Paladin Resources Ltd.
TSX : PDN
ASX : PDN

Paladin Resources Ltd.

November 27, 2006 09:00 ET

Paladin Resources Ltd.: Bigrlyi Joint Venture 'Northern Territory, Australia'

Significant Intercepts from Initial Drilling

PERTH, WESTERN AUSTRALIA--(CCNMatthews - Nov. 27, 2006) -

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Paladin Resources Ltd. (TSX:PDN)(ASX:PDN) announced today that Energy Metals, as manager of the Bigrlyi Joint Venture has advised that drilling in the Bigrlyi project has intersected significant extensions to the current uranium deposits, including intercepts of 2.45m @ 1.01% equivalent (e) U3O8 and 5.95m @ 1.01% eU3O8. (Note these are radiometrically determined grades (eU3O8) and validation of these announced equivalent grades is being chemically verified).

The Bigrlyi project is located in the Northern Territory approximately 350km northwest of Alice Springs and is a Joint Venture with Energy Metals Ltd (53.3%), Paladin Resources' subsidiary Valhalla Uranium (41.7%) and Southern Cross Exploration (5%). Energy Metals is the Manager of the Joint Venture. The project was subject to significant exploration in the period 1974 to 1982 and is characterised by high uranium grades, accompanied by significant levels of vanadium.

To view the Bigrlyi project map, please click on the link below: http://www.ccnmatthews.com/docs/mapBR.jpg

Current JORC compliant U3O8 and V2O5 resources at Bigrlyi (at 0.1% cutoff) are - Indicated Resources of 1.05Mt @ 0.23% U3O8 (5.4Mlb U3O8) and @ 0.22% V2O5 (5.1Mlbs V2O5) and Inferred Resources of 0.78Mt @ 0.17% U3O8 (2.9Mlb U3O8) and @ 0.22% V2O5 (3.7Mlb V2O5) with most of these resources situated within 100m of the surface (refer Energy Metals Ltd ASX announcement dated 25 July 2006 for further details).

An RC and diamond drilling program designed to increase the resource base at Bigrlyi commenced late October 2006, with three rigs currently on site testing strike and down plunge extensions at the Anomaly 15, Anomaly 7, Anomaly 4 and Anomaly 2.

Downhole gamma probe results have been received from 30 holes (most drilled outside of current resource envelopes) with significant intercepts summarised below. It is emphasised that these uranium results are preliminary and subject to confirmation by geochemical assay.



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DEPOSIT HOLE FROM INTERCEPT eU3O8 (%)
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Anomaly 15 B06001 161.2m 2.45m @ 1.01
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B06003 165.3m 4.8m @ 0.25
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174.3m 5.7m @ 0.26
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B06004 318.4m 0.4m @ 0.20
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B06006 279.5m 2.0m @ 0.59
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Anomaly 7 B06023 165.2m 1.45m @ 0.35
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B06025 122.2m 5.65m @ 0.23
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Anomaly 4 B06017 213.5m 3.75m @ 0.45
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B06020 157.7m 5.95m @ 1.01
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B06021 215.7m 1.9m @ 0.16
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B06052 39.7m 2.9m @ 0.45
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71.7m 2.95m @ 0.32
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B06053 91.6m 1.95m @ 0.19
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B06056 23.5m 0.9m @ 0.20
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B06057 92.2m 1.15m @ 0.34
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The Joint Venture Manager also has advised that it anticipates that the Bigrlyi drilling program (including follow-up of these reported intercepts and re-drilling of holes where drilling problems were encountered) will continue until commencement of the wet season in December 2006 with the resource base to be upgraded early 2007, once all geochemical assays have been received. Drill testing of additional targets is expected to resume in the June 2007 quarter.

Declaration

The information in this announcement that relates to mineral resources is based on information compiled by Mr Lindsay Dudfield. Mr Dudfield has 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 National Instrument 43-101. Mr Dudfield is a consultant to Energy Metals Limited, Manager of the Bigrlyi Joint Venture and consents to the inclusion of the information in the report in the form and context in which it appears.

The exploration program was designed and managed by Lorry Hughes, BSc AusIMM, who has more than 5 years relevant experience. Mr Hughes is the Exploration Manager of Energy Metals Limited, Manager of the Bigrlyi Joint Venture, and is a full time employee of that company. Mr Hughes has sufficient experience relevant to the assessment of this style of mineralisation to qualify as a Qualified Person as defined in National Instrument 43-101 and consents to the inclusion of the information in the report in the form and context in which it appears.

A.C.N. 061 681 098

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