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Paladin Resources (PLR)

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Wednesday 08 January, 2003

Paladin Resources

Result of EGM

Paladin Resources PLC
08 January 2003

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

     Results of Placing and Open Offer and Extraordinary General Meeting

On 12 December 2002, Paladin announced the conditional placing of 63,563,798 new
ordinary shares of 10 pence each ("New Shares") at an issue price of 66 pence
each, subject to clawback by way of an open offer to qualifying shareholders on
the basis of 1 New Share for every 4 existing ordinary shares.

The Company announces that the open offer closed at 3.00pm on 7 January 2003 and
that valid applications had been received at that time for 59,070,935 New
Shares, representing approximately 92.93 per cent of the New Shares.

4,492,863 New Shares not applied for by qualifying shareholders under the open
offer will be taken up under the placing.

The placing and open offer remain conditional upon admission of the New Shares
to (i) listing on the Official List of the UK Listing Authority and (ii) trading
on the London Stock Exchange's markets for listed securities. It is expected
that such admission will take place, and that dealings in the New Shares will
commence, on 10 January 2003. The New Shares to be issued under the placing and
open offer will rank pari passu with existing ordinary shares in all respects.

At the extraordinary general meeting of the Company held earlier today, the
resolution to approve the acquisition of a package of UK North Sea assets from
BP and Amerada Hess was duly passed. It is expected that the acquisition of
these assets will be completed during the second quarter of 2003.


8 January 2003


ENQUIRIES:

Paladin  Resources plc                        Tel:  020 7024 4500
Roy A. Franklin, Chief Executive

Cazenove & Co. Ltd                            Tel:  020 7588 2828
John Paynter
Greg Bennett

Investec Investment Banking                   Tel:  020 7597 5970
James Grace

College Hill                                  Tel:  020 7457 2020
James Henderson
Justine Hibbert



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