Palladon Ventures Ltd.

Palladon Ventures Ltd.

April 20, 2009 18:10 ET

Palladon Ventures Ltd.-Stock Halt Trading

SALT LAKE CITY, UTAH--(Marketwire - April 20, 2009) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:PLL)(FRANKFURT:PV-1) - Current management has worked diligently to address a number of previously outstanding requests from the British Columbia Securities Commission ("BCSC") with respect to certain filings of the Company. On February 9, 2009, the BCSC requested amended and restated interim financial statements and related Management Discussion and Analysis ("MDA") for both August and November 2008. The BCSC had also previously requested a Business Acquisition Report and related pro-forma financial statements with respect to the Company's acquisition of Palladon Iron Corporation.

In late March 2009, upon learning of the status of these requests, current management, who were appointed as officers of the Company on March 18, 2009, made responding to the BCSC's comments one of their highest priorities. Although new management was able to respond to a majority of the BCSC's requests, the BCSC was unwilling to grant a further extension until all historical requests had been fulfilled to their satisfaction. The BCSC has issued a cease trade order on Palladon's stock until all of its requests are responded to satisfactorily. The Company is working as expeditiously as possible to complete all outstanding BCSC requests, such that the stock can resume trading with as little delay as possible.

At the same time, the Company continues to work with SRK Consulting on a strategic review of the Iron Mountain project, and to pursue all alternatives toward the goal of generating near term cash flow.

Palladon will continue to update investors as information becomes available.

On Behalf of the Board of Directors,

John W. Cutler, President & Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on advancing the Comstock/Mountain Lion iron mine in Iron County, Utah.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's: (1) ability to expeditiously complete all outstanding BCSC requests and (2) ability to continue to work with SRK Consulting on a strategic review of the Iron Mountain project and to pursue all alternatives toward the goal of generating near term cash flow. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labor problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) other factors beyond the Company's control (9) the risk that the Company will not be able to raise funds due to Luxor Capital Group and (10) the risk that the Company is unable to finalize arrangements with the alternative port. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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