Paladin Energy Ltd.-Queensland to Recommence Uranium Mining

PERTH, WESTERN AUSTRALIA--(Marketwire - Oct. 22, 2012) - Paladin Energy Ltd. (TSX:PDN)(ASX:PDN) (Paladin or the Company) and Summit Resources Limited (ASX:SMM) ("Summit") are pleased to advise that the Queensland Government has yesterday announced that it will convene an implementation committee to oversee the recommencement of uranium mining in Queensland. A copy of the Joint Statement by the Premier, The Hon. Campbell Newman, and Minister for Natural Resources and Mines, The Hon. Andrew Cripps, is attached (http://media3.marketwire.com/docs/pdn1022.pdf).

Paladin and Summit commend the Campbell Newman led Queensland government for taking this very progressive decision. The ban on uranium mining was an ideological relic from a previous time. Governments from both sides of the political divide around Australia have moved on.

Mr John Borshoff, the Managing Director and Chief Executive Officer of Paladin Energy said "This initiative taken by the Queensland State Government is a hugely positive move for the Australian uranium industry as a whole. With a pro-uranium position, priorities can now be made on deposit quality and markets, and thankfully the politics of access will not be a key determinant of going forward".

The Executive Chairman of Summit Resources, Mr Brendan O'Hara, said "the Campbell Newman led Queensland government had shown tremendous leadership in taking this decision, the benefits of which will accrue to the people of Queensland in years to come".

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