Paladin Resources Ltd.
TSX : PDN
ASX : PDN

Paladin Resources Ltd.

September 04, 2007 07:15 ET

Paladin Resources Ltd: June 30, 2007 Annual Report

PERTH, WESTERN AUSTRALIA--(Marketwire - Sept. 4, 2007) - Paladin Resources Ltd. ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) announces the release of its June 30, 2007 Annual Report.

Projects:

- Operations commenced at the Langer Heinrich Uranium Project, Namibia with production of 119,586 pounds of U3O8 to June 30, 2007. Expect 2.6Mlb U3O8 pa nameplate production starting early calendar 2008

- Shipments of Langer Heinrich uranium concentrate made to conversion facilities with first sale of U3O8 made under long term contract

- Completion of Bankable Feasibility Study for the Kayelekera Uranium Project, Malawi with construction commencing as scheduled for the designed 3.3Mlb U3O8 pa nameplate production at an estimated cost of US$185 million

- Focus on exploration and evaluation of Australian projects, in particular the Bigryli Uranium Joint Venture in Northern Territory and the Mount Isa Uranium Joint Venture in Queensland

- Completed acquisitions of Summit Resources Ltd (81.9%) and Valhalla Uranium Ltd (100%) with substantial Australian uranium resources

Corporate:

- Loss after tax for the year ending June 30, 2007 of US$38 million - consisting of US$7 million loss for Langer Heinrich as a consequence of extended operational ramp up activities; US$7 million investment in exploration and evaluation expenditure; US$13 million finance costs; and US$11 million in net corporate costs

- Strong balance sheet at June 30, 2007 with net assets of US$1.3 billion including US$183 million in cash (US$159 million invested in US treasury bonds)

- Transition to sources of debt and hybrid financing with completion of a US$250 million Convertible Bond issue on December 15, 2006 and drawdown of Langer Heinrich Project Finance Facilities

- Third party uranium purchase of 250,000 pounds of U3O8 as a strategic holding and to assist meeting some early contracted deliveries of Langer Heinrich production while conversion facility inventories are accumulated

- Expanded corporate capability and personnel numbers to enable future growth

These results may be found shortly with the Company's other documents filed on Sedar (http://www.sedar.com) or through the Company's web site (http://www.paladinresources.com.au). The documents filed comprise the Annual Report, including the Management Discussion and Analysis, Directors' Report, Financial Report, Independent Audit Report and CEO/CFO certifications.

A.C.N. 061 681 098

Contact Information

  • Paladin Resources Ltd.
    John Borshoff
    Managing Director
    +61-8-9381-4366 or Mobile: +61-419-912-571
    or
    Paladin Resources Ltd.
    Ron Chamberlain
    Chief Financial Officer
    +61-8-9381-4366 or Mobile: +61-410-421-776
    or
    Paladin Resources Ltd.
    Greg Taylor
    Investor Relations Contact
    (416) 605-5120 (Toronto)
    Email: greg.taylor@paladinresources.com.au
    Website: www.paladinresources.com.au