Paladin Resources Ltd.

Paladin Resources Ltd.

May 30, 2006 09:49 ET

Paladin Resources Ltd.: Conversion of Options

PERTH, WESTERN AUSTRALIA--(CCNMatthews - May 30, 2006) - Paladin Resources Ltd. ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) announces the conversion of 9,850,000 unlisted Employee Incentive Options, including 7,600,000 issued at Aus$0.22 and 2,250,000 at Aus$0.32.

In addition, 50,000 unlisted Employee Incentive Options, exercisable at Aus$1.50, have been cancelled.

Following this conversion, Paladin has 454,235,713 fully paid shares outstanding.

Paladin Resources Ltd. is an Australian uranium exploration and development company listed on the Australian Stock Exchange ("PDN") and the Toronto Stock Exchange ("PDN"). Paladin is involved in the mineral resource sector with projects both in Australia and Africa. With the Langer Heinrich Uranium Project in Namibia currently under construction, the Kayelekera Project in Malawi undergoing a Bankable Feasibility Study, Paladin is well placed to become a major supplier of primary uranium to world markets.

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