Palladon Ventures Ltd.

Palladon Ventures Ltd.

August 15, 2007 09:30 ET

Palladon Iron Update Exploration Drilling and JBR Environmental

SALT LAKE CITY, UTAH--(Marketwire - Aug. 15, 2007) - Palladon Ventures Ltd. (TSX VENTURE:PLL) (FRANKFURT:PV-1) is pleased to announce:

Exploration Drilling Project

Palladon Iron Corporation has completed an exploration drilling program at its Iron Mountain site outside of Cedar City, Utah. The company drilled at several locations to ensure that the proposed new plant would not be constructed over an economic ore body, and at the same time to test for new water well sites.

Palladon engineers initiated the drill program after reviewing historic water rights records and well site drill logs from Geneva Steel and others. They determined that no previous drilling had been conducted to test for ore bodies beneath Geneva's old facilities or under ore stockpile areas, and that the area must be explored before construction plans could continue.

Geologic field observations indicated only minor amounts of magnetite mineralization present. Therefore, the location of the proposed plant site appears to be in order. Sample assays are still pending to substantiate geologic observations. The program was carried out by Iron Bull Mining and Milling personnel and reviewed by Rick Russell a qualified person.

Drilling crews encountered water in most of the drill holes, with one hole showing excellent potential as a future plant production well site, due to its favorable flow and location. Palladon plans to secure appropriate permits for drilling a new well.

Environmental Project

Palladon Iron Corporation is also pleased to announce that JBR Environmental, located in Sandy, Utah, was selected and is now under contract to handle Palladon's environmental affairs. JBR was chosen over competing firms because of its breadth of experience, availability of appropriate staff, and reasonable cost. JBR will cover all work associated with groundwater, landfill, and site sampling and testing, as well as any required amendments to the existing Mine Reclamation Permit. Work under this contract will commence the week of August 13, 2007.

"This is an exciting time for Palladon Iron as work at the site is really starting to move forward. Assuring the best site available for the mill is essential, and now progress can be enhanced. Having JBR Environmental to handle our environmental affairs assures us that progress will be made without concerns of damaging the local environment," Don Foot, President and CEO of Palladon Ventures, said.

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President and 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. Palladon Iron Corporation, its subsidiary, does business as Iron Bull Mining & Milling.

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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