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Paladin Resources (PLR)

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Monday 15 November, 2004

Paladin Resources


Paladin Resources PLC
15 November 2004

                             Paladin Resources plc

                   ("Paladin", "the Company" or "the Group")

             Sale of Norwegian Exploration Interests to BG Norge AS

Paladin Resources plc announces that its wholly owned subsidiaries Paladin
Resources Norge AS and Paladin Resources (Norway) Limited (together "Paladin")
have signed a Sale and Purchase Agreement with BG Norge AS ("BG") under which BG
will acquire exploration interests in three licences, of which PL143CS and PL298
are operated by Paladin Resources Norge AS. Details are as follows:

in PL 143CS

      -current Paladin equity 65 per cent;

      -new Paladin equity 45 per cent and BG equity 20 per cent;

in PL 298

      -current Paladin equity 100 per cent;

      -new Paladin equity 80 per cent and BG equity 20 per cent;

in PL 143

      -current Paladin equity 65 per cent;

      -new Paladin equity 35 per cent and BG equity 30 per cent with possible

       of a further 10 per cent interest dependent on the outcome of future
       exploration activity.

As consideration for the transfer of the exploration interests BG will pay
Paladin a post-tax sum of US$2 million subject to upward adjustment for
expenditures and for interest from the effective date of 1st July 2004 until
completion which is expected to occur in early 2005.

Subject to partner approval, Paladin plans to drill an exploration well during
2005 on the Hummer prospect to evaluate a Palaeocene reservoir objective. Other
exploration opportunities in the three licences including deeper, high-pressure,
high-temperature reservoir objectives will be evaluated in the longer term.

The deal is subject to the approval of the Norwegian regulatory authorities.

                                                                15 November 2004


Paladin Resources plc                                         020 7024 4500
Roy A Franklin, Chief Executive
Cuth McDowell, Finance Director

College Hill                                                  020 7457 2020
Jim Joseph
Ben Brewerton

                      This information is provided by RNS
            The company news service from the London Stock Exchange