Palladon Ventures Ltd.

Palladon Ventures Ltd.

December 18, 2006 20:49 ET

Palladon Announces Shares for Debt Settlement Agreement, Change of Officers, and Grant of Stock Options

SALT LAKE CITY, UTAH--(CCNMatthews - Dec. 18, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) (the "Company") announces that it has entered into a shares for debt settlement agreement with George S. Young, a director of the Company, wherein the Company proposes to issue 2,290,597 common shares to Mr. Young at a deemed price of $0.70 per share in satisfaction of funds advanced to the Company in the amount of $1,603,418. The proposed shares for debt settlement is subject to regulatory approval.

The Company also announces that effective immediately, George Young has resigned as Chairman of the Company. Mr. Young remains a member of the board of directors. Rod Kirkham has been appointed by the board to the position of Interim Lead Director. Mr. Kirkham is a partner with Heenan Blaikie LLP, practicing securities law.

The Company further announces that it has granted incentive stock options to directors, officers and employees for the purchase of a total of 1,370,000 common shares of the Company at a price of $0.40 each until December 15, 2011. Individuals included in the grant are directors Don Foot and Michael G. Nelson, along with key employees in the development of the Iron Mountain project in Utah.

The options are granted pursuant to the terms of the Company's stock option plan, re-approved by shareholders at the Company's annual general meeting held on September 12, 2006.

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 Iron Mountain project near Cedar City, Utah, in addition to copper and gold exploration projects in Nevada, Utah, 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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