Palladon Ventures Ltd.

Palladon Ventures Ltd.

April 11, 2007 09:30 ET

Palladon Announces Extension of Due Diligence by Shagang Steel

SALT LAKE CITY, UTAH--(CCNMatthews - April 11, 2007) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FRANKFURT:PV-1) announces that Shagang Steel ("Shagang") is nearing completion of their formal due diligence in the proposed purchase of Palladon's joint venture partner's 50 percent interest in the Iron Mountain project.

As announced in the news released dated Feb. 27, 2007, Shagang signed a letter of intent to acquire Luxor Capital Group's 50 percent interest in the iron concentrates business channel of Palladon's subsidiary Palladon Iron Corp. Shagang has been granted an extension on the period of exclusivity until May 10, 2007, in order to provide Shagang with additional time to complete due diligence reports and to prepare closing contracts.

"Shagang's growth plans for the future require a stable source of iron ore, and the Iron Mountain project is an excellent opportunity for Shagang to secure a constant source of pellet mill feed in coming years," said Donald G. Foot, Jr. President and CEO, Palladon Ventures Ltd.

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.

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