PALLADON VENTURES LTD.

Palladon Ventures Ltd. has received the NI 43-101 Preliminary Economic Assessment (“PEA”) for the Comstock and Mountain Lion pits (“CML”) and the adjacent stockpiles from SRK Consulting (U.S.), Inc. (“SRK”). The PEA does not address Palladon’s other significant historic resources at the same Iron Mountain Project location. The Company is pleased to announce that the project’s robust economics at the scoping study level justify moving forward with a feasibility study, which should be compete by the end of April 2010. The 40.35 million short tons of indicated resource translate into a fifteen year mine life, during which 37.5 million short tons at 43.3% Fe are mined, and 14.4 million metric tonnes of DRI are produced and sold at a modeled selling price of $378/metric tonne. The Cash Flow NPV at 8% is $763,089 and the IRR is 24%. The project is most sensitive to commodity price. Projected capital costs of US$705 million include total contingency costs of US$118.1 million. The Iron Mountain Project is located west of Cedar City, Utah, USA.