Salt Lake City, Utah, December 6, 2007. Palladon Ventures Ltd. (TSX.V: PLL) (Frankfurt: PV-1) announces the following update on progress at the Iron Mountain Project, located 20 miles west of Cedar City, in Iron County, southwestern Utah.

The project is held in a joint venture between Palladon Ventures Ltd. and Luxor Capital Partners, and is actively redeveloping Iron County's strategically-located iron mines.

As of December 1, 2007, electrical switching gear is installed at the Iron Mountain substation site in a dust-free insulated and heated housing unit. The new substation is now near completion. Transmission line poles and equipment have been delivered and are scheduled for installation in late December 2007, to be followed by the installation of a 138kV power line connecting Iron Mountain to the Cedar City power grid. The power connection is scheduled to be completed by March 2008.

Management expects that global demand for iron ore will continue to rise and be reflected in pending pricing adjustments scheduled for Q1 2008. With this, the Company is actively negotiating strategic steel industry partnership opportunities and is currently working on rail, port, and shipping-related logistics.

The Company also wishes to state that it is not aware of any material changes in its business affairs that would account for the recent trading activity in its shares.

On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President and Chief Executive Officer