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Paladin Resources (PLR)

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Thursday 24 March, 2005

Paladin Resources

Farm-in to Exploration Permit

Paladin Resources PLC
24 March 2005

Paladin Resources plc

("Paladin" or "the Company")



Farm-in to AC/P8 exploration permit, offshore north-western Australia

Paladin Resources plc announces that its wholly owned subsidiary, Paladin Oil &
Gas (Australia) Pty Limited, has entered into a farm-in agreement with Woodside
Energy Ltd.  ("Woodside"), under the terms of which Paladin will earn an 18.33
per cent working interest in the AC/P8 exploration permit, offshore
north-western Australia.  This follows the recently announced acquisition by the
Company of a 15 per cent interest in the AC/P8 permit as part of the acquisition
of Shell Development (Australia) Pty Ltd's Greater Laminaria area interests.

The AC/P8 exploration permit lies adjacent to the Laminaria and Corallina
Fields, has an area of 604km2 and is located in the Timor Sea approximately
550km WNW of Darwin in water depths of ca. 350-400 metres. An exploration well
in the AC/P8 permit to test the North Petalonia prospect is planned to be
drilled during the second quarter of 2005.

Following completion of the farm-in, which is subject to the approval of the
Australian regulatory authorities, interests in the permit will be Woodside
(operator) 66.67 per cent and Paladin 33.33 per cent. Completion is expected to
take place during the second quarter of 2005.

Roy Franklin, Chief Executive of Paladin, commented:

"North Petalonia is an attractive satellite exploration prospect and this
acquisition helps to align interests of Woodside and Paladin in the Greater
Laminaria area.  Paladin and Woodside will continue to examine ways to align
their interests further in the Greater Laminaria area in order to realise the
full potential of their investments."

                                                                   24 March 2005

ENQUIRIES:
Paladin Resources plc                                 Tel: 020 7024 4500
Roy Franklin, Chief Executive
Cuth McDowell, Finance Director

College Hill                                          Tel: 020 7457 2020
Jim Joseph
Ben Brewerton












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