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Press release from Marketwire

Paladin Energy Ltd.: Adjustment of the Conversion Price of Convertible Bonds

Wednesday, October 12, 2011

Paladin Energy Ltd.: Adjustment of the Conversion Price of Convertible Bonds06:10 EDT Wednesday, October 12, 2011PERTH, WESTERN AUSTRALIA--(Marketwire - Oct. 12, 2011) -Paladin Energy Ltd ("Paladin" or "the Company") (TSX:PDN)(ASX:PDN) today announced an adjustment of the Conversion Price in connection to the US$325M convertible bonds due 11 March 2013 and the US$300M convertible bonds due 4 November 2015 (together, the "Bonds"). Pursuant to the terms of the Bonds the prevailing Conversion Price is subject to adjustment where any new issue of shares is at less than 95% of the Current Market Price. Following the completion of the Placement on 29 September 2011, the Conversion Prices have been adjusted as follows:Convertible bonds due 2013: US$6.523 (previously US$6.59)Convertible bonds due 2015: US$5.608 (previously US$5.665)Further details on the Bonds, including definitions of terms can be found in the Convertible Bond Disclosure Notice, released on 11 March 2008 and the filing of tender offer memorandum on SEDAR on 28 October 2010. ACN 061 681 098 FOR 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