PLL

Palladon Ventures Ltd. (TSX VENTURE: PLL) ("Palladon" or the "Company") is pleased to announce the closing of its private placement of common shares ("Shares") previously announced on December 30, 2010 (the "Private Placement").

In total, the Company has issued an aggregate of 84,991,434 Shares at CDN$0.06965 per Share for gross proceeds of CDN$5,919,654. Following the closing of the Private Placement, an aggregate of 273,955,566 Shares are issued and outstanding.

The primary use of proceeds from the Private Placement will be the funding of the Company's US$5.56 million proportionate share of a US$25.6 million equity financing being undertaken by CML Metals Corporation.

All of the Shares issued in the Private Placement are subject to a four month hold period which expires on May 28, 2011.

Insiders of the Company subscribed for a total of 25,276,721 Shares (the "Insider Participations"). The Insider Participations are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1) (a) of MI 61-101 based on that the fair market value of such Insider Participations did not exceed 25% of the Company's market capitalization.

About Palladon

Palladon Ventures Ltd. holds a significant minority interest in CML Metals Corporation, which is 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. 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; and (8) other factors beyond the Company's control. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Palladon Ventures Ltd. John W. Cutler President & Chief Executive Officer 801.521.5252 604.681.4760 (FAX) info@palladonventures.com www.palladonventures.com