Palladon Ventures Ltd.

Palladon Ventures Ltd.

May 23, 2006 03:01 ET

Palladon Ventures Ltd.: Iron Mountain Project Update and Schedule

SALT LAKE CITY, UTAH--(CCNMatthews - May 23, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) is pleased to provide the following updates on developments at the Iron Mountain project in southwestern Utah.

Recent studies at Iron Mountain have revealed that rock and sand materials in the onsite waste dumps contain sufficient magnetite for the production of high-strength cement. Palladon requires approximately 450,000 yards of cement for processing plant and power facility foundations, and for certain retaining wall structures. Palladon will produce its entire demand for cement on-site, at a significant discount to trucking cement to Iron Mountain via different locations in southern Utah. A local contractor has been secured to begin producing cement and pouring foundations by June 1, 2006. Currently, the batch plant is onsite, crushing rock and producing sand. In addition, the plant will produce rock product to be used as road base.

Palladon is also pleased to announce that the recently purchased ball mill is currently being refurbished. All parts are being cleaned and reconditioned, or re-built into near-new condition in order to assure that the mill will have sufficient lifespan as new mills and equipment are placed on order. The motor has also been assigned to an electric engineering facility for testing, assurance, and possible rewinding. The motor and mill refurbishment will be completed by the time the foundation has had sufficient time to reach maximum strength, allowing for subsequent plant assembly.

The schedule of milestones for the remainder of 2006 is as follows:

Q2 2006: cement production, laying concrete foundations, completion of Iron Springs interchange tracks

Q3 2006: construction of plant facilities, delivery of railcars, short line refurbishment; resumption of mining and stockpiling

Q4 2006: plant pilot testing, processing and shipment

Palladon President Don Foot commented, "This is huge for Palladon Iron. With the severe shortages of cement and long lead times for delivery, the ability to make our own cement on-site will assure us that can keep the project moving forward as rapidly as possible. We are now confident that we will have cement foundations in place, timed to coincide with the refurbishment of the mill."

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.

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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