Palladon Iron Corporation Leases an Additional 1,184 Acres of Mineral Rights

SALT LAKE CITY, UTAH, Jan 12 (MARKET WIRE) --
Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE:
PLL)(FRANKFURT: PV-1) through its subsidiary, Palladon Iron Corporation
("PIC"), acquired an additional 1,184 acres of mineral rights in the
central region of Iron Mountain at its iron project, located
approximately 20 miles west of Cedar City in southwestern Utah. These
rights were obtained from The State of Utah School and Trust Lands
Administration and include all the rights to iron and other minerals.
These properties were identified in the recent and previous magnetic
survey conducted in the Iron Mountain district. The new property expands
PIC's land position to approximately 9,700 acres of net mineral and
surface acres of mining property.

The mineral lease has a primary term of 10 years and gives PIC exclusive
right to explore and mine iron and related minerals on state land. These
new properties will be included in the aeromagnetic analysis, which is
beginning this week. The analysis will help define the
exploration-drilling program which will be announced when plans are
complete.

"We continue to expand our land holdings in the Iron Mountain area to be
in a position to significantly increase our iron resources over both the
near and long-term," said Donald G. Foot, Jr., President and CEO of
Palladon Ventures Ltd.

On Behalf of the Board of Directors,

Donald G. Foot, Jr., President & 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.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which
reflect the expectations of management regarding the Company's: (1)
proposed exploration-drilling program; and (2) belief that the business
climate in Utah would allow for the successful development of the
resource. 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 labour
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.
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.

The TSX Venture Exchange has not reviewed and does not
take responsibility for the adequacy or accuracy of the contents hereof.

Contacts:
Palladon Ventures Ltd.
Donald G. Foot Jr.
President & CEO
(801) 521-5252
(801) 521-5454 (FAX)
Email: info@palladonventures.com
Website: www.palladonventures.com / www.ironbullmining.com

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