Iron Bull Mining & Milling

UPDATE: MARCH 9, 2009

OPERATIONS AT THE MINE

Operations continue at the mine. The new 100-ton truck (Figure 1) is in full operation at the site moving waste, opening high-grade faces for future mining. We are in the process of expanding one waste dump and constructing a stockpile representing material between 51 and 55% Fe that will be blended with the higher-grade material to reach a blended assay in excess of 55% Fe. This streamlines movement in the pit, which has a positive impact on efficiency.

Figure 1

AEROMAG SURVEY

We have now received Dr. Craig Beasley’s geophysical evaluation of the magnetic survey completed late last year. Dr. Beasley evaluated the potential resource at various cutoff grades. He is working closely with our Chief Geologist, Rick Russell on the data evaluation and is moving into a second phase that utilizes past drilling results and applies them to the aeromag data for a more definitive declaration of the resource. Once this extensive evaluation is completed, this data will be reported. It will be used as the basis for the future drilling program that is being designed.

SHIPPING

We continue to work towards shipping our first ore from the mine to the Port. The negotiations have gone very well with the UP and the Port and we are now finalizing some of the terms with CKI in light of the commodity changes worldwide. We hope the last of this will be resolved quickly.

We currently have 120 cars on site at the mine and another 105 are moving through the rail system to the site at this time. The remaining cars needed for full production will be staged in as we start to move ore to the Port. The cars needed are available through the UP, but are being staged in so that we have sufficient space at the site to move trains easily.

Since we are finalizing many of the details to move into a shipping scenario, updates will be given as progress is made, but not every Monday. Once we begin moving trains, we will actually put out more frequent updates. We appreciate your patience during this transition time at the mine.

UPDATE: FRIDAY, FEBRUARY 20, 2009

PALLADON IRON CORP. FEATURED IN ENTERPRISE NEWSPAPER

Four Years After Buying Comstock/Mountain Lion Mine, Palladon Iron Corp. Brings Iron Mining Back to Iron County

Known for its vast iron resources and storied history of iron mines, Iron County had been missing its namesake for more than 10 years until last September, when Palladon Iron Corp. (PIC), Salt Lake City, began iron mining at the Comstock/Mountain Lion mine on Iron Mountain west of Cedar City.

Bought out of bankruptcy in 2005, the mine required nearly four years of dedication to get back into operation.

The Comstock/Mountain Lion mine is full of history. It was the first operating mine in the state of Utah, as the early pioneers used it for resources to build tools for construction in Salt Lake City. The mine has had multiple owners; the most recent was Geneva Steel. Today, the mine is the second largest open pit mine in the state.

A storied history and a great past don’t really help when the business is selling iron ore. What Palladon got when it purchased the mine was a beautiful historic mine on 6,000 acres of property with 2,100 acre-feet of water rights. It also got drill data that did not meet current standards and a rail line that was in place but far from safe operating condition. In addition, all existing facilities had to be demolished, as they were riddled with bullet holes and were not in safe working condition. On top of that was a 50 percent hedge fund partner out of New York City venturing into the iron ore industry for the first time.

What PIC didn’t get in the transaction was an iron ore sales contract, a port to ship the iron ore from, a rail contract with Union Pacific, capital to move the project along or one ounce of credibility.

“We were in a Catch-22 situation,” said Don Foot, president and CEO of PIC. “The hedge fund partner didn’t want to commit funds until they saw progress at the mine. The railroad and the shipping port wouldn’t take us seriously until they saw progress at the mine, and it all required funding.” PIC had the burden of building credibility with each of its constituents. This meant moving the project forward with limited financial support while building good relationships with Union Pacific Railroad and the port.

PIC was able to do a small private placement that raised enough funds to allow it to start work at Iron Mountain. The first priority was to demolish the existing facilities that had become dangerous and were a serious liability. New facilities needed to be constructed, which started with basic needs such as power. A new transformer for the mine was ordered but took approximately 42 weeks to be delivered. The substation building needed to be totally replaced and the rail line needed to be inspected and repaired to operational status.

With the project site moving forward, it was time to build credibility with Union Pacific Railroad. PIC was a small company trying to get the railroad to recognize that it was serious about moving iron ore from Cedar City to China at a time when the railroad was in an oversupply situation. What worked was to meet with Union Pacific representatives at the local and corporate levels to discuss the project and the future.

A crusher pad with stacker loading crushed material on a stockpile at the mine.

“Talking just wasn’t enough,” Foot said. “We were finally taken seriously when we spent $2.3 million building two one-mile interchange tracks that would allow us to easily hand off of the trains to the UP.”

The same was to be true when dealing with the port. The port authorities were able to see progress at the mine and progress with the railroad, so PIC and the port were able to begin developing a methodology to get material moving from the West Coast to a buyer, likely in China.

On April 1, 2008 PIC announced that it had reached an agreement to sell two million tons of run-of-mine ore to China Kingdom International. This buyer was forward-thinking enough to allow PIC to mine the ore and ship it directly to China without having to first concentrate the ore. Although selling at a lower price, this gave PIC a chance to start generating revenue for the project that would eventually be used to build the concentrator to produce a high-grade magnetite, which has higher margins.

Building credibility with PIC’s joint venture partner was a far more difficult scenario. The original management team agreed to a 50/50 joint venture, which meant nothing could move forward with- out both parties agreeing. The result was a stalemate. The JV partner would not commit funding to move forward with the project and PIC could not move forward without funding.

But iron ore prices were rising dramatically and an opportunity arose that allowed PIC’s parent company to pursue buying out the joint venture partner. On June 26, 2008, after a rise in the asking price from $27 million to $65 million in just four months, PIC, through the support of its shareholders, was able to raise the necessary capital to buy out the JV partner and take 100 percent control of the project. The JV partner held back a loan on part of the purchase price so that the project had working capital available to complete the project and start shipping. PIC now owned the entire project and it was time to start mobilizing to move it forward. With control of the project and facilities being built at the site, the project was ready to move forward at full speed.

A tipple is used to load trains with ore from the Comstock/Mountain Lion Mine.
Rail cars now sit full of run-of-mine ore ready to move to port;
Palladon is finalizing details of the first shipment.

Gilbert Development, the contract miner for 12 years at the site for the previous two owners of the mine, was contracted to do the same for PIC. Gilbert had the best understanding of the mine, ore handling and the mining conditions. The firm mobilized its equipment and installed a new stacker, tipple, crusher and conveyor system. Work at the mine started last September with the goal of building a 150,000-ton stockpile of run-of-mine ore for shipping. The mine was a limited operation, as the final details of the project were put together to initiate shipping. PIC was operating at 5,000 tons per day four days a week.

Few were prepared for what would happen later in the month of September, when the world’s economy crashed and commodity prices began a dramatic fall. For PIC, with the mine in operation, trying to pull the last logistical piece together for delivery, the world became a very different place in which to do business. Iron prices fell dramatically and Chinese steel buyers started to cut back on their demand for iron ore as steel demand dropped. Other commodities suffered in the same way and suppliers were looking for ways to survive in a very difficult market. Mines closed, projects were put on hold and every mining company took a hard look at their future.

PIC’s buyer still wanted the run-of- mine ore, as it was a direct replacement for its own mine, which was literally out of ore. The Iron Mountain ore ground easier and produced a better grade concentrate with equivalent or better recoveries than its own ore. The final piece of the project was signing with the port for shipment. The night before the final signing with the port storage facility was expected, PIC was notified that the product in the storage barn could not be sold in the marketplace. PIC now had no storage barn at the port. Without storage, PIC would not be able to get enough ore to the port to fill a ship. The company now had a buyer, a mine in operation, 100 cars loaded and ready to ship — but no way to ship through the port.

Starting from scratch in a totally different business climate was now required. New ports, totally different cost structures for rail and shipping and revamped logistics in moving the ore were all options that the staff was evaluating to get the project moving.

Today the blasting continues as trucks haul iron ore to be crushed and placed in the stockpile. Waste is being mined so the pit can be opened up for development and rail cars sit full of run-of-mine ore ready to move to port. PIC awaits the first shipments, but is still finalizing the last details to make it all happen. More than three years of work was virtually stilled in a matter of days. But, Foot said, PIC sees it as just another hurdle to jump in order to bring iron ore mining back to Iron County.

"Four Years After Buying Comstock/Mountain Lion Mine, Palladon Iron Corp. Brings Iron Mining Back to Iron County." The Enterprise [Salt Lake City] Feb. 2009: 10-11.

UPDATE: MONDAY, FEBRUARY 9, 2009

It is a whiteout at the mine today with heavy snowfall making mining very difficult. This only happens a few times a winter, but the mining crew has been pulled out of the mine for safety reasons. This should be for only a short period of time until the front passes through.

Last week Gilbert Development received the Komatsu 785 rock truck that was delivered to their manufacturing facility for assembly. This is a 100-ton capacity rock truck. The following pictures show the truck, as received.

Figure 1: Bed of the Komatsu 768 Rock Truck in Assembly Facility

Figure 2: Body of the 785 Rock Truck

Figure 3: Inside the Cab of the 785 Rock Truck

After assembly of the truck and start-up, it will be moved to the site where it will be out into operation with the other equipment. This truck actually arrived about 2 months earlier than anticipated.

PALLADON VENTURES PROVIDES CORPORATE UPDATE
Salt Lake City, Utah, February 4, 2009. Palladon Ventures Ltd. (“Palladon” or the “Company”) (TSX.V: PLL) (Frankfurt: PV-1) is pleased to provide the following corporate update.

Palladon Ventures’ wholly-owned subsidiary, Palladon Iron Corporation (“PIC”), continues to face hurdles in initiating shipments of its ore from the Port of Long Beach. Consequently, the company has been actively pursuing the feasibility of shipping from alternate ports on the west coast. Negotiations are ongoing with many service providers to finalize a viable total solution. Operationally, this effort remains the company’s highest priority.

Despite the challenging commodities markets, PIC continues to receive positive indications regarding the desirability of its product as our Chinese buyers reiterate their desire for immediate delivery of our high-quality magnetite ore. PIC is making every effort to make this happen quickly and economically.

The Board of Directors of Palladon Ventures created an Executive Committee to formally assign resources of the board to assist management in dealing with the numerous initiatives being pursued by the Company. The Executive Committee is made up of Palladon CEO Don Foot, and two independent board members. Initially those independent board members are John Cutler and Robert Getz. The mandate from the full board is that the executive committee pool talent from the board and management to advance the Iron Mountain project to the shipping of iron ore as soon as possible.

The Board of Directors also directed the Finance Committee, with Robert Getz as its chairman, to take the lead on certain financial issues. Specifically, the board gave the finance committee a mandate to refinance the Company’s existing indebtedness and to pursue any and all strategic alternatives and opportunities.

Members of the board and management are working diligently to resolve operational and financial issues in order to bring clarity to the future course of the Company.

On Behalf of the Board of Directors,
Donald G. Foot, Jr.
President & Chief Executive Officer

About Palladon

Palladon Ventures Ltd. is a junior resource company focused on building production facilities at 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:
Donald G. Foot Jr.
President & CEO
Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com; www.ironbullmining.com

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s: (1) expectation to finalize negotiations with an alternate port; (2) expectation that the Company’s Chinese buyers continue to desire delivery of the Company’s products; (3) belief that the newly formed Executive Committee will advance the Iron Mountain project to the shipping of iron ore as soon as possible; and (4) belief that the newly formed Finance Committee will be successful in refinancing the Company’s existing indebtedness and to pursue any and all strategic alternative and opportunities. 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, (9) the risk that the Company’s may not be able to refinance existing indebtedness and (10) the risk that the Company may not finalize an agreement with an alternative port. 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.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.

UPDATE: TUESDAY, JANUARY 27, 2009

"We are please to announce that Mr. Bruce Yeomans will joined Palladon Iron Corporation, Feb. 16, 2009 and will be working at the Cedar City site. Mr. Yeomans has over 29 years experience in mine development, mine expansion-exploration, and environmental permitting. He has successfully worked as a consultant and employee for both large and small groups in the minerals industry in the Midwest and throughout the Western United States. Mr. Yeomans started his career as an exploration geologist for Gold Fields Mining Corporation, the U.S. subsidiary of Consolidated Goldfields. During his 15 year tenure with Goldfields, the company went from no U.S. production to becoming the fifth largest and the lowest cost gold producer in the U.S.. Most recently he was Chief Geologist/Exploration Manager for a Canadian and U.S.-listed Junior mining company, successfully expanding reserves and reactivating an historic, open-cut, multi-million ounce gold-silver mine.

Palladon Iron continues to negotiate with the port facility to assure that the pricing models including rail, port and seaway all work during these times of depressed prices. This is a very critical matter for the Company and involves a number of groups in the U.S. as well as our partner and end-user in China. This must all be done correctly to assure a streamline methodology. We hope to have all of the intricacies of this process ironed out as quickly as possible."

UPDATE: MONDAY, JANUARY 19, 2009

ANALYTICAL LAB

Palladon Iron Corporation (PIC) has acquired laboratory space in Cedar City that will house its analytical laboratory and sample prep facility. The laboratory is close to the mine and will contain the following laboratory and sample prep equipment:

Residual moisture analyzer
Analytical balance
X-ray florescence analyzer
Fluxer
Drying Oven
Crusher
Floor balance
Riffles
Shaking table

In addition, the laboratory will have all necessary supplies to conduct all analyses necessary for the mine.

SGS North America, one of the largest global analytical services companies, will staff the laboratory and perform all analytical services for PIC, giving independent assays of all samples. SGS will analyze samples from all drill cuttings prior to blasting, material in the stockpile, and ore loaded in the trains for shipping. SGS will be responsible for assaying all samples for iron, silica, phosphate and other important constituents, as necessary, so that we can meet the specifications of the contracts to China. The data will also be used to define an optimized mining plan and determine if the product mined will be destine for the shipping stockpile, the lean-ore stockpile for future processing, or the waste dump.

Samples are currently being sent to the SGS analytical lab in Denver, Colorado which has a longer turnaround time and is costly from a shipping perspective. Having a lab close to the mine allows for next-day assay turnaround, imperative to keep pace with efficient mining, with substantially lower costs. The analytical equipment starts to arrive next week and will be installed once build-out of the laboratory space is completed in the next 4-6 weeks.

STAFFING CHANGES

We are pleased to announce that effective January 1, 2009 the following two changes to the staff at PIC:

• Darrel Twede, our acting Chief Technical Officer/Chief Operating Officer, is now a permanent employee of Palladon. He will oversee all technical and operating issues relating to the mine, as well as logistics issues at the port. Darrell recently retired from FLSmidth Minerals, formerly known as EIMCO where he was a project manager for the last 15 years with projects in Asia, South America, and the United States. Prior to his employment at EIMCO, he worked at Evans & Sutherland in Salt Lake City as Program Manager where he managed domestic and international multi-million dollar programs in the simulation industry. He was employed at Kennecott Copper as a control systems engineer in the development of control systems in Kennecott’s operation. Darrel received his M.S. in Electrical Engineering from the University of Utah, and is a past member of Eta Kappa Nu (HKN) Honor Society, the Institute of Electrical and Electronic Engineers (IEEE), and the Instrument Society of America (ISA). He received his Professional Engineer License in 1969 from the state of Utah.
• Rick Russell, who has served as a qualified person on many of our press releases and technical publications, has now joined the staff as our Chief Geologist. Rick will manage the company’s geologic and exploration programs and be responsible for all land and water issues for the company including new acquisitions and water management. Rick has over 40 years experience in the mining industry, including mineral exploration, mine development, reserve estimation, economic evaluation and modeling. He has extensive exploration and development experience in Utah and the surrounding states.

We are excited to have both of these gentlemen now permanently on staff with Palladon Iron Corporation. Their extensive expertise in the mining industry will help to keep this project moving forward.

UPDATE: MONDAY, JANUARY 12, 2009
PALLADON IRON CORPORATION LEASES AN ADDITIONAL 1,184 ACRES OF MINERAL RIGHTS

LAND ISSUES

Palladon Iron Corporation has acquired an additional 1,184 acres of mineral rights in the central region of Iron Mountain at its iron project, located approximately 20 miles west of Cedar City in southwestern Utah. These rights were obtained from The Utah School and Trust Lands Administration and include all the rights to iron and other minerals. These properties were identified in the recent magnetic survey conducted at the site. The new property expands PIC’s land position to approximately 9,700 acres of net mineral and surface acres of mining property.

The mineral lease has a primary term of 10 years and gives PIC exclusive right to explore and mine iron and related minerals on state land. An exploration-drilling program is in the planning stage and will be announced when plans are complete. The drilling program will not only be used to verify the resource on the new properties but bring existing properties into 43-101 compliance.

We have now contracted with Dr. Craig Beasley to conduct a geophysical evaluation of the magnetic survey completed late last year. Dr. Beasley will evaluate the potential resource at various cutoff grades. Once completed, this data will be reported and will be used as the basis for the drilling program being designed.

All of these land issues put Palladon Iron Corporation into position to significantly increase our iron resource over both the near and long-term.

MINING

Although the mine has been constantly hit with a number of snowstorms, mining continues. Since the stockpile is complete until shipments begin, we have been mining waste and creating our “ultimate pit” design where we will have roads in place and can dramatically increase the efficiency in the mine and reduce costs. Once shipping starts, the mine program will allow for the movement of predominantly run-of-mine material that will be crushed, loaded and shipped to the end-user. Figure 1 shows the mining operation during snow conditions.

Figure 1: Mining Operations

PALLADON VENTURES ANNOUNCES IRON MOUNTAIN UPDATE

Salt Lake City, Utah, December 31, 2008, Palladon Ventures Ltd. (TSX.V:PLL) (Frankfurt: PV-1)

This year has been a roller coaster ride for the world and for Palladon Ventures. We have seen the collapse of the worlds basic economy and the strain in the commodity sectors.

Palladon Iron Corporation also saw some major changes as a result of new shareholders who joined a private placement that bought 50 percent of Palladon Iron Corporation from our former partner, Luxor Capital Group. Once that was completed, we immediately went into production at the mine, building our facilities, and growing the stockpile. Then, just after we started production and held our AGM, the financial markets crashed and commodity prices plummeted.

At a time when Palladon should have been shipping to China, multiple issues complicated our progress.

The storage barns at the west coast port, which were to be used for our product, were full of material that could not be sold.
Prices for iron ore were weak.
Businesses were cautious and hesitant to move forward.

To remedy these situations, Palladon moved forward on other paths. The port facilities that were targeted continue to be filled with unsold product, so we set out to find an alternative. We have now identified a port as an alternative and are finalizing arrangements at this time. This port would allow us, at least for an interim period, to start shipping material until we are able to get approval and build a new barn in Southern California. At that time we could actually have two ports available that may allow us to ship two different products at some point.

We are working closely with the Union Pacific Railroad (UP) and our partner China Kingdom International (CKI) to assure that the new port facility will allow for efficient transportation of the iron ore to the port and to the end user in China. Both the UP and CKI have done an excellent job of working as part of the team toward that end. Business relations with our Chinese partners remain positive, and they continue to express demand for our product.

A major concern for 2009 is the upcoming payment to Luxor Capital Group due June 28th, 2009. We are working very hard to make sure that this does not become an issue and will keep the shareholders abreast of any progress.

We certainly have not eliminated the plan to build the concentrator, but we will evaluate the starting date closely so that our timing will be in line with the markets resurgence. In the meantime, we will continue with the plan to sell run-of-mine ore until the market allows for the concentrator to be built and high-grade concentrate produced.

The last six months have been difficult, as we have basically re-addressed all facets of our business due to the financial market collapse and the softening of commodity prices. It has also been a time that we could not release a lot of information due to the extreme competitiveness of the industry, sensitivities in trying to secure a new port facility while maintaining the relationship on the old one, and the need to work closely with CKI and our Chinese partners to develop new solutions.

Mining operations continue to be strong and the stockpile is filled to maximum with 150,000 tons of product. The size of our resource is expanding based on the aeromagnetic survey that we are analyzing. Although there are still hurdles ahead of us, we are working with the intent to cost-effectively start shipping material as soon as possible.

On Behalf of the Board of Directors,

Donald G. Foot, Jr.
President & Chief Executive Officer

About Palladon
Palladon Ventures Ltd. is a junior resource company focused on building production facilities at 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:
Donald G. Foot Jr.
President & CEO Palladon Ventures Ltd.
801.521.5252 Tel
801.521.5454 Fax
Email: info@palladonventures.com
Website: www.palladonventures.com; www.ironbullmining.com

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's: (1) need to conduct more detailed modeling to better define the total size of the resource; (2) ability to conduct Phase 1 of the modeling project; (3) ability to conduct Phase 2 of the modeling project; (4) ability to explore magnetic anomalies; (5) geological staff utilizing the results of the modeling project to formulate drill plans and upgrade the historic reserves. 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, (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. 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.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof..

PALLADON CONTRACTS WITH GEOPHYSICIST TO BETTER DEFINE ADDITIONAL IRON RESOURCE

Salt Lake City, Utah, December 30, 2008. Palladon Ventures Ltd. ("Palladon" or the "Company") (TSX.V: PLL) (Frankfurt: PV-1) through its subsidiary, Palladon Iron Corporation ("PIC") is pleased to announce that it is contracting with a geophysicist to model high resolution aeromagnetic data acquired during the recent airborne magnetic survey. The survey was conducted this fall over an area of approximately 24 square miles at Palladon's Iron Mountain property in southern Utah. The data defined several pronounced, high relief magnetic anomalies, which led to the acquisition of new property that was recently announced by the Company. Preliminary 3-D modeling by the geological staff has produced a magnetic relief model of the entire Iron Mountain district, but more detailed modeling will be required to better define the total size of the resource.

Phase 1 of the modeling project will estimate the total iron resource of the Iron Mountain district at various cut-off grades. This estimate will be based on data acquired by the survey that was flown on a 200 x 200-meter grid over the entire district. All the deposits in the Iron Mountain district are primarily magnetite in composition and each produces a highly anomalous magnetic response based on the thickness and grade of the magnetite in the deposit. Based on historic drill hole data, known iron deposits range from 60 to 1,000 feet thick.

Phase 2 of the modeling project will compare data for known iron deposits with magnetic anomalies yet to be explored. The aeromagnetic data for the known deposits will be factored by an extensive drill hole database on which historic resource estimates are based. The geological staff will utilize the results of the modeling project to formulate drill plans that will better define the iron resources. This will allow us to upgrade the historic resources into reserves and make the entire project NI43-101 compliant.

"There is significant upside potential for iron resources in the Iron Mountain district," stated Rick H. Russell, Chief Geologist for Palladon Iron. "This modeling project is the next step in the development of additional iron resources for the Company."

On Behalf of the Board of Directors,

Donald G. Foot, Jr.
President & Chief Executive Officer

Disclaimer for Forward-Looking Information

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of the contents hereof.

UPDATE: MONDAY, DECEMBER 29, 2008

There is very little for our update with most companies off for the holidays. We expect the next material update to be on the 12th of January after New Years and when the people we are contacting are back at work. HAPPY NEW YEAR .

UPDATE: MONDAY, DECEMBER 22, 2008

We are on a short week here with Christmas on Thursday. The mine will be closed for Christmas. It has been very snowy in Utah this week as it has around the country. After a couple of storms we have 8 inches of snow at the mine at this time. We expect winter weather from now until March, but it won't significantly affect mining. Progress at the mine continues as we move lean ore to its stockpile for future use. Waste is being moved daily, exposing more ore. Senior management is back from China after a very short trip. They are compiling an update that we will see shortly. We wish everyone Merry Christmas and Happy Holidays.

UPDATE: MONDAY, DECEMBER 15, 2008

There will be no update this week as senior management is in China. Please check back next week.

UPDATE: MONDAY, DECEMBER 8, 2008

This past week was busy with calibration of the scale for the railcars and continued mining. Calibration of the scale for the railcars was successful. In the photo below, the Utah Department of Transportation (UDOT) employees are working with the conductor from Utah Southern Railroad as they use the calibration car on the scales.

The next photo is the inspections certificate signed by the UDOT representative.

We now have the scales properly calibrated for shipping. UDOT has certified the scale, and the Union Pacific is in agreement. Based on the result of this testing and certification, all the ore we have in the cars is within the specified weight and ready to ship.

All activities at the mine are progressing well, and as expected. Most of the work right now is moving waste to the waste dump and moving lean ore to the lean ore stockpile for future use. This work allows us to expose more of the resource so we can readily access it as we start shipping and replenishing the stockpile.

UPDATE: MONDAY, DECEMBER 1, 2008

There have been numerous requests to see how the plant and the stockpile look at this moment at the site. Figure 1 shows the plant and stockpile as it sits today.

Figure 1: Iron Mountain Processing Site

This is a panoramic view taken from a waste dump just south of the site. The current stockpile holds nearly 150,000 tons of crushed ore ready to load into the rail cars. In front of the stockpile is the red stacker that loads the freshly crushed material. The crusher cannot be seen, but is in the ridge just in front of the stacker. The crushed material is drawn from the bottom of the stockpile on a conveyor that runs inside a tunnel underneath the pile. The conveyor then loads the material onto the larger silver conveyor system that feeds the tipple. The tipple has three individually operated door mechanisms that are computer controlled to ensure an balanced load on all the rail cars. Please note the string of rail cars under the tipple in the process of being loaded. The cars to the left of tipple that pass behind the stockpile are loaded and being stored on the ancillary tracks for shipment.

This week will be busy at the site with railcar and weigh-scale testing. Officials from the Union Pacific Railroad (UP) and the State of Utah will be onsite to ensure the scale is calibrated properly. A properly calibrated scale will allow us to ensure that we meet the specifications for movement of unit trains on the UP lines and at the port.

With all this going on at the site, our highest priority is still our work with the port to assure its readiness to receive our ore.

UPDATE: WEDNESDAY, NOVEMBER 26, 2008

This update is provided a few days late as we have been traveling extensively to keep this project moving forward with the short week here in the US. We are happy to provide the following on the progress at it’s Palladon Iron Corporation Iron Bull Mining & Milling facility near Cedar City, Utah.

• Mine site development is progressing according to budget and is currently in operation in respect to mining, crushing and building of the stockpile.

• On August 31, 2008, the Company had total cash resources of US$13.5M, providing sufficient cash to carry the company into cash flow.

• The Company has all mine permits in place for operation at 2M, 4M or more tons per year using the run-of-mine scenario.

• The Company has completed the refurbishment of the 14.6 mile spur line from Iron Mountain to Iron Springs and the rail is operational.

• Union Pacific rail cars are now on-site and the short-line operator’s engines are currently moving the train cars freely at the site.

• Rail cars are currently being loaded to calibrate the new tipple system for assurance that the cars do not exceed UP standards for movement of ore.

• An Aeromagnetic survey was completed at the site that covered the entire Iron Mountain property.

• The site is ready for shipment once the temporary facility is ready to accept iron ore. The permanent facility is still going through approval.

• Personnel changes have been made to the staff and Rick Russell is now playing a more significant role as the Acting Chief Geologist.

IRON MOUNTAIN PROJECT

The development of the Iron Mountain project has reached new milestones as mining and production were started prior to the end of Q3 2008. The mine is currently operating at 5000 tpd, four days per week to build a 150,000-ton stockpile in anticipation of shipping. The first material was drilled blasted and hauled on September 15, 2008 and crushing was initiated shortly thereafter. Expenditures for start-up were below the budgetary values. The following are highlights of the accomplishments to date at iron Mountain:

• The first phase of the rail improvement plan was completed from Iron Mountain to Iron Springs and is now operational.

• Ballast was produced from the tailings dumps with the fine material providing road base for all mining roads

• The 84 inch horizontal crusher was installed and is currently crushing 5000 tpd of >55% Fe run-of-mine ore.

• The radial stacker was installed and is successfully blending product to form a 150,000 ton stockpile.

• The Tipple was erected and is fully operational loading cars in less than two minutes including positioning.

• The substation was successfully commissioned and is providing power to the entire site and all ancillary facilities.

• The site is now in full operation with the commencement of drilling, blasting, hauling, crushing, stockpiling and loading.

SHIPPING

Shipping has been delayed as tenants in the temporary barn continue to store and ship material. It is anticipated that this will be rectified in the next few weeks. Refurbishment of the barn is necessary to handle the higher density iron ore. This requires that the plows that move the material onto the load-out belt be stiffened and the Tee-Pee system in the center of the barn be reinforced. Engineering has been completed and work will commence once the barn is free of material and clean. We are continually looking at ways to expedite the shipping process and get the iron ore moving as quickly as possible.

AEROMAGNETIC SURVEY

An aeromagnetic survey was completed in September 2008 and surveyed some 6000 acres. The results showed that there are significant additional areas of interest and therefore Palladon secured approximately 2200 additional acres of BLM land through staking. This brings the total acreage under control of Palladon Iron to approximately 8500 acres. This represents an increase in holdings of 35 percent.

The results of the survey will be released once Rick Russell and his staff complete a thorough evaluation.

Pictures documenting the progress at the mine site can be found at www.ironbullmining.com.

STAFFING CHANGES

The Company is pleased to report that Mr. Rick Russell who has served as a qualified person for many years with the Company is now taking a more significant role as its Acting Chief Geologist. Rick will be responsible for all of the geology and geological engineering studies at the site, all land and water issues, and all future exploration work.

The Company reports that Frank Dolce has left the organization to pursue other career opportunities. His position will be replaced with a transportation and logistics manager.

We are also pleased to announce that Del Satterthwaite has joined the company as the IT and Communications Manager. Del comes to us after spending the last 20 years with Digital Equipment Corporation, Oracle Corporation, and NetApp.

We would like to wish all of our US shareholders a very HAPPY THANKSGIVING.

UPDATE: TUESDAY, NOVEMBER 25, 2008

The following is the webcast link for the Palladon presentation. It takes listeners to the conference website, where they will be able to listen to the audio presentation.

SOUTHWESTERN SHOWCASE Webcast

UPDATE: MONDAY, NOVEMBER 17, 2008

Last week’s update was a bit different as there were a lot of questions that came up that we wanted to answer. We have received positive feedback, so we will try and do this periodically. The mine continues to move forward. The stockpile is currently at capacity, so we have the opportunity to move waste material in development of the “ultimate pit” which allows for easier mining at reduced costs. The focus of today’s update will be the technology and communication system to be used throughout all of Palladon.

The equipment for the new communication/web/database systems are all on site and ready to be implemented both here is Salt Lake as well as at the mine in Cedar City. The initial focus has been to get the mine site stable for both voice and data communications. Without cell service at the mine, we have had limited communication service to this point. Our communications partner has put in temporary equipment to help us along until the permanent networking gear is installed in about two weeks. When that is done we will have a solid and consistent network. The Virtual Private Network from Salt Lake to Cedar City is moving forward. The Cedar City site was installed last Thursday and the Salt Lake side will be installed on Monday. This will allow us to securely share data anywhere in the company. It also allows for complete redundancy of all data and superior back-up so that no one can get into the system and delete or corrupt data.

The internal database for mine accounting is ready for tracking the ore from the mine to the port and back again. We are training the staff on its use. It will be moved from the development environment to the production servers this week. The production servers for our website and email will be installed this week and we will begin the redesign of our public presence. We will continue to keep ironbullmining.com and palladonventures.com up to date with the latest information on the Company in the meantime.

We are excited about the communications capabilities that we will be putting into play in the next couple of months. We think it will be beneficial to all.

PRESENTATION

Don Foot will be presenting at talk at the Southwest Showcase conference on Wednesday November 19, 2008 at 3:55pm. His PowerPoint presentation will be posted on the website by next Monday.

UPDATE: MONDAY, NOVEMBER 10, 2008

This week’s update will be a bit different than those of the past few months. We have tried to keep you abreast of the progress at the mine by showing some of the interesting pictures of what has been going on. While this has served its purpose, there are a number of questions that have been asked that those updates have not directly answered. Today we would like to answer some of the questions that have been presented to us concerning different phases of the activities surrounding this project. These will be broken down into specific areas that are currently being worked on.

THE MINE SITE

1. If you are mining at 5000tpd you must have more than enough in the stockpile?

We are currently mining at 5000tpd 4 days a week, but we are also moving sub-grade material into lean ore stockpiles that will be processed once the plant is built. In addition we are moving some waste at this time to develop the roads that give us greatest access to all areas of the mine. This is part of building what is called the “Ultimate Pit” design. We currently have about 130,000 tons in the stockpile and will take that to about 150,000 tons at all times. We will not increase to 6000tpd until after we start shipping

2. Are you achieving the grade of >55% Fe in the stockpile?

We run approximately 100 assays a day, so it is impossible to report all of the data that we receive. The current stockpile is blended by using the rotary stacker. This assures us that when we put product in the ship it will be greater than the 55% Fe specified. We have had absolutely no problem in maintaining the contract grade in the stockpile based on the mining plan and drill and blast data that we have. We do move any waste to the waste dumps, sub-grade material to our lean-ore stockpiles and the run-of-mine ore to the crushing pad. The mining plan developed prior to start-up has worked out beautifully and is updated daily with all of the assays that are recorded.

3. It is starting to snow at the mine site. Will this cause delays in shipping?

Anyone who lives in this area of the country and understands the mining industry will know that there is always variability in the weather conditions. Weather does not stop the mining operation. Even if there is a severe storm that may cause us to have to move snow, we will continue mining and are maintaining a large stockpile so that loading and shipping will not be impacted. It gets cold at the site, but we do heat the engine blocks of all of the equipment so it is ready to go each morning.

4. When will the new 100-ton trucks arrive?

The 100-ton trucks start arriving this month and we will post pictures when they get here. The new large dozer that was pictured in previous updates is now in operation.

5. What about an update on the AeroMag Survey?

The survey is complete and Rick Russell, our chief geologist, is now interpreting all that data and putting the report together. This data will give us a good idea of other anomalies at the site and will also show us areas that may provide for additional resources. It will take drilling to confirm the results. The results of the survey will have to be issued as a press release as they may represent a material change to the company. This data will also provide us with a drilling plan that Palladon will use to determine the best time for implementation.

6. Are there more permits necessary at the site or to be able to move rail cars from the site?

Fortunately there are no additional permits required for the mine or for moving cars from the site. All permits are in place.

RAILROAD AND RAIL CARS

1. Is all of the rail maintenance now complete and can you operate the shortline?

Absolutely, and our contractor did a great job. We have been moving cars along the entire track with great success.

2. Is there a contract in place with the UP to move the ore?

As has always been stated, we will not sign the contract with the UP until the day we start shipping as that will start the clock. The UP has been incredible to work with on this project and has helped us to make sure we have everything in place. This is an important project for them as well so we have developed a great working team with the UP, Palladon and people from the port.

3. Where are all the railcars?

You have seen in the pictures that there are a number of cars at the site, close to 120. The UP will bring in the additional cars as soon as we have a firm date on when the first train will move down the tracks. This way we are not burdened with a lot of cars sitting on our tracks.

4. What is the status on the new cars and when will we get them?

We have been working closely with the manufacturer and the lessor on the cars to make sure that everything is in place before we start construction. This has turned out to be to our benefit as the price for steel has stabilized from the level of just two months ago. This should reduce the cost of the cars and the ultimate lease price. Once we give the green light it will take about 16 weeks to receive the new cars. In the meantime we will use the cars provided by the UP.

5. When will you be able to go from 2M tonnes per year up to 4M tonnes per year?

This is determined first by our ability to have a smooth shipping scenario on 2M tonnes and then by the UP giving us approval to go to 4M tonnes per year. Obviously the real concern here is rail congestion.

THE PORT

1. When will the facility be ready to receive ore?

This is our highest priority. This is out of our hands right now as we will sublease a facility that will need some refurbishment. We are working closely with all parties to expedite all of this and get the product moving as quickly as possible.

2. What refurbishment has to be done?

The density of our material is very high by comparison to either coal or petroleum coke. While 100 tons of coal weighs the same as 100 tons of iron ore, the volume is dramatically different and the movement of such ore is also more difficult. The facility must be re-enforced to handle the higher density material, and the plows that move the iron ore onto the belt have to be stiffened.

CKI AND THE IRON ORE SALES AGREEMENT

1. There is a lot being written about the decline of the steel market and the reduction of iron ore shipments. How does this impact Palladon?

While it is true that commodities have taken a big hit in the last few months and you can read a lot of different things about the iron ore industry, it does help that we are not shipping in the “spot” market where prices rose nearly 200% and caused iron ore suppliers around the globe to move out of contracts and try to sell as much as possible on the spot market. Palladon chose to honor its contract and not to play the speculation game. That was the safest thing we could do for our shareholders. We have been assured by CKI that their buyer is anxious to receive our material as soon as possible.

2. What do you see as next year’s price for iron ore?

You can read whatever you want here as people are projecting anything from an increase to a decrease. The new contract will not be signed until April and hopefully by then the market will stabilize. Steel shipments in China appear to be moving up right now and some of the furnaces are coming back online. Though only indicators, that is the best news we have heard in the last few months. This will be a slow process, but Palladon feels it is positioned well to continue to move our material to China throughout the term of the contract. We are also in close communications with all of our service providers to do everything we can to keep moving during this downturn.

CORPORATE QUESTIONS

1. When will you have an IR person on board?

Palladon is working closely now to determine the best avenue to take in that matter. In the meantime, Del Satterthwaite (del@palladoniron.com) is now handling all of those functions internally and will be the one that will keep our shareholders apprised of the progress. Please keep in mind that a lot of the questions that people ask require answers that are confidential and that information, if released, would be construed as insider information. So please be patient and all the information will be released to the general public as soon as possible.

2. When will the Palladon Ventures Website be updated?

This has been something that has driven us crazy for the last year. I am happy to report that all of the equipment in currently being installed between the mine and the corporate office such that we have a robust computer network that works seamlessly between offices and provides multiple levels of security. With this we will host our own websites allowing for quick changes and an ease of updating the shareholders. Palldonventures.com is being completely re-designed, but we have chosen to keep the existing one up for continuity. Right now, we ask you to go to the ironbullining.com website where we will provide the latest news. We are currently managing that site internally. We apologize for the old website, but there will be good things to come.

3. When will the first train leave the mine, and when will the first ship leave the port?

This is the answer I would love to give right now, but we will release that once we have are able to ship the material and once the ship is scheduled to be in the port. The days the first ship leaves the port will be a happy day for the company and for our shareholders. We are so looking forward to this day and will keep you advised as soon as we have all of the final information.

We hope this information has been helpful and we look forward to continued updates on a weekly basis.

UPDATE: MONDAY, NOVEMBER 3, 2008

SITE PROGRESS

Work last week focused on the calibration of the Tipple and ensuring the ability to not exceed the weight limits of the rail cars. If a car is too heavy as it moves down the rail to the port, it will be removed from the track and ore will have to be removed to meet the weight limit. This is why it is essential that the loading system works flawlessly in together with the weigh scales for the cars (Figures 1-3).

Figure 1: Tipple Being Loaded From the Stockpile

Figure 2: View of Tipple Bin from Above

Figure 3: Material Moving on Feed Belt

The rail cars are currently loaded manually in just under two minutes using the UP provided bridge cars. These are longer than the new cars (Figures 4-5) we will lease and take longer to position. It is anticipated that once the new cars arrive, the loading time per car will be less than a minute.

Figure 4: View from Tipple of Empty Cars Being Positioned

FIgure 5: Full Cars Leaving the Tipple

THE PORT

Our Engineering staff, in cooperation with Gilbert Development, will be at the port this week to evaluate the upgrading procedure on the storage barn at the port. This is essential to make sure that upgrading will be sufficient to handle the high density material and assure capacity.

DELIVERY TO CHINA

There has been a lot of volatility reported in various publications around the world concerning the iron ore deliveries to China. You can read almost anything you want concerning the future. We have been assured by China Kingdom International that they, and the end user, are still anxious to get our material as quickly as possible under the existing contract. Now that we are in production and building the stockpile for shipment, we will continue to move towards shipping as soon as possible.

UPDATE: MONDAY, OCTOBER 27, 2008

GRAND BLAST

On Thursday October 23, a “Grand Blast” was held at the mine to signify the grand re-opening of the historic Comstock/Mountain Lion Mine by Palladon Iron Corporation. At 11am there was a private ceremony for approximately 100 invited guests and dignitaries with speeches from the Mayor of Cedar City, County Commissioners, and Palladon Management. From 1 pm to 3 pm there was an open house that was attended by over 400 citizens of the Cedar City and Iron County area. It was a great day for everyone in attendance.

Figure 1: Dignitaries Getting Ready for the Blast

The St. George and Southern Utah University television stations both did stories on the opening and are shown below. These both provided a great overview of the festivities and the excitement felt by the crowd.

The second video can be viewed here

MINE SITE

Even though the festivities were a big part of the week, it did not stop the mine from continuing to operate. Figure 2 shows material from the stockpile being loaded into the Tipple and Figure 3 shows a completely “full” rail car. As you can see, the density of the material makes it so that the car is nowhere near physically full capacity when it is at it’s weight limit.

Figure 2: Loading of the Tipple Storage Bin

Figure 3: Fully Loaded Rail Car

THE PORT

We continue to move forward with the port in getting all of the facilities ready to receive ore. As soon as we know an exact date, we will let everyone know when the trains will leave the mine and when the first ship will launch. It has been decided by the shipping group and the end user that they will start with either a Panamax or Supramax vessel that will hold 60,000 and 100,000 tons, respectively.