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Wednesday 01 December, 2004

Aberforth Partners

SAR - Paladin Resources plc

FORM SAR 5


Lodge with a RIS or Newstrack, if appropriate, and the Takeover Panel.
A copy must also be sent to the company the shares of which are sold.


Date of disclosure: 1/12/04


DISCLOSURE UNDER NOTE 3 ON RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ("SARs")


Date of sale: 30/11/04


Sale of: Paladin Resources PLC


(1) (a) Class of voting shares (e.g. ordinary shares):
Ordinary Shares of 10p

(1) (b) Number of shares / rights over shares sold:
10,000,000 shares
N/A rights

(1) (c) If rights over shares sold, as opposed to the shares
themselves, specify nature of rights:
N/A


(2) (a) Resultant total holding of voting shares (and % of total voting
shares in issue):
56,000,000 (17.30%)

(2) (b) Resultant total holding of rights over shares (and % of total
voting shares in issue):
N/A (0.00%)

(2) (c) Total percentage:
17.30%


(3) Party making disclosure:
Aberforth Partners (as Investment Managers)


(4) (a) Name of person selling shares or rights over shares:
Aberforth Partners (as Investment Managers)
and, if different, beneficial owner:
N/A

(4) (b) Names of any other persons acting by agreement or understanding:
N/A


Signed, for and on behalf of the party named in (3) above:
N/A - Electronic Submission

(Also print name of signatory):
David Holland, For Aberforth Partners

Telephone and extension number:
0131 220 0733


Note 1.  The resultant total percentage holding of voting shares and
rights over shares is to be calculated by reference to the percentage held
and in issue outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5
of the SARs.  If in doubt, contact the Panel on Takeovers and Mergers,
Monitoring Section, Tel. No: 020 7638 0129.
(E-mail: monitoring@disclosure.org.uk)