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Re:   Press Release - Wednesday, December 31, 2008
      Palladon Ventures Announces Iron Mountain Project Update
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Salt Lake City, Utah, December 31, 2008, Palladon Ventures Ltd.
(TSX.V:PLL) (Frankfurt: PV-1)

This year has been a roller coaster ride for the world and for Palladon
Ventures.  We have seen the collapse of the worlds basic economy and
the strain in the commodity sectors.

Palladon Iron Corporation also saw some major changes as a result of
new shareholders who joined a private placement that bought 50 percent
of Palladon Iron Corporation from our former partner, Luxor Capital
Group.  Once that was completed, we immediately went into production at
the mine, building our facilities, and growing the stockpile.  Then,
just after we started production and held our AGM, the financial
markets crashed and commodity prices plummeted. 

At a time when Palladon should have been shipping to China, multiple
issues complicated our progress.

    * The storage barns at the west coast port, which were to be used
      for our product, were full of material that could not be sold.
    * Prices for iron ore were weak.
    * Businesses were cautious and hesitant to move forward.

To remedy these situations, Palladon moved forward on other paths. The
port facilities that were targeted continue to be filled with unsold
product, so we set out to find an alternative.  We have now identified
a port as an alternative and are finalizing arrangements at this time.
This port would allow us, at least for an interim period, to start
shipping material until we are able to get approval and build a new
barn in Southern California.  At that time we could actually have two
ports available that may allow us to ship two different products at some
point.

We are working closely with the Union Pacific Railroad (UP) and our
partner China Kingdom International (CKI) to assure that the new port
facility will allow for efficient transportation of the iron ore to the
port and to the end user in China.  Both the UP and CKI have done an
excellent job of working as part of the team toward that end. Business
relations with our Chinese partners remain positive, and they continue
to express demand for our product.

A major concern for 2009 is the upcoming payment to Luxor Capital Group
due June 28th, 2009.  We are working very hard to make sure that this
does not become an issue and will keep the shareholders abreast of any
progress.

We certainly have not eliminated the plan to build the concentrator,
but we will evaluate the starting date closely so that our timing will
be in line with the markets resurgence.  In the meantime, we will
continue with the plan to sell run-of-mine ore until the market allows
for the concentrator to be built and high-grade concentrate produced.

The last six months have been difficult, as we have basically
re-addressed all facets of our business due to the financial market
collapse and the softening of commodity prices. It has also been a time
that we could not release a lot of information due to the extreme
competitiveness of the industry, sensitivities in trying to secure a
new port facility while maintaining the relationship on the old one,
and the need to work closely with CKI and our Chinese partners to
develop new solutions.

Mining operations continue to be strong and the stockpile is filled to
maximum with 150,000 tons of product. The size of our resource is
expanding based on the aeromagnetic survey that we are analyzing. 
Although there are still hurdles ahead of us, we are working with the
intent to cost-effectively start shipping material as soon as possible.

 
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.

For Further Information Please Contact:
Donald G. Foot Jr.
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com 
Website: www.palladonventures.com; www.irobullmining.com

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 finalize arrangements with the alternative port; (2)
ability to commence shipping from its alternative port; (3) ability to
obtain approval to build a new barn in Southern California; (4) ability
to have two ports available to ship two different products; (5)
relationship with China Kingdom International; (6) belief that China
Kingdom International continues to express demand for the Company's
products; (7) plan to sell run-of-mine ore until the market allows for
the concentrator to be built and high-grade concentrate produced; and
(8) ability to cost-effectively start shipping material.
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 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.

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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Copyright (c) 2008 PALLADON VENTURES LTD. (PLL)  All rights reserved.
For more information visit our website at
http://www.palladonventures.com/ or send
mailto:info@palladonventures.com
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