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Re: Press Release - Thursday, October 15, 2009
Palladon Ventures Enters Into Standstill Agreement With Luxor
Capital Partners, LP.
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Salt Lake City, UT, October 15, 2009. Palladon Ventures Ltd.
("Palladon" or the "Company") (CDNX: PLL.V) (Frankfurt: PV-1). The
Company is pleased to announce that effective immediately, the Company
and Luxor Capital Partners, LP ("Luxor") have entered into a standstill
agreement to the extension agreement dated June 26, 2009 (the
"extension agreement"). The standstill agreement provides for an
extension of the October 15, 2009 due date to December 4, 2009. As per
the extension agreement, if the Company completes the interim financing
and the other terms of the extension agreement are met, the Luxor Loans
will be due and payable on December 31, 2010. In connection with the
standstill agreement, the Company will pay down the Luxor Loans in the
amount of US$200,000 (for further information on the extension
agreement and the interim financing, please refer to the Company's
press release dated June 26, 2009),

During the standstill period the Company will continue to work with
Luxor and existing and new investors to finalize both short and long
term financing alternatives with the ultimate intent of consummating a
transaction that pays off Luxor's indebtedness and provides the Company
with additional capital for operations.

In light of the recently released Preliminary Economic Assessment,
management continues to work diligently to advance the important iron
ore project at Iron Mountain for the benefit of all shareholders.

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


About Palladon
Palladon Ventures Ltd. is a junior resource company focused on
advancing the Iron Mountain Project, an iron ore mine located west of
Cedar City, Utah.

For Further Information Please Contact:
John W. Cutler
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com