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Press release from Marketwire

Paladin Energy Ltd. Completes A$68 Million Private Placement

Thursday, October 06, 2011

Paladin Energy Ltd. Completes A$68 Million Private Placement08:42 EDT Thursday, October 06, 2011PERTH, WESTERN AUSTRALIA--(Marketwire - Oct. 6, 2011) -NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES Paladin Energy Ltd ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN)is pleased to announce that it has completed its previously announced institutional private placement (the "Private Placement") of ordinary shares with RBC Capital Markets and UBS AG, Australia Branch acting as Global Joint Lead Placing Agents.The Private Placement consisted of the issuance of 56,866,232 ordinary shares of the Company at a price of A$1.20 per share, for gross proceeds of A$68,239,478.40. Paladin intends to use the funds raised to strengthen Paladin's balance sheet to ensure the Company is well placed to meet all future commitments and pursue identified growth initiatives.ACN 061 681 098FOR FURTHER INFORMATION PLEASE CONTACT: John BorshoffPaladin Energy LtdManaging Director/CEO+61-8-9381-4366 or Mobile: +61-419-912-571john.borshoff@paladinenergy.com.auORGreg TaylorPaladin Energy LtdInvestor Relations Contact+905 337-7673 or Mobile: +416-605-5120 (Toronto)greg.taylor@paladinenergy.com.au