Paladin Energy announces proposed placement of shares


    PERTH, Western Australia, Sept. 8 /CNW/ - Paladin Energy Ltd (ASX Code:
PDN; TSX Code: PDN) ("Paladin") today announced that it intends to undertake
an institutional private placement of ordinary shares. The placement is
expected to be for up to 15% of Paladin's issued capital.
    The price and terms of the offering will be determined by Paladin after
an overnight marketing effort to be undertaken by RBC Capital Markets and UBS
AG, Australia Branch, acting as Global Joint Lead Placing Agents and Cormark
Securities Inc., Dundee Securities Corporation and GMP Securities L.P. as
Co-Managers to the placement. The placement will be made pursuant to
exemptions from registration and prospectus requirements under applicable
securities laws and is subject to receipt of all applicable regulatory
approvals, including approval of the Toronto Stock Exchange.
    Paladin intends to use the funds raised to:

    -   provide Paladin with the financial capacity to advance M&A and
        inorganic growth opportunities;
    -   progress the Langer Heinrich Stage 3 project (recently approved by
        the Board);
    -   expand exploration and pre-development programs in Australia; and
    -   enhance Paladin's balance sheet flexibility to ensure Paladin remains
        well placed to take advantage of other international nuclear industry
        opportunities as they arise.

    About Paladin Energy Ltd

    Paladin is listed on the Australian Securities Exchange, the Toronto
Stock Exchange and the Namibian Stock Exchange under the symbol "PDN". Paladin
is a uranium production company with two operating mines in Africa, projects
in Australia and a strategy to become a major uranium mining house. Since
1998, during a period of sustained downturn in global uranium markets, Paladin
has accumulated a quality portfolio of advanced uranium projects each having
production potential.
    The Langer Heinrich Uranium Mine in Namibia is now operational with a
targeted annual production of 5.2Mlb U(3)O8 and a mine life maintainable at
approximately 20 years. The Kayelekera Uranium Mine in Malawi was officially
opened in April 2009 and has been commissioned with the plant showing
capability to operate throughout its flowsheet with yellowcake produced during
this phase. The 3.3Mlb pa project is currently in its production ramp-up
phase. Paladin recently announced the first drawdown under the Kayelekera
Project Financing Loan.
    This private placement is subject to a trading halt in Australia which
will remain in place until the markets resume trading on the ASX on Thursday,
September 10, 2009. Paladin expects that trading will continue normally on the
TSX on Wednesday, September 9, 2009.

    Additional Notes:

    This news release does not constitute an offer of shares for sale in the
United States or in any other jurisdiction in which such an offer would be
illegal. The shares referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold in the United States unless
the shares are registered under the Securities Act or an exemption from the
registration requirements of the Securities Act is available.

    Caution regarding forward-looking information: Except for historical
information contained in this news release, this news release contains
"forward-looking statements" and "forward-looking information" within the
meaning of securities laws of applicable jurisdictions. The forward-looking
statements and forward-looking information include, but are not limited to,
statements with respect to Paladin's intentions to undertake a private
placement of shares and the uses for the funds raised, Paladin's strategy to
become a major uranium mining house, the targeted annual production and mine
life of Paladin's Langer Heinrich Uranium Mine in Namibia and plans to proceed
with the Stage 3 expansion of the Langer Heinrich Uranium Mine, and the
commissioning and projected operational capability of Paladin's Kayelekera
Uranium Mine in Malawi. Assumptions upon which such forward-looking statements
and forward-looking information are based include that all regulatory
approvals to the private placement will be obtained, and all other conditions
to completion of the transaction will be satisfied or waived, and that the
Stage 3 expansion of the Langer Heinrich Uranium Mine will proceed as planned,
the Langer Heinrich Uranium Mine will meet its targeted annual production and
commissioning and projected operational capability of the Kayelekera Uranium
Mine will be accomplished. Management believes these assumptions are
reasonable. However, the forward-looking statements and forward-looking
information involve known and unknown risks, uncertainties and other factors,
many of which are outside the control of Paladin, and its officers, employees,
agents or associates. Such risks, uncertainties and other factors include, but
are not limited to: risks related to mining operations, including political
risks and instability and risks related to international operations, actual
results of current exploration activities, conclusions of economic
evaluations, changes in project parameters as plans continue to be refined, as
well as those factors discussed in the section entitled "Risk Factors" in
Paladin's most recent Annual Information Form available under Paladin's
profile on SEDAR at Although Paladin has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking statements and forward-looking information,
there may be other factors that cause results not to be as anticipated,
estimated or intended. Actual results, performance or achievements may vary
materially from those suggested by such forward-looking statements and
forward-looking information. Readers are cautioned not to place undue reliance
on forward-looking statements and forward-looking information and Paladin
assumes no obligation to update such information, except as required by
applicable law.

For further information:

For further information: John Borshoff, Managing Director/CEO, Paladin
Energy Ltd, Telephone: +61 8 9381 4366, Mobile: +61 419 912 571, Email:; This information is available on our
website at; Greg Taylor, Investor Relations Contact,
Telephone: (905) 337-7673, Mob: (416) 605-5120 (Toronto), Email:

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