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Paladin Resources (PLR)

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Friday 09 November, 2001

Paladin Resources

Result of Open Offer

Paladin Resources PLC
9 November 2001

              Paladin Resources plc ('Paladin' or the 'Company')

                             Result of open offer

On 18 October 2001, Paladin announced the conditional placing of 42,167,120
new ordinary shares of 10p each ('New Shares') at an issue price of 45p each,
subject to clawback by way of an open offer to existing shareholders on the
basis of 1 New Share for every 5 existing ordinary shares.

The Company announces that the open offer closed at 3.00pm on 8 November 2001
and that valid applications had been received at that time for 2,131,023 New
Shares, representing approximately 5.1 per cent. of the New Shares.

Of the New Shares placed by HSBC Investment Bank plc, 38,110,900 were placed
with certain existing shareholders. In total approximately 95.4 per cent. of
the issue was therefore subscribed for by existing shareholders of the Company
either via the placing or under the open offer.

The placing and open offer remain conditional upon admission of the New Shares
to the Official List, which is expected to take place on Thursday, 15 November

                                                               9 November 2001


Paladin Resources plc                            Tel: 020 7534 2900
Roy Franklin, Chief Executive

College Hill                                     Tel: 020 7457 2020
James Henderson/Archie Berens