PLL

Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL)(FRANKFURT: PV-1). Palladon announces today the full equitization of the Luxor Loans which amounted to US$40,557,000 including principal and interest. This negotiated equitization comes as a result of Luxor Capital Partners, LP ("Luxor") realizing on its security interest and provides for the full extinguishment of Palladon debt owed to Luxor. Given the inability of the Company to make payments of the foregoing amount when due, and in order to avoid enforcement or foreclosure which could have resulted in the transfer of ownership of all the Palladon Iron Corp. capital stock to Luxor, Luxor has agreed to accept a 78.3% interest, in full satisfaction of all amounts due under the loan agreements. Palladon Ventures Ltd. will now own 21.7% of Palladon Iron Corporation.

Palladon CEO Dale Gilbert stated: "As a result of the TSX-V ruling denying the Palladon - Luxor Letter Agreement of December 4, 2009, the Company was immediately in default on the Luxor Loans and entered into a short term Standstill Agreement expiring March 15, 2010. Through last night the Company was searching for viable financing alternatives to the executed equitization plan. Although disappointed at the Company's inability to find an alternate source to pay off the Luxor Loans, Palladon can now move forward as a debt free enterprise working with Luxor to accomplish an off take agreement and advance the concentrate plant process."

On Behalf of the Board of Directors,

Dale S. Gilbert, President and Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company and remains focused on advancing the Iron Mountain Project, an iron ore mine located west of Cedar City, Utah.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, which include the Company's continuing efforts to finance current operations and further development of the Iron Mountain Project. 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 labor 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; and (9) the risk that the Company will not be able to raise funds due to Luxor Capital Group. 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.

Contacts: Palladon Ventures Ltd. Dale S. Gilbert President & CEO 801.521.5252 801.521.5454 (FAX) info@palladonventures.com www.palladonventures.com