UPDATE: TUESDAY, JANUARY 27, 2009

"We are please to announce that Mr. Bruce Yeomans will joined Palladon Iron Corporation, Feb. 16, 2009 and will be working at the Cedar City site. Mr. Yeomans has over 29 years experience in mine development, mine expansion-exploration, and environmental permitting. He has successfully worked as a consultant and employee for both large and small groups in the minerals industry in the Midwest and throughout the Western United States. Mr. Yeomans started his career as an exploration geologist for Gold Fields Mining Corporation, the U.S. subsidiary of Consolidated Goldfields. During his 15 year tenure with Goldfields, the company went from no U.S. production to becoming the fifth largest and the lowest cost gold producer in the U.S.. Most recently he was Chief Geologist/Exploration Manager for a Canadian and U.S.-listed Junior mining company, successfully expanding reserves and reactivating an historic, open-cut, multi-million ounce gold-silver mine.

Palladon Iron continues to negotiate with the port facility to assure that the pricing models including rail, port and seaway all work during these times of depressed prices. This is a very critical matter for the Company and involves a number of groups in the U.S. as well as our partner and end-user in China. This must all be done correctly to assure a streamline methodology. We hope to have all of the intricacies of this process ironed out as quickly as possible."