Palladon Ventures Ltd.

Palladon Ventures Ltd.

April 07, 2006 16:35 ET

Palladon Announces Non-Brokered Private Placement

SALT LAKE CITY, UTAH--(CCNMatthews - April 7, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL) (FWB:PV-1) is pleased to announce a non-brokered private placement (the "Offering"). The Offering is a continuation of the brokered private placement announced on March 22, 2006, which closed on March 31, 2006, and will contain the same terms. The Offering participants had sought to participate in the brokered portion of the private placement and as such the company had sought to submit the Offering for approval as part of the previous brokered portion, but was unable to do so in time for the closing of the brokered portion.

The Offering consists of up to 1.32m units priced at $0.50 per unit, for gross proceeds of $600,000. As previously announced, each unit consists of one common share plus one common share purchase warrant. Each common share purchase warrant will entitle the holder to purchase one additional common share at $0.75 for a period of 24 months from closing. Luxor Capital Partners Offshore Ltd. has indicated their intention to acquire 676,250 Units, and Luxor Capital Partners L.P. has indicated their intention to acquire 573,750 Units. Luxor Capital Group, LP, an affiliated entity, holds 4,093,200 shares of the Company's 41,977,109 currently issued and outstanding shares.

The net proceeds of the Offering will be used by the Company for general corporate purposes.

The Offering is subject to the approval of the TSX Venture Exchange.

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 exploration stage projects in Utah, 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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