The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

Paladin Energy Ltd-Clarifying Statement

Thursday, June 09, 2011

Paladin Energy Ltd-Clarifying Statement15:31 EDT Thursday, June 09, 2011PERTH, WESTERN AUSTRALIA--(Marketwire - June 9, 2011) - In the past two days' trading, the share price of Paladin Energy Limited (TSX:PDN)(ASX:PDN) (the "Company" or "Paladin") has come under considerable selling pressure.The Company is aware of market rumours relating to the status of the Langer Heinrich Stage 4 Expansion Feasibility Study, the Company's financing arrangements, potential capital raising and sale of the 6.71% shareholding held in Paladin by Newmont Mining Corporation ("Newmont").The Company would like to clarify its position on these issues as follows:Stage 4 Expansion: The LHM Stage 4 Feasibility Study is proceeding as scheduled and the Company anticipates a positive outcome from this Study. The Study is due for completion in the December Quarter. Paladin Debt: Paladin's financing facilities remain in good standing. Capital Raising: Project financing for LHM Stage 3 Expansion is nearing finalisation, and is expected to be of similar tenor to the project financings undertaken for the previous Stages of Langer Heinrich. Paladin is not currently contemplating any further capital raisings of either debt or equity. Newmont Holding: Newmont has indicated that it will retain its stake in Paladin in the near term. A mechanism is in place for orderly disposal of the Newmont stake, should Newmont decide to dispose of its holding. This has been detailed in earlier announcements by Paladin. Caution Regarding Forward Looking Statements: Statements regarding the Company's plans to further develop the Langer Heinrich Mine, future capital raisings and the intentions of Newmont Mining Corporation are forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ from those expressed or implied by such statements. There can be no guarantee such statements will be realised.ACN 061 681 098FOR FURTHER INFORMATION PLEASE CONTACT: In Australia:Paladin Energy Ltd.John BorshoffManaging Director/CEO+61 8 9381 4366 or Mobile: +61 419 912 571john.borshoff@paladinenergy.com.auORIn Canada:Paladin Energy Ltd.Greg TaylorInvestor Relations Contact905 337-7673 or Mobile: 416 605-5120 (Toronto)greg.taylor@paladinenergy.com.au