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      Luxor Capital Partners, LP, Realizes On Debt And Takes Majority
      Ownership Interest In Palladon Iron Corp.
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Salt Lake City, UT, March 16, 2010.  Palladon Ventures Ltd. ("Palladon"
or the "Company") (TSX-V: PLL.V) (Frankfurt: PV-1).  Palladon announces
today the full equitization of the Luxor Loans which amounted to
US$40,557,000 including principal and interest. This negotiated
equitization comes as a result of Luxor Capital Partners, LP ("Luxor")
realizing on its security interest and provides for the full
extinguishment of Palladon debt owed to Luxor. Given the inability of
the Company to make payments of the foregoing amount when due, and in
order to avoid enforcement or foreclosure which could have resulted in
the transfer of ownership of all the Palladon Iron Corp. capital stock
to Luxor, Luxor has agreed to accept a 78.3% interest, in full
satisfaction of all amounts due under the loan agreements. Palladon
Ventures, Ltd. will now own 21.7% of Palladon Iron Corporation.

Palladon CEO Dale Gilbert stated: "As a result of the TSX-V ruling
denying the Palladon - Luxor Letter Agreement of December 4, 2009, the
company was immediately in default on the Luxor Loans and entered into
a short term Standstill Agreement expiring March 15, 2010. Through last
night the company was searching for viable financing alternatives to
the executed equitization plan. Although disappointed at the company's
inability to find an alternate source to pay off the Luxor Loans,
Palladon can now move forward as a debt free enterprise working with
Luxor to accomplish an off take agreement and advance the concentrate
plant process."


On Behalf of the Board of Directors, 

Dale S. Gilbert
President and Chief Executive Officer

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

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