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Paladin Resources (PLR)

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Friday 16 August, 2002

Paladin Resources

New Corporate Credit Facility

Paladin Resources PLC
16 August 2002



                              PALADIN RESOURCES plc
                           ("Paladin" or "the Group")

                         New Corporate Credit Facility


Paladin announces that it has signed a US$250 million Senior Secured Revolving
Credit Facility Agreement with a syndicate of major international oil & gas
lending banks led by J.P. Morgan plc.

Paladin's asset base has significantly increased and diversified since its debut
syndication in 2000. As a result of this growth, the banking market was
initially approached for a US$200 million facility and this was increased to
US$250 million following a strong reception for the transaction. The facility
will be used for general corporate purposes, including the funding of potential
future acquisitions and the refinancing of existing indebtedness.

Roy Franklin, Chief Executive of Paladin, commented:

"We are delighted with the debt market response to this refinancing which has
been an unqualified success. The Group's existing assets are performing well and
net debt should be around US$50 million by year end, based on current oil
prices. This new facility provides us with substantial headroom to pursue
further growth opportunities as and when they arise."


                                                                  16 August 2002

ENQUIRIES:

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

College Hill                                     Tel:     020 7457 2020
James Henderson



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