Palladon Ventures Ltd.

Palladon Ventures Ltd.

January 25, 2010 18:32 ET

Palladon Ventures Announces Board and Management Changes

SALT LAKE CITY, UTAH--(Marketwire - Jan. 25, 2010) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) announces the following changes to its corporate structure:

- Dale S. Gilbert has been appointed President and Chief Executive Officer, and has also been appointed to the board of directors.

- Steve L. Gilbert has been appointed to the board of directors.

- John W. Cutler has been appointed Chief Operating Officer.

- Leonard Sojka has resigned from the board of directors.

Steve Gilbert is the founder of Gilbert Development Corporation, a large regional construction company headquartered in Hurricane, Utah. Under Steve's leadership, Gilbert Development expanded into a variety of major construction activities, including housing subdivisions, dams, highways and open-pit mines.

Dale Gilbert worked his way up the family business, and is currently the President and Chief Executive Officer of Gilbert Development Corporation. He oversees all operations of the General Engineering/Mining parent company Gilbert Development Corporation, as well its manufacturing division Crusher Rental and Sales, which is a leading manufacturer of mining and construction equipment.

Dale and Steve have been involved with the Iron Mountain Project since Gilbert Development Corporation began mining operations there in the late 80's under US steel and later Geneva Steel. Since being awarded the current mining contract with Palladon Ventures, Dale's expertise has helped Palladon move the project forward on a number of levels.

COO John Cutler stated: "We are very pleased to have Steve and Dale formally join our company. They bring a wealth of knowledge about the project, and have already worked very hard to advance it. Dale's appointment as CEO of Palladon Ventures recognizes his interest in and value to the project. In addition to his industry contacts and broad industry experience, Dale brings an intimate knowledge of the Iron Mountain Project itself. We look forward to Dale and Steve making significant contributions on a number of corporate initiatives."

Palladon CEO Dale Gilbert stated: "I am extremely excited and optimistic about this opportunity to help advance the Iron Mountain Project. I appreciate the confidence placed in me by the Palladon Board and management team, and I look forward to working closely with them.

The Gilbert family has a long and well-established operating history with the Iron Mountain Project. We fully understand the mining and logistical aspects of the business, and will bring all of our resources to bear in an effort to resume shipment of iron ore as soon as possible. The market environment for iron ore has improved significantly. As such, we will pursue near term options to profitably ship run-of-mine ore. We will also continue to efforts develop the project for the eventual shipment of iron concentrate.

I understand the near-term challenges facing the company. However I have a vested interest in achieving a successful outcome and I am optimistic that we will quickly pursue the best path for the Company. We look forward to updating shareholders on a regular basis, as we pursue near-term shipping scenarios and as we evaluate options to refinance the outstanding debt."

On Behalf of the Board of Directors,

Dale S. Gilbert, Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company 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, which include the Company continuing to work on a plan to repay its Luxor debt and to finance current operations and further development of the Iron Mountain Project. 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, (7) inability to finance operations and growth, (8) other factors beyond the Company's control; and (9) the risk that the Company will not be able to raise funds due to Luxor Capital Group. 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.

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