Palladon Ventures Ltd.

Palladon Ventures Ltd.

April 03, 2006 22:24 ET

Palladon Closes $5 Million Private Placement

SALT LAKE CITY, UTAH--(CCNMatthews - April 3, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) is pleased to announce that it has closed the brokered private placement (the "Offering") announced on March 16 & March 22, 2006.

The Offering consists of 10 million units priced at $0.50 per unit, for gross proceeds of $5 million. 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 a price of $0.75, for a period of 24 months, expiring March 31, 2008.

Northern Securities Inc. (the "Agent") received a cash commission of $400,000, equal to 8% of the aggregate gross proceeds raised in the Offering. The Company will also grant the Agent warrants ("Broker Warrants") equal to 10% of the number of Units sold under the Offering. Each Broker Warrant will entitle the Agent to purchase one unit at a price of $0.50, for a period of 24 months. All securities issued with respect to the private placement will be subject to a hold period expiring on August 1, 2006.

The net proceeds of the private placement will be used by the Company to further develop its joint-venture iron ore project located in Iron County, Utah, and for general corporate purposes.

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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