Palladon Ventures Ltd.

Palladon Ventures Ltd.

November 18, 2008 12:58 ET

Palladon Iron Corporation Acquires Additional 2,000 Acres of Mineral Property at Iron Mountain, Utah

SALT LAKE CITY, UTAH--(Marketwire - Nov. 18, 2008) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) through its subsidiary, Palladon Iron Corporation ("PIC"), acquired an additional 2,200 acres of mineral rights on the north side of Iron Mountain at its iron project, located approximately 20 miles west of Cedar City in southwestern Utah. PIC staked 111 lode mining claims to cover a series of magnetic anomalies defined by a recently completed aerial magnetic survey contracted by the Company. These new claims expand PIC's property position by over 30% to over 8,500 net mineral and surface acres of mining property.

All the iron deposits in the Iron Mountain area contain magnetite, an ore mineral of iron that produces a significant magnetic response if that mineral is concentrated in sufficient quantities. Palladon contracted an airborne magnetic survey to be flown over Iron Mountain to measure the magnetic response of the known iron deposits and to indicate additional areas where iron deposits might be present. Although the results of that survey are still being evaluated, PIC decided the results of the survey warranted staking the new lode claims. An exploration drilling program is in the planning stage and will be announced when plans are complete.

"We are excited about what our initial interpretation of the magnetic survey tells us. We feel the ground we just acquired has potential, but we won't know the full potential of this area until we have the opportunity to drill it," said Donald G. Foot, Jr., President and CEO of Palladon Ventures Ltd.

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President & Chief Executive Officer

WARNING: This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of up-coming work programs, permitting processes, the first shipment of iron ore from the site, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Palladon Ventures Ltd. relies upon litigation protection for 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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