Paladin Resources Ltd.
TSX : PDN
ASX : PDN

Paladin Resources Ltd.

November 14, 2007 08:10 ET

Paladin Resources Ltd.: 30 September 2007 Quarter Report

PERTH, WESTERN AUSTRALIA--(Marketwire - Nov. 14, 2007) - Paladin Resources Ltd. ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) announces the release of its 30 September 2007 Quarter Report.

Projects:

- Ramp up and remediation making good progress at the Langer Heinrich Uranium Project in Namibia with production of 274,360 pounds of U3O8 for the quarter. One remaining bottleneck is expected to be rectified in December 2007 to allow 2.6Mlb U3O8 pa nameplate production for calendar year 2008.

- Shipments of Langer Heinrich uranium concentrate to all three conversion facilities during the quarter with sales of 333,000 pounds U3O8 averaging US$78/lb.

- First sales cash receipts during the quarter with US$20 million received into bank.

- Construction work on schedule at the Kayelekera Uranium Project in Malawi with community relations and agricultural specialists team established in Karonga.

- Subsequent to the quarter end all six Malawian Civil Society Organisations that commenced legal proceedings against Paladin Africa Ltd and the Government of Malawi have settled their action on a positive and amicable basis. The legal proceedings will be formally withdrawn within the next week.

- Focus on exploration and evaluation of Australian projects, in particular the Mount Isa Uranium Joint Venture in Queensland and the Bigryli Uranium Joint Venture in Northern Territory.

Corporate:

- Loss after tax for the quarter ending 30 September 2007 of US$14.5 million - consisting of US$1.8 million loss for Langer Heinrich as a consequence of extended operational ramp up activities; US$3.8 million investment in exploration and evaluation expenditure; US$6.8 million finance costs; and US$2.1 million in net corporate costs.

- Strong balance sheet at 30 September 2007 with net assets of US$1.3 billion including US$166 million in cash (US$130 million invested in US treasury bonds).

- Increased interest in Deep Yellow Limited to 14.34% following additional investments totaling US$17.7 million.

These results may be found shortly with the Company's other documents filed on Sedar (http://www.sedar.com) or through the Company's web site (http://www.paladinresources.com.au.). The documents filed comprise the Quarterly Report, including the Management Discussion and Analysis, Report to Shareholders, Financial Report and CEO/CFO certifications.

A.C.N. 061 681 098

Contact Information

  • Paladin Resources Ltd.
    John Borshoff
    Managing Director
    +61-8-9381-4366
    Mobile: +61-419-912-571
    or
    Paladin Resources Ltd.
    Ron Chamberlain
    Chief Financial Officer
    +61-8-9381-4366
    Mobile: +61-410-421-776
    or
    Paladin Resources Ltd.
    Greg Taylor
    Investor Relations Contact
    (416) 605-5120 (Toronto)
    Email: greg.taylor@paladinresources.com.au
    Website: www.paladinresources.com.au