Press Releases

SALT LAKE CITY, UTAH -- (MARKET WIRE) -- 12/04/09 -- Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL)(FRANKFURT: PV-1) is pleased to announce that effective immediately the Company and Luxor Capital Partners, LP ("Luxor") have entered into a letter agreement (the "Letter Agreement"), subject to TSX Venture Exchange approval, to the extension agreement dated June 26, 2009 and to the standstill agreement dated October 15, 2009.

The Letter Agreement grants Palladon an irrevocable option (the "Payment Option") to acquire from Luxor the entirety of its outstanding loans including interest, currently equal to approximately $39.4 million (the "Loan Amount"), by paying $30 million on or before March 31, 2010.

In the event that the Company does not exercise the Payment Option on or before March 31, 2010, Luxor has agreed to reduce the then outstanding $41 million Loan Amount to $25 million, in exchange for transfer and assignment by the Company of 50% of the equity of Palladon Iron Corporation to Luxor (the "Luxor Equity"), subject to terms and conditions to be set out in a definitive agreement. Palladon Iron Corporation is Palladon's wholly owned subsidiary, through which it is pursuing development of the Iron Mountain Project, an iron ore deposit located in southwest Utah, USA.

The $25 million Loan Amount will then bear interest at the rate of three-month LIBOR plus 5%, with a minimum rate of 8%. At Palladon's option, all or any portion of the interest due on any interest payment date may be paid by adding such interest to the principal amount, with such unpaid interest accruing interest from such Interest Payment Date at the foregoing rate and being treated for all purposes as principal.

Furthermore, in the event that Palladon does not exercise the Payment Option on or before March 31, 2010, it shall have a three-year option to purchase 50% of the Luxor Equity for $18.75 million.

Palladon will use its best efforts to secure the required financing by the March 31, 2010 deadline. With the execution of the Letter Agreement the Company plans to raise a minimum of $1 million to fund ongoing operations and to continue advancing the Iron Mountain project on a number of fronts.

Palladon CEO John Cutler stated: "We are pleased to have reached this agreement with Luxor Capital whereby we have a clear path forward, the opportunity to retire the Luxor Loans at a significant discount and move forward with no debt on the balance sheet. By quantifying a firm repurchase price, this Letter Agreement allows Palladon to communicate a clear capital structure to investors interested in funding the Payment Option. The Company will announce its plan to fund the Payment Option as soon as is practicable."

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.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding: (1) Palladon will use its best efforts to secure the required financing by the March 31, 2010 deadline and (2) Palladon's plans to raise a minimum of $1 million to fund ongoing operations and to continue advancing the Iron Mountain project on a number of fronts. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) other factors beyond the Company's control; and (9) the risk that the Company will not be able to raise funds due to Luxor Capital Group. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Palladon Ventures Ltd.
John W. Cutler
President & CEO
801.521.5252
801.521.5454 (FAX)
info@palladonventures.com
www.palladonventures.com

SALT LAKE CITY, UTAH--(Marketwire - Dec. 4, 2009) - Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX VENTURE: PLL)(FRANKFURT: PV-1) is pleased to announce that effective immediately the Company and Luxor Capital Partners, LP ("Luxor") have entered into a letter agreement (the "Letter Agreement"), subject to TSX Venture Exchange approval, to the extension agreement dated June 26, 2009 and to the standstill agreement dated October 15, 2009.

The Letter Agreement grants Palladon an irrevocable option (the "Payment Option") to acquire from Luxor the entirety of its outstanding loans including interest, currently equal to approximately $39.4 million (the "Loan Amount"), by paying $30 million on or before March 31, 2010.

In the event that the Company does not exercise the Payment Option on or before March 31, 2010, Luxor has agreed to reduce the then outstanding $41 million Loan Amount to $25 million, in exchange for transfer and assignment by the Company of 50% of the equity of Palladon Iron Corporation to Luxor (the "Luxor Equity"), subject to terms and conditions to be set out in a definitive agreement. Palladon Iron Corporation is Palladon's wholly owned subsidiary, through which it is pursuing development of the Iron Mountain Project, an iron ore deposit located in southwest Utah, USA.

The $25 million Loan Amount will then bear interest at the rate of three-month LIBOR plus 5%, with a minimum rate of 8%. At Palladon's option, all or any portion of the interest due on any interest payment date may be paid by adding such interest to the principal amount, with such unpaid interest accruing interest from such Interest Payment Date at the foregoing rate and being treated for all purposes as principal.

Furthermore, in the event that Palladon does not exercise the Payment Option on or before March 31, 2010, it shall have a three-year option to purchase 50% of the Luxor Equity for $18.75 million.

Palladon will use its best efforts to secure the required financing by the March 31, 2010 deadline. With the execution of the Letter Agreement the Company plans to raise a minimum of $1 million to fund ongoing operations and to continue advancing the Iron Mountain project on a number of fronts.

Palladon CEO John Cutler stated: "We are pleased to have reached this agreement with Luxor Capital whereby we have a clear path forward, the opportunity to retire the Luxor Loans at a significant discount and move forward with no debt on the balance sheet. By quantifying a firm repurchase price, this Letter Agreement allows Palladon to communicate a clear capital structure to investors interested in funding the Payment Option. The Company will announce its plan to fund the Payment Option as soon as is practicable."

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.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding: (1) Palladon will use its best efforts to secure the required financing by the March 31, 2010 deadline and (2) Palladon's plans to raise a minimum of $1 million to fund ongoing operations and to continue advancing the Iron Mountain project on a number of fronts. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration and production, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) other factors beyond the Company's control; and (9) the risk that the Company will not be able to raise funds due to Luxor Capital Group. These forward-looking statements are made as of the date of this news release and, except as required by law, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:
        Palladon Ventures Ltd.
        John W. Cutler
        President & CEO
        801.521.5252
        Fax: 801.521.5454 (FAX)
        info@palladonventures.com
        www.palladonventures.com

Source: Palladon Ventures Ltd.

PLEASANTON, Calif.--(BUSINESS WIRE)-- In cooperation with Beef Packers, Inc.'s (Cargill) recall of 22,000 pounds of fresh ground beef that may be linked to an outbreak of Salmonella, Safeway Inc. is recalling fresh ground beef products with "Sell By" dates of September 28 through October 11, 2009. The recall affects all stores in Arizona and one store in New Mexico in the city of Gallup.

While the recalled product is no longer in stores, Safeway is asking its customers to check all ground beef in their freezers. The recall includes fresh ground beef products sold during the dates listed above at the full-service counter in brown butcher paper and at the self-service area wrapped on black Styrofoam trays. These products include fresh ground beef, fresh ground beef patties, fresh meat balls, fresh meat loaf and fresh bell peppers stuffed with beef and pork. These products should be discarded or returned for a full refund.

Consumption of food contaminated with Salmonella Newport can cause salmonellosis. Salmonella Newport infections can be life-threatening, especially to those with weak immune systems, infants, the elderly, and persons undergoing chemotherapy. This particular strain of Salmonella Newport is resistant to many commonly prescribed drugs, which can increase the risk of hospitalization or possible treatment failure in infected individuals. The most common symptoms of salmonellosis are diarrhea, abdominal cramps, and fever within eight to 72 hours. Additional symptoms may include chills, headache, nausea and vomiting that can last up to seven days.

Safeway is committed to providing safe, wholesome products for its customers. The company employs rigorous food safety standards in stores and insists on the same level of commitment from suppliers and vendors. Safeway's food safety standards and practices are among the most stringent in the industry.

The US Department of Agriculture recommends the following measures for Preventing Salmonellosis:

    --  Wash hands with warm, soapy water for at least 20 seconds before and
        after handling raw meat and poultry. Also wash cutting boards, dishes
        and utensils with hot soapy water. Clean up spills right away.
    --  Keep raw meat, fish and poultry away from other food that will not be
        cooked. Use separate cutting boards for raw meat, poultry and egg
        products and cooked foods.
    --  Cook raw meat and poultry to safe internal temperatures before eating.
        The safe internal temperature for meat such as beef and pork is 160 F,
        and 165 F for poultry, as determined with a food thermometer.
    --  Refrigerate raw meat and poultry within two hours after purchase (one
        hour if temperatures exceed 90 F). Refrigerate cooked meat and poultry
        within two hours after cooking.

Consumers seeking additional information regarding the recall can contact Beef Packers Inc. (Cargill) at 877-435-4071. Members of the media can call Beef Packers Inc 952-742-6211. Safeway customers can contact 1-800-SAFEWAY for more information about their specific product. Consumers with food safety questions can "Ask Karen," the FSIS virtual representative available 24 hours a day at AskKaren.gov. The toll-free USDA Meat and Poultry Hotline 1-888-MPHotline (1-888-674-6854) is available in English and Spanish and can be reached from l0 a.m. to 4 p.m. (Eastern Time) Monday through Friday. Recorded food safety messages are available 24 hours a day.

    Source: Safeway Inc.

CHICAGO--(BUSINESS WIRE)-- The Chicago Sun-Times announced today that long-time sports columnist Rick Morrissey will join the Chicago Sun-Times and suntimes.com.

"Not only has Rick established a strong voice in Chicago, he is one of the best sports columnists in the country," Sun-Times Sports Editor Chris De Luca said. "Adding Rick Morrissey is a major step forward as we continue to improve what is and has long been Chicago's best sports section."

Mr. Morrissey, who grew up in Oak Park, Illinois, had been at the Chicago Tribune since 1997 and became a sports columnist in 2000.

"Now we have the best one-two punch in the country with Rick Morrissey and Rick Telander providing their award-winning commentary," Mr. De Luca said.

"Adding Rick to our already top-flight sports staff shows how serious we are about being the best and staying the best," said Sun-Times Editor in Chief Don Hayner. "Nobody competes in this market as hard as we do. This is our city."

Prior to joining the Tribune, Mr. Morrissey worked for the Rocky Mountain News in Denver, spending eight of his 10 years there covering the Denver Broncos. He also had reporting stints at the Charlotte Observer, Fort Wayne Journal Gazette and Star Publications in the south suburbs. Mr. Morrissey is a graduate of Fenwick High School and Northwestern University.

About the Chicago Sun-Times

The Chicago Sun-Times is owned by Sun-Times Media, which is dedicated to being the premier source of local news and information for the greater Chicago area. Sun-Times Media's properties serve more than 300 communities across the region and include the Chicago Sun-Times and Suntimes.com; seven suburban daily newspapers, including the Beacon-News (Aurora), Courier-News (Elgin), Herald-News (Joliet), Lake County News-Sun, Naperville Sun, Post-Tribune (Merrillville, Ind.) and the SouthtownStar; 39 weekly newspapers published by the Pioneer Press and 12 weekly Sun newspapers, as well as Web sites for those newspapers, centerstagechicago.com, RogerEbert.com and YourSeason.com.

    Source: Sun-Times Media Productions

OTTAWA, ONTARIO -- (MARKET WIRE) -- 12/04/09 -- Audio clips available at www.inspection.gc.ca/english/corpaffr/relations/indexaude.shtml.

The public warning issued on December 2, 2009 has been expanded to include additional products. These additional retail products were prepared using the original cream cheese recalled by Western Creamery, a division of Liberte Natural Foods.

The Canadian Food Inspection Agency (CFIA) is warning the public not to consume the Cream Cheese products described below because these products may be contaminated with Salmonella.

The following Cream Cheese products in variable weight packages, sold at deli counters or clerk-served between November 25 and December 4, 2009, are affected by this alert:

----------------------------------------------------------------------------
Product                       Sold from
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Canadian Cream Cheese Spread  Certain of the following stores in Ontario:
Nacho Dip                     Loblaw
Nachos with Dip               Real Canadian Superstore
Nachos with Salsa Party Tray  Your Independent Grocer
                              Fortinos
                              Zehrs

----------------------------------------------------------------------------
Plain Cream Cheese            Metro
                              1050 Don Mills Rd., North York, ON

                              Metro
                              3090 Bathurst St., Toronto, ON

                              Metro
                              80 Front St. E, Toronto, ON

                              Metro
                              444 Yonge St., Toronto, ON

----------------------------------------------------------------------------
Cream Cheese - Plain          Sobey's
                              9200 Bathurst St., Vaughan, ON

                              Sobey's
                              147 Laird Dr., Toronto, ON

                              Sobey's
                              1015 Broadview Ave., Toronto, ON

                              Sobey's
                              710 Mount Pleasant Rd., Toronto, ON

----------------------------------------------------------------------------
Cream Cheese                  Leslieville Cheese Market
                              891 Queen St. E, Toronto, ON

----------------------------------------------------------------------------
Lana's Cream Cheese           Daiter's Fresh Market
                              3535 Bathurst St., Toronto, ON

----------------------------------------------------------------------------
Cream Cheese                  Galati Market Fresh
                              5845 Leslie St., Toronto, ON

----------------------------------------------------------------------------

The CFIA is continuing its investigation to identify other retail locations where the affected Cream cheese may have been sold. Consumers are advised to contact the retailer if they are unsure whether the Cream Cheese product they have is affected.

There have been no reported illnesses associated with the consumption of these products.

Food contaminated with Salmonella may not look or smell spoiled. Consumption of food contaminated with these bacteria may cause salmonellosis, a food borne illness. In young children, the elderly and people with weakened immune systems, salmonellosis may cause serious and sometimes deadly infections. In otherwise healthy people, salmonellosis may cause short-term symptoms such as high fever, severe headache, vomiting, nausea, abdominal pain and diarrhoea. Long-term complications may include severe arthritis.

The manufacturer and various retailers are voluntarily recalling the affected cream cheese products from the marketplace. The CFIA is monitoring the effectiveness of the recall.

For more information consumers and industry can call the CFIA at 1-800-442-2342 / TTY 1-800-465-7735 (8:00 a.m. to 8:00 p.m. Eastern time, Monday to Friday).

For information on Salmonella, visit the Food Facts web page at: http://www.inspection.gc.ca/english/fssa/concen/cause/salmonellae.shtml

For information on all food recalls, visit the CFIA's Food Recall Report at: http://active.inspection.gc.ca/eng/corp/recarapp_dbe.asp

To find out more about receiving recalls by e-mail, and other food safety facts, visit our web site at: www.inspection.gc.ca

Contacts:
CFIA Media Relations
613-773-6600