Salt Lake City, Utah, July 20, 2009. Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) As a result of a review by the British Columbia Securities Commission (the "BCSC"), Palladon is pleased to issue the following press release.

The BCSC's review is part of their ongoing Continuous Disclosure Review Program. The review identified several matters with respect to the Company's financial statements for the interim periods ending August 31, 2008 and November 30, 2008 and their accompanying Management Discussion and Analysis ("MDA").

As a result of the review, the Company is filing of amended and restated financial statements for the interim periods ending May 31, 2008, August 31, 2008 and November 30, 2008. Accompanying the amended financial statements were amended and restated Management, Discussion and Analysis for the same periods.

All three periods were amended and restated to rectify various accounting errors and to consistently apply accounting treatment from the prior year audit.

The August 31, 2008 statements were amended and restated to reflect early adoption of Handbook Section 1601, Consolidations, Handbook Section 1602, Non-controlling Interests, and Handbook Section 1582, Business Combinations, as these sections apply to Palladon's June 2008 acquisition of the portion of Palladon Iron Corporation that it did not already own.

Specifically, goodwill in the amount of $69.0 million in the originally filed August financial statements was restated as a $60.5 million write off directly to the deficit account. The net result of this accounting change was to reduce shareholder equity from $75.4 million in the original statement to $5.1 million in the amended statement.

Loans payable of $34.5 million in the original August statements were restated to $36.7 million and also moved to current liabilities because the maturity date was within one year.

Similarly to August, the original November goodwill amount of $69.0 million was eliminated in the amended November statement, and originally stated shareholders' equity of $72.0 million was changed to a negative $0.9 million.

Also in November, inventory originally recorded as $1.1 million was reclassified as Mineral Properties, with the corresponding Mineral Properties amounts changing from $23.0 million originally to $24.9 million as restated.

The Company has also filed a business acquisition report with respect to the acquisition of the portion of Palladon Iron Corporation that it did not already own.

Palladon will continue to update investors as information becomes available.

On Behalf of the Board of Directors,
John W. Cutler
President & Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on advancing the Comstock/Mountain Lion iron mine in Iron County, Utah. Palladon also holds gold exploration projects in Nevada, Utah and Argentina.


For Further Information Please Contact:
John W. Cutler
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax