Paladin Energy Announces Bank Approval for US$167M Project Finance for Kayelekera Uranium Project, Malawi

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Wed Feb 13, 2008 7:52am EST 

  PERTH, WESTERN AUSTRALIA, Feb 13 (MARKET WIRE) -- 
 Paladin Energy Ltd ("Paladin" or "the Company") (TSX: PDN)(ASX: PDN) is
pleased to advise that bank approval has been obtained for the remaining
funding component required to develop the Kayelekera Uranium Project in
Malawi.

    The initial development funding for the project was raised as a component
of the US$250M Convertible Bonds issued on 15 December 2006 with an
underlying coupon rate of 4.5%, maturing 15 December 2011 and a
conversion price of US$7.685 per share.

    Paladin has received credit committee approved offers of financing
totalling US$167M, consisting of a 7 year Project Finance Facility of
US$145M, a Standby Cost Overrun Facility of US$12M and a Performance Bond
Facility of US$10M. The facilities are being provided by Societe Generale
Corporate and Investment Banking (as intercreditor agent and commercial
lender), Nedbank Capital a division of Nedbank Limited (ECIC lender) and
The Standard Bank of South Africa Ltd (as ECIC facility agent and
lender). Drawdown on the financing is subject to completion of legal
documentation and fulfilment of other conditions precedent usual for this
type of funding, including approval for an export credit guarantee from
The Export Credit Insurance Corporation (ECIC), South Africa's statutory
export credit and foreign investment insurance provider.

    Paladin is very pleased to be associated with Societe Generale, Nedbank
Capital and Standard Bank who provided the project finance for the Langer
Heinrich Uranium Project in Namibia and now are involved in the financing
of our second project, the development of the Kayelekera Uranium Project
in Malawi.

    ACN 061 681 098

Contacts:
Paladin Energy Ltd
John Borshoff
Managing Director
+61-8-9381-4366

Paladin Energy Ltd
Greg Taylor
Investor Relations Contact
(905) 337-7673 (Toronto) or Cell: (416) 605-5120
Email: greg.taylor@paladinenergy.com.au
Website: www.paladinenergy.com.au

Copyright 2008, Market Wire, All rights reserved.

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