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Press release from Marketwire

Paladin Energy Ltd.-Long Term Off-Take Contract With a US$200M Prepayment

First Tranche of US$50M Received

Tuesday, October 02, 2012

Paladin Energy Ltd.-Long Term Off-Take Contract With a US$200M Prepayment07:30 EDT Tuesday, October 02, 2012PERTH, WESTERN AUSTRALIA--(Marketwire - Oct. 2, 2012) - Paladin Energy Ltd. (TSX:PDN)(ASX:PDN) (Paladin or the Company) is pleased to note that, on 15 August 2012, the Company advised the successful negotiation of a milestone long term off-take uranium sales contract with a US$200M prepayment to be paid in tranches before 31 January 2013.In this regard, Paladin is pleased to announce that in accordance with the payment schedule agreed with the major utility involved, the first tranche of US$50M was received on 28 September. The remaining amount of US$150M is scheduled to be received in a second and final tranche by 31 January 2013. As advised previously these funds will be used to repay the balance of the March 2012 convertible bonds (US$134M) with remainder retained for balance sheet strength as working capital.ACN 061 681 098FOR FURTHER INFORMATION PLEASE CONTACT: Paladin Energy Ltd.In Australia:John BorshoffManaging Director/CEO+61 8 9381 4366 or Mobile: +61 419 912 Energy Ltd.In Canada:Greg Taylor, Investor Relations Contact905 337-7673 or Mobile: 416 605-5120 (Toronto)