September 20, 2010. Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX-V: PLL.V) (Frankfurt: PV-1). Palladon is pleased to provide an update on efforts by CML Metals Corporation ("CML") to develop the Iron Mountain project located near Cedar City, Utah.

CML has informed the Company that it is currently loading iron ore onto a Supramax vessel at the Levin Terminal, Port of Richmond, California. The cargo, approximately 50,000 tons of run-of-mine ore from CML's mine in Utah, is scheduled for imminent departure.

According to Dale Gilbert, CEO of CML Metals, "the company is nominating a second ship for departure to China in mid- October. Thereafter, we anticipate maintaining a consistent schedule of monthly shipments. Depending on future market conditions, CML's existing capacity allows for significant expansion in early 2011."

Also, the Board of Directors of Palladon Venture has appointed John W. Cutler as Chief Executive Officer. He now holds the titles of President and CEO.

We look forward to providing additional updates as further developments occur.


About Palladon Ventures Ltd.

Palladon Ventures Ltd. holds a significant minority interest in CML, which is 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
Palladon Ventures Ltd.
801.521.5252 Tel
604.681.4760 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com