Paladin Completes A$429 million Private Placement

10:32 EDT Tuesday, September 15, 2009

PERTH, WESTERN AUSTRALIA--(Marketwire - Sept. 15, 2009) -

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Paladin Energy Ltd (TSX:PDN)(ASX:PDN) ("Paladin", or the "Company") 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 and Cormark Securities Inc., Dundee Securities Corporation and GMP Securities L.P. as Co-Managers to the placement. Azure Capital acted as Corporate Adviser to Paladin.

The Private Placement consisted of the issuance of 93,450,000 ordinary shares of the Company at a price of A$4.60 per share, for gross proceeds of A$429,870,000. Paladin intends to use the funds raised to:

- Provide Paladin with the financial capacity to advance M&A and inorganic growth opportunities;

- Progress the Langer Heinrich Stage III project (recently approved by the Board);

- Expand exploration and pre-development programs in Australia; and

- Enhance Paladin's balance sheet flexibility to ensure Paladin remains well placed to take advantage of other international nuclear industry opportunities as they arise.

About Paladin Energy Ltd

Paladin is listed on the Australian Securities Exchange, the Toronto Stock Exchange and the Namibian Stock Exchange under the symbol "PDN". Paladin is a uranium production company with two operating mines in Africa, projects in Australia and a strategy to become a major uranium mining house. Since 1998, during a period of sustained downturn in global uranium markets, Paladin accumulated a quality portfolio of advanced uranium projects each having production potential. The Langer Heinrich Uranium Mine in Namibia is now operational with a targeted annual production of 5.2Mlb U3O8 and a mine life maintainable at approximately 20 years. The Kayelekera Uranium Mine in Malawi was officially opened in April 2009 and has been commissioned with the plant showing capability to operate throughout its flowsheet with yellowcake produced during this phase. The 3.3Mlb pa project is currently in its production ramp-up phase. Paladin recently announced the first drawdown under the Kayelekera Project Financing Loan.

Caution Concerning Forward-Looking Information: Except for historical information contained in this news release, this news release contains "forward-looking statements" and "forward-looking information" within the meaning of securities laws of applicable jurisdictions. The forward-looking statements and forward-looking information include, but are not limited to, statements with respect to the uses for the funds raised in the private placement, Paladin's strategy to become a major uranium mining house, the targeted annual production and mine life of Paladin's Langer Heinrich Uranium Mine in Namibia and plans to proceed with the Stage 3 expansion of the Langer Heinrich Uranium Mine, and the commissioning and projected operational capability of Paladin's Kayelekera Uranium Mine in Malawi. Assumptions upon which such forward-looking statements and forward-looking information are based include that the Stage 3 expansion of the Langer Heinrich Uranium Mine will proceed as planned, the Langer Heinrich Uranium Mine will meet its targeted annual production and commissioning and projected operational capability of the Kayelekera Uranium Mine will be accomplished. Management believes these assumptions are reasonable. However, the forward-looking statements and forward-looking information involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Paladin and its officers, employees, agents or associates. Such risks, uncertainties and other factors include, but are not limited to: risks related to mining operations, including political risks and instability and risks related to international operations, actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, as well as those factors discussed in the section entitled "Risk Factors" in Paladin's most recent Annual Information Form available under Paladin's profile on SEDAR at www.sedar.com. Although Paladin has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements and forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Actual results, performance or achievements may vary materially from those suggested by such forward-looking statements and forward-looking information. Readers are cautioned not to place undue reliance on forward-looking statements and forward-looking information and Paladin assumes no obligation to update such information, except as required by applicable law.

Common shares outstanding 623,692,802

FOR FURTHER INFORMATION PLEASE CONTACT:

Paladin Energy Ltd
John Borshoff, Managing Director/CEO
+61 8 9381 4366 or Mobile: +61 419 912 571
john.borshoff@paladinenergy.com.au

This information is available on
our website at www.paladinenergy.com.au

Paladin Energy Ltd
Greg Taylor
Investor Relations Contact
905 337-7673 or Mob: 416 605-5120 (Toronto)

greg.taylor@paladinenergy.com.au