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Re:   Press Release - Wednesday, July 02, 2008
      Iron Mountain Project Update
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Salt Lake City, Utah, July 2, 2008. Palladon Ventures Ltd. (TSX.V: PLL)
(Frankfurt: PV-1) provides an update on progress at the Iron Mountain
facility near Cedar City, Utah in anticipation of the start-up in the
third quarter of 2008.  Final construction of facilities and
pre-production activities at the site are currently underway.  As
announced on June 27, 2008, Palladon has now acquired 100% of the
project and has closed on financing more than adequate to fund all
capital and operating costs to commence production of run-of-mine ore
to fulfill the contract with China Kingdom, International ("CKI").

Palladon Iron Corporation has signed a 5-year contract with Gilbert
Development Corp. to be the Company's contract miner on the Iron
Mountain project.  Gilbert will perform all mining duties at the site
with the major elements including drilling, blasting, crushing,
screening, hauling, blending, conveying and stacking and railcar
loading, based on the mine plan developed to meet the contract.
Palladon personnel will oversee Gilbert's operations and will conduct
all operations for the mix of ores to be hauled to the stockpile,
survey primary elevations of the benches, toe and crest limits for the
mining pit, and percentage grade on all roads, based on permitting
requirements.

The site is being prepared for the installation of the crushers,
load-out facility and the stacker.  The new stacker, a
42-inch-by-170-foot swing-axel radial telestacker conveyor, was
received at site and will be installed in the next two weeks.  This
rotary stacker is capable of blending and storage of approximately
130,000 tons of material prior to loading on the trains.  The stacker
is portable and can easily be relocated within the Iron Mountain
property.

Palladon Iron has signed a contract with GSL Electric to provide
secondary power at the site.  The high-voltage power will be provided
through the newly-erected 138kVA transmission distribution line and
reduced to 4160 volts in the newly-constructed 13 MW substation.  Power
distribution will be to the crushers, radial stacker, conveyors,
load-out, and office facilities through step-down transformers.  All
power poles, wire and switches for the 138kVA line are installed and
ready for power.  All power should be operational by August 1, 2008.

"This has been a very exciting last few months with the signing of the
long-term contract with CKI and buying out Luxor Capital Group's stake
in the iron mine.  Palladon now controls the entire project, has
sufficient working capital, and is at a tremendous pace to begin
shipping by Q3 of this year," 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.
554 South 300 East, Suite 250
Salt Lake City UT 84111

801-521-5252 Tel
801-521-5454 Fax
Email: info@palladonventures.com
Web: www.palladonventures.com
Web: www.ironbullmining.com

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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