Paladin Resources Ltd.
TSX : PDN
ASX : PDN

Paladin Resources Ltd.

November 24, 2006 23:30 ET

CORRECTION FROM SOURCE: Paladin Resources Ltd. Langer Heinrich Uranium Project, Namibia

Mineral Resource Estimates Upgraded

PERTH, WESTERN AUSTRALIA--(CCNMatthews - Nov. 24, 2006) -

Not for Distribution in the United States

Paladin Resources Ltd. (TSX:PDN)(ASX:PDN) is issuing this news release to clarify previous disclosure made by it regarding the resource at it Langer Heinrich Project. The Company's previous news release dated November 24, 2006 should be disregarded.

The Company is pleased to advise that the 2006 drilling of the mineralised palaeochannel extending east from the Detail 1 orebody has returned encouraging results. This drilling program of 6,355m of RC drilling from 231 holes was confined to Details 3, 4, 5 and 6 shown on the map below. Mineral resource specialists Hellman and Schofield (H&S) have completed a revised mineral resource estimate for the Langer Heinrich Deposit and the results are reported below using a 250ppm cut off.

To view a map of the Langer Heinrich Deposit please click on the following link: http://www.ccnmatthews.com/docs/paladinmap.pdf

NEW OVERALL RESOURCE ESTIMATE (250PPM CUT OFF)



Mineral Resource estimation by H&S for Details 1 to 7:-
-------------------------------------------------------

250ppm Cut-off M Tonnes Grade % U3O8 Tonnes U3O8 Million lbs
U3O8
Measured Resources 22.7 0.06 14,614 32.21
Indicated Resources 14.4 0.05 7,934 17.47
Inferred Resources 43.4 0.06 25,308 55.78
----------------------------------------------------------------------



Compared to the previous Mineral Resources announced in 2005 (also reported at a 250ppm cut off) the new 2006 resource estimates outlined herein comprises

- A 12% increase in the Measured and Indicated Resources (from 20,200t to 22,548t U3O8.)

- A 6% increase in the Inferred Resources (from 23,800t to 25,308t contained U3O8.)

A substantial portion of the resources are in the Measured and Indicated Resources categories.

DETAILS 3, 4, 5 AND 6 -- COMPARISON OF NEW AND PREVIOUS RESOURCE ESTIMATES

The tables below show the substantial overall increases in resources in Details 3, 4, 5 and 6, the target of the drilling program, following this resource re-estimation. Minor local reduction in resource grades is as a result of extensional drilling, both laterally and vertically, intersecting mineralisation of lower tenor than the main mineralized zones.

Details 3, 4, 5 and 6 - 250ppm U3O8 Cut Off



-----------------------------------------------------------------------
CATEGORY MEASURED INDICATED
-----------------------------------------------------------------------
Grade Metal Grade Metal
2005 and 2006 Tonnes ppm t Tonnes ppm t
estimate comparison t U3O8 U3O8 t U3O8 U3O8
-----------------------------------------------------------------------
Detail 3 - 2005 2,321,977 430 998 912,468 510 465
Detail 3 - 2006 3,749,968 448 1,679 1,103,043 466 514
-----------------------------------------------------------------------
Increase/(Decrease) 61.5% 4.2% 68.2% 20.9% (8.6%) 10.5%
-----------------------------------------------------------------------
Detail 4 - 2005 0 0
Detail 4 - 2006 0 0
-----------------------------------------------------------------------

-----------------------------------------------------------------------
Detail 5 - 2005 534,565 400 214 1,577,325 470 741
Detail 5 - 2006 1,886,599 482 909 3,438,038 488 1,679
-----------------------------------------------------------------------
Increase 252.9% 20.4% 325.0% 118.0% 3.9% 126.4%
-----------------------------------------------------------------------
Detail 6 - 2005 0 0
Detail 6 - 2006 0 0
-----------------------------------------------------------------------


Details 3, 4, 5 and 6 - 250ppm U3O8 Cut Off (continued)



----------------------------------------------------
CATEGORY INFERRED
----------------------------------------------------
2005 and 2006 Grade Metal
estimate Tonnes U3O8 t
comparison t ppm U3O8
----------------------------------------------------
Detail 3 - 2005 1,927,375 520 1,002
Detail 3 - 2006 2,712,215 577 1,566
----------------------------------------------------
Increase 40.7% 11.0% 56.2%
----------------------------------------------------
Detail 4 - 2005 8,041,415 450 3,619
Detail 4 - 2006 9,264,862 436 4,043
----------------------------------------------------
Increase/(Decrease) 15.2% (3.0%) 11.7%
----------------------------------------------------
Detail 5 - 2005 5,958,449 470 2,800
Detail 5 - 2006 5,546,862 479 2,655
----------------------------------------------------
Increase/(Decrease) (6.9%) 1.8% (5.2%)
----------------------------------------------------
Detail 6 - 2005 1,230,554 680 837
Detail 6 - 2006 3,047,339 491 1,496
----------------------------------------------------
Increase/(Decrease) 147.6% (27.8%) 78.8%
----------------------------------------------------


ADDITIONAL RESOURCE POTENTIAL

The potential for increasing the resource base even further within ML140 is still regarded as high. All Details contain mineralisation which remains in the Inferred category and future drilling will concentrate on raising resource confidence in these areas. In addition, the resource has yet to be closed off in Details 4 and 6. Also the newly granted EPL 3500, situated immediately west of ML140, (which contains the Langer Heinrich orebodies) offers excellent potential to expand the resource base of Langer Heinrich even further.

CONCLUSION

The resource drilling work has resulted in a significant increase in the mineral resources of the Langer Heinrich Deposit. The Langer Heinrich Deposit can now be regarded as a very significant uranium deposit in resource terms. Of the total resources 49.68Mlb U3O8 (37.1Mt) grading 0.06% U3O8 are contained in the Measured and Indicated Resource categories.) There are also 43.4Mt of Inferred Resources grading at 0.06% U3O8 (containing 55.78t U3O8 (and the Directors believe a) considerable amount of these Inferred Resources will be converted to Measured and Indicated Resources categories.

There is strong expectation therefore that both this new resource estimate and the potential to identify additional resources in ML140 and EPL 3500 will contribute significantly to extending both minelife of the Project and the subsequent upgrade in production. Additional mine production is regarded as being essential to meet increasing worldwide demand. Therefore confirmation from a resource point of view that the opportunity to readily and substantially expand production of the Langer Heinrich mining operation puts Paladin in an excellent position to capitalise on the market opportunities and further benefit its shareholders.

Resource specialists Hellman and Schofield are also in the process of producing a report in accordance with the Canadian NI 43-101 requirements. This report is expected to be completed shortly and will contain the same information detailed above.

Declaration

The information in this announcement that relates to mineral resources was prepared under the supervision of David Princep BSc MAusIMM and Neil Schofield BSc (Hons), MSc, MAusIMM, MAIG for the mineral resources. Messrs Princep and Schofield each have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a "qualified person" as defined in Canadian National Instrument 43-101. Mr Princep is a full-time employee of Paladin Resources Ltd. Mr Schofield is a full-time employee of Hellman & Schofield Pty Ltd. Each of the above named consents to the inclusion of the information in this news release in the form and context in which it appears.

A.C.N. 061 681 098

Contact Information