Palladon Ventures Ltd.

Palladon Ventures Ltd.

June 27, 2008 18:12 ET

Palladon Ventures Completes Buyout of Joint Venture Partner in Iron Ore Project and Closes Private Placement Financing

SALT LAKE CITY, UTAH--(Marketwire - June 27, 2008) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) is pleased to announce that it has completed the acquisition of its joint venture partner's interest in Palladon Iron Corporation ("PIC") from Luxor Capital Partners, LP ("Luxor") under the terms announced on June 4, 2008.

The Company is also pleased to announce that it has closed its private placement announced June 4, 2008. The private placement consists of 87,375,169 units at a price of C$0.70 per unit (US$0.688 per unit) for gross proceeds of C$61,162,618 (US$60,022,667). Each unit consists of one common share plus one quarter of one common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share at a price of C$1.00 per warrant share for a period of 18 months from closing.

The Company will also issue 871,885 units in lieu of cash to a U.S.-based financial services firm as part of the 6% advisory fee for the equity private placement.

All securities are subject to a four month hold period expiring October 27, 2008.

Management plans to hold an investor conference call within the next week to discuss the completed transactions and to provide an update on the Company's progress on the project.

Furthermore, the Company is also pleased to announce that it has filed with the applicable Canadian securities regulatory authorities on SEDAR an updated Technical Report dated June 18, 2008 (the "Technical Report") for its Iron Ore Project. The Technical Report will also be made available on the Company's website at

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 redeveloping the Iron Mountain project in Iron County, Utah. Palladon also holds interests in gold exploration projects in Nevada, Utah and Argentina.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.

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