Palladon Ventures Ltd.
TSX VENTURE : PLL
FRANKFURT : PV-1

Palladon Ventures Ltd.

May 23, 2006 15:11 ET

Palladon Announces Option Agreement on Nevada Gold Properties

SALT LAKE CITY, UTAH--(CCNMatthews - May 23, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) is pleased to announce that the company has entered an option agreement with Maestro Ventures Ltd. (TSX VENTURE:MAP) on six gold exploration properties in the Great Basin of Nevada and Utah.

Maestro will issue 450,000 common shares of Maestro Ventures to Palladon and has agreed to spend US$5,000,000 over a period of five years to earn a 75% interest in the properties. Maestro also agrees to immediately assume property expenditures and exploration budgets of $US 1,200,000 for 2006.

Palladon President Don Foot commented, "We are pleased to enter this agreement with Maestro as this enables us to focus on developing our iron, copper, and gold projects in Utah and Argentina, while maintaining an interest in some exciting gold prospects in Nevada."

The Company also announces that the non-brokered private placement of $600,000 announced in a news release dated April 7, 2006, has been withdrawn due to market conditions.

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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