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Paladin Resources (PLR)

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Tuesday 12 December, 2000

Paladin Resources

Capital Reorganisation

Paladin Resources PLC
12 December 2000

                            PALADIN RESOURCES plc

                         ('Paladin' or 'the Company')

                     Corporate Credit Facility Agreement

Paladin announces that it has signed a US$150 million Corporate Credit
Facility with a syndicate of major international oil & gas lending banks led
by Chase Manhattan. The market was approached for a US$125 million Facility
but this was increased to US$150 million as a result of the strong reception
and resulting over-subscription. The Facility will be used to finance the
proposed US$76 million acquisition of certain Norwegian assets from
Petro-Canada, as previously announced. The balance will be available to fund
potential future acquisitions, as well as for general corporate purposes,
including the refinancing of existing indebtedness.

Roy Franklin, Chief Executive of Paladin, commented:

'This debut syndicated facility represents an important milestone in the
Company's development, providing finance to fund our first acquisition in
Norway as well as capacity for future transactions. I am delighted with the
level of support shown for the Company by a strong and knowledgeable group of

                                                              12 December 2000


Paladin Resources plc

Roy Franklin, Chief Executive                     Tel: 020 7534 2900

Cuth McDowell, Finance Director

College Hill                                      Tel: 020 7457 2020

James Henderson

Archie Berens