Palladon Ventures Ltd.

Palladon Ventures Ltd.

October 19, 2006 11:56 ET

Palladon: Great Basin Gold Exploration Update

SALT LAKE CITY, UTAH--(CCNMatthews - Oct. 19, 2006) - Palladon Ventures Ltd. (TSX VENTURE:PLL)(FWB:PV-1) is pleased to announce the following update on the Company's portfolio of gold exploration properties in the Great Basin of Nevada and Utah.

The TSX Venture Exchange has accepted for filing an option agreement dated May 9, 2006, between Palladon and Maestro Ventures Ltd. Pursuant to the terms of the option agreement, Maestro will issue 450,000 treasury shares of Maestro 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 agreed to immediately assume property expenditures and exploration budgets for the remainder of 2006.

Maestro plans to drill test four of the Great Basin properties over the next 12 months: Caldera, Kings Canyon, New Butte, and Green Springs, while the Tobin project will require further surface work to develop specific drill targets. A total of 40,000-45,000 feet of reverse circulation drilling is planned. The following is a summary of work plans for 2006/2007.

Caldera, Nevada: Approval is pending for drilling permits; drilling is expected to commence when a drill rig is located and contracted, likely starting in mid-November.

Kings Canyon, Utah: Soil sample results are pending and final drill sites are to be determined. Applications for drill permits have been submitted for Kings Canyon and New Butte properties.

Green Springs, Nevada: Soil sample results are pending, and an IP survey is planned for November, followed by field surveys in spring of 2007. Drilling is planned upon approval of drilling permits.

Palladon President Don Foot comments, "We are pleased to have entered this agreement; Palladon receives the benefit of a committed partner in Maestro and an excellent exploration team in John Zimmerman and Don Merrick of Genesis Gold. We aim to generate value for shareholders through exposure to precious metals in Nevada and Utah while advancing as an emerging base metal producer at our Iron Mountain project in Utah."

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 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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