UPDATE: WEDNESDAY, NOVEMBER 26, 2008

This update is provided a few days late as we have been traveling extensively to keep this project moving forward with the short week here in the US. We are happy to provide the following on the progress at it’s Palladon Iron Corporation Iron Bull Mining & Milling facility near Cedar City, Utah.

• Mine site development is progressing according to budget and is currently in operation in respect to mining, crushing and building of the stockpile.

• On August 31, 2008, the Company had total cash resources of US$13.5M, providing sufficient cash to carry the company into cash flow.

• The Company has all mine permits in place for operation at 2M, 4M or more tons per year using the run-of-mine scenario.

• The Company has completed the refurbishment of the 14.6 mile spur line from Iron Mountain to Iron Springs and the rail is operational.

• Union Pacific rail cars are now on-site and the short-line operator’s engines are currently moving the train cars freely at the site.

• Rail cars are currently being loaded to calibrate the new tipple system for assurance that the cars do not exceed UP standards for movement of ore.

• An Aeromagnetic survey was completed at the site that covered the entire Iron Mountain property.

• The site is ready for shipment once the temporary facility is ready to accept iron ore. The permanent facility is still going through approval.

• Personnel changes have been made to the staff and Rick Russell is now playing a more significant role as the Acting Chief Geologist.

IRON MOUNTAIN PROJECT

The development of the Iron Mountain project has reached new milestones as mining and production were started prior to the end of Q3 2008. The mine is currently operating at 5000 tpd, four days per week to build a 150,000-ton stockpile in anticipation of shipping. The first material was drilled blasted and hauled on September 15, 2008 and crushing was initiated shortly thereafter. Expenditures for start-up were below the budgetary values. The following are highlights of the accomplishments to date at iron Mountain:

• The first phase of the rail improvement plan was completed from Iron Mountain to Iron Springs and is now operational.

• Ballast was produced from the tailings dumps with the fine material providing road base for all mining roads

• The 84 inch horizontal crusher was installed and is currently crushing 5000 tpd of >55% Fe run-of-mine ore.

• The radial stacker was installed and is successfully blending product to form a 150,000 ton stockpile.

• The Tipple was erected and is fully operational loading cars in less than two minutes including positioning.

• The substation was successfully commissioned and is providing power to the entire site and all ancillary facilities.

• The site is now in full operation with the commencement of drilling, blasting, hauling, crushing, stockpiling and loading.

SHIPPING

Shipping has been delayed as tenants in the temporary barn continue to store and ship material. It is anticipated that this will be rectified in the next few weeks. Refurbishment of the barn is necessary to handle the higher density iron ore. This requires that the plows that move the material onto the load-out belt be stiffened and the Tee-Pee system in the center of the barn be reinforced. Engineering has been completed and work will commence once the barn is free of material and clean. We are continually looking at ways to expedite the shipping process and get the iron ore moving as quickly as possible.

AEROMAGNETIC SURVEY

An aeromagnetic survey was completed in September 2008 and surveyed some 6000 acres. The results showed that there are significant additional areas of interest and therefore Palladon secured approximately 2200 additional acres of BLM land through staking. This brings the total acreage under control of Palladon Iron to approximately 8500 acres. This represents an increase in holdings of 35 percent.

The results of the survey will be released once Rick Russell and his staff complete a thorough evaluation.

Pictures documenting the progress at the mine site can be found at www.ironbullmining.com.

STAFFING CHANGES

The Company is pleased to report that Mr. Rick Russell who has served as a qualified person for many years with the Company is now taking a more significant role as its Acting Chief Geologist. Rick will be responsible for all of the geology and geological engineering studies at the site, all land and water issues, and all future exploration work.

The Company reports that Frank Dolce has left the organization to pursue other career opportunities. His position will be replaced with a transportation and logistics manager.

We are also pleased to announce that Del Satterthwaite has joined the company as the IT and Communications Manager. Del comes to us after spending the last 20 years with Digital Equipment Corporation, Oracle Corporation, and NetApp.

We would like to wish all of our US shareholders a very HAPPY THANKSGIVING.