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      Palladon Announces Annual General Meeting And Start-Up Of
      Operations At Iron Mountain
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Salt Lake City, Utah, August 6, 2008. Palladon Ventures Ltd.
("Company") (TSX.V: PLL) (Frankfurt: PV-1) is pleased to announce that
it will hold its Annual General Meeting on Wednesday September 17th
2008, at 9:00 a.m. at the Company's corporate offices in Salt Lake
City, Utah.   

Palladon Iron Corporation ("Palladon Iron") has initiated operations at
the Iron Mountain facility in Cedar City, Utah in anticipation of the
first shipment of iron ore from the site during the third quarter of
2008.  Palladon Iron's staff is now on-site at the Iron Bull Mining &
Milling facility as work in all aspects of the operation moves forward.

Palladon's Iron's contract miner has installed the first crusher
on-site which is in operation crushing ballast for the railroad
refurbishment project.  Not only was suitable ballast material found
within the project area, eliminating the necessity of purchasing and
delivering ballast from a third-party, it created a significant cost
savings. An additional crusher, that will provide complete redundancy
in crushing capability, will also be installed.  Additionally, the
stacker has been installed and is ready for connection to permanent
power. With rock being crushed at the site, the substation gravel base
is now complete and new roads are being graded and shaped with crushed
fine material.

Palladon Iron Corporation (Iron Bull Mining & Milling) has received
approval of the Amended Notice of Intention to Commence Large Mining
Operations, from the Utah State Division of Oil, Gas and Mining,
pending payment of a small additional reclamation bond.  This approves
the new dump designs and allows Palladon Iron to resume all mining
activities.

Palladon Iron signed a contract with a rail contractor to replace 4,280
feet of 90-lb. rail with upgraded heavy duty 133-lb. rail and 5,400
ties on the existing 14.6 mile short-line from the mine load-out
facility to the interchange tracks at Iron Springs.  In this phase,
about one-third of the ties will be replaced for added safety as loaded
trains are moved down the two-percent grade track to the interchange.
Two additional phases of refurbishment are planned that will replace
100% of the ties over the next two years. 

Palladon Iron has formed Palladon Iron Corporation Railroad ("PICR") to
act as the operating company over the shortline railroad. PICR is a
wholly-owned subsidiary of Palladon Iron.

PICR and the Union Pacific Railroad ("UP") have signed a track lease
contract for the "Comstock Subdivision" of the UP effective August 1,
2008.  Through this agreement, PICR will be able to move all loaded and
empty trains between the load-out facility at Iron Mountain, and the
interchange tracks. 

The Operating Agreement between the short-line operator and the PICR
was signed August 1, 2008.  This allows our shortline operator to move
all rail cars on the tracks and to interface with the UP.

In order to keep our investors current with the rapid changes taking
place at the Iron Mountain site, updates will be posted each Monday
afternoon on www.irobullmining.com.  These will include pictures, progress
reports and updated schedules.

"Things are moving ahead rapidly at the site as our mine office is
fully functional and our contractors are diligently working to get the
mine into operation and begin shipments," said Donald G. Foot Jr.,
President and CEO of Palladon Ventures, Ltd.

On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President and 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 and CEO

Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com  
Website: www.palladonventures.com; www.irobullmining.com

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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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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