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Re: Press Release - Wednesday, March 03, 2010
TSX-V Denies Palladon Ventures Letter Agreement With Luxor
Capital Partners, LP, And Palladon Enters Into A New Standstill
Agreement.
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Salt Lake City, UT, March 3, 2010. Palladon Ventures Ltd. ("Palladon"
or the "Company") (TSX-V: PLL.V) (Frankfurt: PV-1). On December 4,
2009 Palladon announced that the Company and Luxor Capital Partners, LP
("Luxor") had entered into a letter agreement (the "Letter
Agreement"),
subject to TSX Venture Exchange approval, which extended the due date
of existing indebtedness, granted Palladon an option to repay the Luxor
Loans ("the loans") at a discount on or before March 31, 2010, and
restructured the loans for a combination of debt and equity if the
loans were not repaid by March 31, 2010.

The TSX Venture Exchange has notified the Company that it would not
approve this Letter Agreement. Therefore, under a new standstill
agreement which expires on March 15, 2010, the Company and Luxor are
reviewing all available avenues to repay or restructure the loans.

Palladon CEO Dale Gilbert stated: "Our highest priority is to repay or
restructure the Luxor debt in a way that maximizes value for Palladon
shareholders. We are also working very hard on developing a plan to
ship iron ore and/or to upgrade our iron ore to concentrate. The
continued strengthening of iron ore prices has resulted in increased
interest in Palladon and its Iron Mountain Project. I was encouraged
on my recent trip to China, where I met with numerous parties to
discuss off-take agreements for iron ore and concentrate, as well as
funding and possible investment in Palladon."

On Behalf of the Board of Directors,
Dale S. Gilbert
President and Chief Executive Officer