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To: LoneClone who wrote (31069)	1/12/2009 12:50:26 PM
From: LoneClone	Read Replies (1) \| Respond to of 194034

Palladon Iron Corporation Leases an Additional 1,184 Acres of Mineral Rights Monday January 12, 11:29 am ET ca.us.biz.yahoo.com SALT LAKE CITY, UTAH--(MARKET WIRE)--Jan 12, 2009 -- Palladon Ventures Ltd. ("Palladon" or the "Company") (CDNX:PLL.V - News)(Frankfurt: PV-1) through its subsidiary, Palladon Iron Corporation ("PIC"), acquired an additional 1,184 acres of mineral rights in the central region of Iron Mountain at its iron project, located approximately 20 miles west of Cedar City in southwestern Utah. These rights were obtained from The State of Utah School and Trust Lands Administration and include all the rights to iron and other minerals. These properties were identified in the recent and previous magnetic survey conducted in the Iron Mountain district. The new property expands PIC's land position to approximately 9,700 acres of net mineral and surface acres of mining property. The mineral lease has a primary term of 10 years and gives PIC exclusive right to explore and mine iron and related minerals on state land. These new properties will be included in the aeromagnetic analysis, which is beginning this week. The analysis will help define the exploration-drilling program which will be announced when plans are complete. "We continue to expand our land holdings in the Iron Mountain area to be in a position to significantly increase our iron resources over both the near and long-term," 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. 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) proposed exploration-drilling program; and (2) belief that the business climate in Utah would allow for the successful development of the resource. 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 labour 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. 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. The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof. Contact: Contacts: Palladon Ventures Ltd. Donald G. Foot Jr. President & CEO (801) 521-5252 (801) 521-5454 (FAX) Email: info@palladonventures.com Website: palladonventures.com / ironbullmining.com Source: Palladon Ventures Ltd.