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

Palladon Ventures Ltd.

September 11, 2008 15:02 ET

Palladon Ventures Ltd.: Mining Begins Today at Iron Mountain

SALT LAKE CITY, UTAH--(Marketwire - Sept. 11, 2008) - Palladon Ventures Ltd. ("Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) through its subsidiary, Palladon Iron Corporation, resumed mining operations today at the Iron Bull Mining & Milling facility at Iron Mountain, Utah. The historic mine has produced over 80,000,000 tons of material since 1853, but has not been actively mined since 1996.

Blasting and mining began today as the Iron Mountain site went into full operation. The first run-of-mine iron ore to be sent to China was mined from benches 6350 and 6400 and moved to the crusher pad. Mining operations are currently at approximately 5,000 tons per day. This production will increase to approximately 6,000 tons per day as we reach full production in the next four weeks. This newly-mined material will be used to replenish the current stockpile, which will be maintained at 130,000 tons.

For weekly updates on the progress at Iron Mountain, please refer to www.ironbullmining.com.

Property acquired: Palladon Iron Corporation has purchased approximately 27 acres of property adjacent to the mine and waste dumps. The property includes two residential buildings which serve as the mine offices as well as a garage.

Annual General Meeting: Palladon Ventures' Annual General Meeting for shareholders will be held on Wednesday September 17, 2008 at the corporate offices in Salt Lake City, Utah. The schedule is as follows:

Wednesday September 17, 2008

9:00 a.m. - Annual General Meeting

12:30 p.m. - Iron Mountain Mine Presentation with light lunch provided (reservation required)

Thursday September 18, 2008

9:00 a.m. - Mine Tour Available (reservation required)

1:00 p.m. - Mine Tour Available (reservation required)

If you plan to attend the presentation and light lunch on Wednesday the 17th, or either mine tour on Thursday the 18th, you must RSVP to Bob at 1.801.521.5252 by noon (MST) on Tuesday, September 16th.

The mine is approximately three hours from either Las Vegas, Nevada or Salt Lake City, Utah. The address of our office at the mine is 2708 Comstock Road, Cedar City Utah, 84720. From Cedar City, travel west on US-56 approximately 16.4 miles. Turn right on to Comstock Road (at the dumpsters) and travel approximately 2 miles. At the fork in the road, veer left onto Comstock Spur and travel over the railroad tracks.

"This is a historic day for Palladon Iron as we have resumed the mining of ore at Iron Mountain. After spending the last few years working to get to this point, it is wonderful to see the production of iron ore once again come from the mine. We truly have helped to put the iron back into Iron County, Utah," 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

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.

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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