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

Palladon Ventures Ltd.

December 30, 2008 17:18 ET

Palladon Contracts With Geophysicist to Better Define Additional Iron Resource

SALT LAKE CITY, UTAH--(Marketwire - Dec. 30, 2008) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) through its subsidiary, Palladon Iron Corporation ("PIC") is pleased to announce that it is contracting with a geophysicist to model high resolution aeromagnetic data acquired during the recent airborne magnetic survey. The survey was conducted this fall over an area of approximately 24 square miles at Palladon's Iron Mountain property in southern Utah. The data defined several pronounced, high relief magnetic anomalies, which led to the acquisition of new property that was recently announced by the Company. Preliminary 3-D modeling by the geological staff has produced a magnetic relief model of the entire Iron Mountain district, but more detailed modeling will be required to better define the total size of the resource.

Phase 1 of the modeling project will estimate the total iron resource of the Iron Mountain district at various cut-off grades. This estimate will be based on data acquired by the survey that was flown on a 200 x 200-meter grid over the entire district. All the deposits in the Iron Mountain district are primarily magnetite in composition and each produces a highly anomalous magnetic response based on the thickness and grade of the magnetite in the deposit. Based on historic drill hole data, known iron deposits range from 60 to 1,000 feet thick.

Phase 2 of the modeling project will compare data for known iron deposits with magnetic anomalies yet to be explored. The aeromagnetic data for the known deposits will be factored by an extensive drill hole database on which historic resource estimates are based. The geological staff will utilize the results of the modeling project to formulate drill plans that will better define the iron resources. This will allow us to upgrade the historic resources into reserves and make the entire project NI43-101 compliant.

"There is significant upside potential for iron resources in the Iron Mountain district," stated Rick H. Russell, Chief Geologist for Palladon Iron. "This modeling project is the next step in the development of additional iron resources for the Company."

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President & 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.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's: (1) need to conduct more detailed modeling to better define the total size of the resource; (2) ability to conduct Phase 1 of the modeling project; (3) ability to conduct Phase 2 of the modeling project; (4) ability to explore magnetic anomalies; (5) geological staff utilizing the results of the modeling project to formulate drill plans and upgrade the historic reserves. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

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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