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To: LoneClone who wrote (32210)	2/4/2009 8:08:10 PM
From: LoneClone	Read Replies (1) \| Respond to of 195744

Palladon Ventures Provides Corporate Update Wednesday February 4, 5:06 pm ET ca.us.biz.yahoo.com SALT LAKE CITY, UTAH--(MARKET WIRE)--Feb 4, 2009 -- Palladon Ventures Ltd. ("Palladon" or the "Company") (CDNX:PLL.V - News)(Frankfurt: PV-1) is pleased to provide the following corporate update. Palladon Ventures' wholly-owned subsidiary, Palladon Iron Corporation ("PIC"), continues to face hurdles in initiating shipments of its ore from the Port of Long Beach. Consequently, the company has been actively pursuing the feasibility of shipping from alternate ports on the west coast. Negotiations are ongoing with many service providers to finalize a viable total solution. Operationally, this effort remains the company's highest priority. Despite the challenging commodities markets, PIC continues to receive positive indications regarding the desirability of its product as our Chinese buyers reiterate their desire for immediate delivery of our high-quality magnetite ore. PIC is making every effort to make this happen quickly and economically. The Board of Directors of Palladon Ventures created an Executive Committee to formally assign resources of the board to assist management in dealing with the numerous initiatives being pursued by the Company. The Executive Committee is made up of Palladon CEO Don Foot, and two independent board members. Initially those independent board members are John Cutler and Robert Getz. The mandate from the full board is that the executive committee pool talent from the board and management to advance the Iron Mountain project to the shipping of iron ore as soon as possible. The Board of Directors also directed the Finance Committee, with Robert Getz as its chairman, to take the lead on certain financial issues. Specifically, the board gave the finance committee a mandate to refinance the Company's existing indebtedness and to pursue any and all strategic alternatives and opportunities. Members of the board and management are working diligently to resolve operational and financial issues in order to bring clarity to the future course of the Company. 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) expectation to finalize negotiations with an alternate port; (2) expectation that the Company's Chinese buyers continue to desire delivery of the Company's products; (3) belief that the newly formed Executive Committee will advance the Iron Mountain project to the shipping of iron ore as soon as possible; and (4) belief that the newly formed Finance Committee will be successful in refinancing the Company's existing indebtedness and to pursue any and all strategic alternative and opportunities. 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, (9) the risk that the Company's may not be able to refinance existing indebtedness and (10) the risk that the Company may not finalize an agreement with an 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. 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.