SOURCE: Paladin Energy Ltd

Paladin Energy Ltd

December 14, 2016 01:34 ET

Paladin Energy Limited: Sale of Non-Core Australian Exploration Assets

PERTH, WESTERN AUSTRALIA--(Marketwired - December 14, 2016) - Paladin Energy Ltd (Paladin or the Company) (ASX: PDN) (TSX: PDN) wishes to advise it has sold a number of non-core Australian exploration assets to Uranium Africa Limited (UAL) for A$2.5 million.

The assets sold include the Oobagooma and Angela/Pamela projects located in Western Australia and the Northern Territory respectively and Paladin's interest in the Bigrlyi project located in the Northern Territory. Also included in this sale package are a number of historic applications for tenements located in the Northern Territory.

These assets are considered by the Company to be non-core and it is unlikely that the Company would be in a position to conduct any meaningful work developing these assets within the next decade. It is expected that the sale will also translate to annual savings due to reductions in rates, rentals and statutory commitments payable to keep the tenements in good standing.

Yours faithfully,

Paladin Energy Ltd

ALEXANDER MOLYNEUX, CEO

ACN 061 681 098

Contact Information

  • For additional information, please contact:
    Andrew Mirco
    Investor Relations Contact (Perth)
    Tel: +61-8-9423-8162 or Mobile: +61-409-087-171
    Email: andrew.mirco@paladinenergy.com.au