Paladin Resources Ltd.
TSX : PDN
ASX : PDN

Paladin Resources Ltd.

November 11, 2005 10:10 ET

Paladin Resources Ltd.: Releases First Quarter Results to September 30, 2005

PERTH, WESTERN AUSTRALIA--(CCNMatthews - Nov. 11, 2005) - Paladin Resources Ltd ("Paladin") (TSX:PDN)(ASX:PDN) has released its operational and financial results for the quarter ended September 30, 2005.

First Quarter Highlights

Operational:

- Construction commenced on the Langer Heinrich Uranium Project, Namibia

- BFS Metallurgical testwork underway on the Kayelekera Uranium Project, Malawi

- Project and general working capital funding successfully completed

- Uranium spot price increased US$4.00/lb to US$33.50/lb U3O8

Subsequent to this period, Paladin announced a significant increase in the mineral resources of the Langer Heinrich Uranium Project as a result of recently completed resource drilling. - See news release of November 9, 2005.

Financial:

- As at September 30, 2005, the Company had A$34.9 million(a) in cash and cash equivalents, compared with A$39.5 million at the commencement of the quarter

- Mine construction expenditure of A$5.2 million and exploration/evaluation expenditure of A$0.9 million for the first quarter on the Langer Heinrich Uranium Project

- Exploration and evaluation expenditure of A$0.6 million and acquisition of the remaining 10% joint venture interest during the first quarter for the Kayelekera Uranium Project

- Operating loss for the latest period was A$1.4 million, compared with a loss (including a loss from discontinued operations) of A$0.1 million for the prior period

(a) Subsequent to this period, Paladin completed a global placement of 35 million fully paid ordinary shares at an issue price of AUD$2.20 per share, raising AUD$77 million, principally to complete the funding for construction of the Langer Heinrich Uranium Project, fund worldwide uranium project generation activities and provide general working capital. - See news release of October 21, 2005.

Detailed results will be available shortly with the Company's other documents filed on Sedar (http://www.sedar.com). The Quarterly Report for the period includes a Report to Shareholders, Management Discussion and Analysis and the Interim Consolidated Financial Statements.

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