Paladin Resources Ltd.
TSX : PDN
ASX : PDN

Paladin Resources Ltd.

April 16, 2007 07:18 ET

Paladin Welcomes Summit Recommendation

PERTH, WESTERN AUSTRALIA--(CCNMatthews - April 16, 2007) - Paladin Resources Ltd. ("Paladin")(TSX:PDN)(ASX:PDN) notes the announcement by Summit Resources Limited ("Summit") that the directors of Summit have unanimously recommended acceptance of Paladin's recently increased takeover bid, and have announced an intention to accept with respect to their own holdings.

Paladin Managing Director John Borshoff said:

"We are very pleased that the Summit directors have chosen to endorse our increased offer of one Paladin share for every 1.67 Summit shares."

"We encourage Summit shareholders to accept our offer without delay so that they may become members of the Paladin group. We have now accelerated payment terms so that accepting shareholders will be issued their Paladin shares within three business days from acceptance."

The offer is scheduled to close on 27 April 2007.

A.C.N. 061 681 098

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