Salt Lake City, UT, January 25, 2010. Palladon Ventures Ltd.
("Palladon" or the "Company") (CDNX: PLL.V) (Frankfurt: PV-1)
announces
the following changes to its corporate structure:

- Dale S. Gilbert has been appointed President and Chief Executive
Officer, and has also been appointed to the board of directors.
- Steve L. Gilbert has been appointed to the board of directors.
- John W. Cutler has been appointed Chief Operating Officer.
- Leonard Sojka has resigned from the board of directors.

Steve Gilbert is the founder of Gilbert Development Corporation, a
large regional construction company headquartered in Hurricane, Utah.
Under Steve's leadership, Gilbert Development expanded into a variety
of major construction activities, including housing subdivisions, dams,
highways and open-pit mines.

Dale Gilbert worked his way up the family business, and is currently
the President and Chief Executive Officer of Gilbert Development
Corporation. He oversees all operations of the General
Engineering/Mining parent company Gilbert Development Corporation, as
well its manufacturing division Crusher Rental and Sales, which is a
leading manufacturer of mining and construction equipment.

Dale and Steve have been involved with the Iron Mountain Project since
Gilbert Development Corporation began mining operations there in the
late 80's under US steel and later Geneva Steel. Since being awarded
the current mining contract with Palladon Ventures, Dale's expertise
has helped Palladon move the project forward on a number of levels.

COO John Cutler stated: "We are very pleased to have Steve and Dale
formally join our company. They bring a wealth of knowledge about the
project, and have already worked very hard to advance it. Dale's
appointment as CEO of Palladon Ventures recognizes his interest in and
value to the project. In addition to his industry contacts and broad
industry experience, Dale brings an intimate knowledge of the Iron
Mountain Project itself. We look forward to Dale and Steve making
significant contributions on a number of corporate initiatives."

Palladon CEO Dale Gilbert stated: "I am extremely excited and
optimistic about this opportunity to help advance the Iron Mountain
Project. I appreciate the confidence placed in me by the Palladon
Board and management team, and I look forward to working closely with
them.

The Gilbert family has a long and well-established operating history
with the Iron Mountain Project. We fully understand the mining and
logistical aspects of the business, and will bring all of our resources
to bear in an effort to resume shipment of iron ore as soon as
possible. The market environment for iron ore has improved
significantly. As such, we will pursue near term options to profitably
ship run-of-mine ore. We will also continue to efforts develop the
project for the eventual shipment of iron concentrate.

I understand the near-term challenges facing the company. However I
have a vested interest in achieving a successful outcome and I am
optimistic that we will quickly pursue the best path for the Company.
We look forward to updating shareholders on a regular basis, as we
pursue near-term shipping scenarios and as we evaluate options to
refinance the outstanding debt."

On Behalf of the Board of Directors,
Dale S. Gilbert
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.