PLL

Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL) (FRANKFURT: PV-1). Palladon is pleased to provide an update on efforts by CML Metals Corporation ("CML") to develop the Iron Mountain project located near Cedar City, Utah.

CML has informed the Company that it is currently loading iron ore onto a Supramax vessel at the Levin Terminal, Port of Richmond, California. The cargo, approximately 50,000 tons of run-of-mine ore from CML's mine in Utah, is scheduled for imminent departure.

According to Dale Gilbert, CEO of CML Metals, "the company is nominating a second ship for departure to China in mid- October. Thereafter, we anticipate maintaining a consistent schedule of monthly shipments. Depending on future market conditions, CML's existing capacity allows for significant expansion in early 2011."

Also, the Board of Directors of Palladon Venture has appointed John W. Cutler as Chief Executive Officer. He now holds the titles of President and CEO.

We look forward to providing additional updates as further developments occur.

About Palladon Ventures Ltd.

Palladon Ventures Ltd. holds a significant minority interest in CML, 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, including but not limited to the commencement of shipping under the offtake agreement with CKI and future anticipated shipping volumes thereunder, pricing for the run-of-mine iron and the potential construction and financing of a concentrate facility. 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, and (7) inability to finance operations and growth, (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 801.521.5252 604.681.4760 (FAX) info@palladonventures.com www.palladonventures.com