado, on which Maestro holds an option to earn a 100% interest.

Historic work on the Crown property from 1990 to 1993 comprised of 81,640 feet (24,890 meters) of drilling on the Kings Canyon area. It was estimated that the Crown property contained an inferred historical resource of 6,800,000 tons at a grade of 0.03 oz/ton gold (204,000 ounces), using a cutoff of 0.013 oz/ton. A total of at least 156 holes were drilled on the Kings Canyon area; over 100 of these holes were drilled on the Crown property, and a total of 47 holes were drilled on the property now held under option by Palladon. This historic resource estimate is not being treated as a NI 43-101 defined resource verified by a Qualified Person ("QP"). The historical estimate has not been verified and should not be relied upon.

In February 2007, Maestro is planning an initial 2,000-foot drill program consisting of six core holes on the Crown property to verify grades and establish geologic controls and sampling protocols. This will be followed by 4,000 to 8,000 feet of drilling on both the Crown and Palladon properties in May 2007. This work is expected to result in a NI 43-101 compliant technical report and resource estimate.

The technical content of this news release has been reviewed by Mr. Rick Russell who is a Qualified Person as defined by NI 43-101.

Palladon President & CEO, Donald Foot, comments, "We are excited about the prospect of the historic gold resources in Kings Canyon within such close proximity being verified and possibly expanded in the future; we aim to become an iron ore producer with exposure to gold through our option agreement with Maestro Ventures Ltd."

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 building production facilities at the Comstock/Mountain Lion iron mine in Iron County, Utah. Palladon also holds gold and copper exploration projects in Nevada, Utah and Argentina.

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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