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Paladin Resources (PLR)

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Friday 16 April, 2004

Paladin Resources

Directors Interests in Shares

Paladin Resources PLC
16 April 2004

                             PALADIN RESOURCES plc
                                ("the Company")

Directors' Interests in Shares

By a written resolution of the Remuneration Committee of the Company passed on
16 April 2004, options were granted to Executive Directors and other employees
under the Company's 1998 Unapproved Share Option Scheme (the "Unapproved 
Scheme") and awards were made to Executive Directors and other employees under 
the Company's Long Term Incentive Plan 2000 (the "LTIP").

The options granted to Executive Directors were as follows:

Name of Director                                     Unapproved Scheme
P Davison                                              92,593
RA Franklin                                          153,356
CJ McDowell                                            92,593

The exercise price of each option granted under the Unapproved Scheme is 107.67
pence. Half of the options granted under the Unapproved Scheme will become
exercisable three years following the date of grant, provided that the total
shareholder return ("TSR") of the Company during that period increases by a
percentage amount that is equal to or greater than the percentage change in the
Retail Prices Index ("RPI") plus 3% per annum over the same period. The
remaining 50% of the options will become exercisable three years following the
date of grant, provided that the TSR of the Company during that period increases
by a percentage amount that is equal to or greater than the percentage change in
the RPI plus 5% per annum over the same period, with a sliding scale between the
3% and 5% points. The options expire six years after the date of grant.

The total number of options held by the Executive Directors under the Unapproved
Scheme and under the Company's Executive Share Option Scheme (the "Approved
Scheme") are now as follows:

Name of Director                   Approved Scheme           Unapproved Scheme
P Davison                          41,666                           554,791
RA Franklin                        41,666                         1,047,430
CJ McDowell                        41,666                           629,791

The awards to Executive Directors under the LTIP were as follows:

Name of Director                                     No. of LTIP shares
P Davison                                            185,185
RA Franklin                                          306,713
CJ McDowell                                          185,185

The extent to which 50% of the awards made under the LTIP will vest under normal
conditions at the end of a three year performance period commencing on the date
of the awards depends on the Company's TSR during that period, measured against
that of a group of nine comparator companies selected by the Remuneration
Committee. The vesting schedule is as follows:

Position of the Company versus                       Vesting

comparator group companies
1st                                                  50%
2nd                                                  40%
3rd                                                  30%
4th                                                  20%
5th                                                  10%
Lower than 5th                                       Nil

The extent to which the remaining 50% of the awards made under the LTIP will
vest under normal conditions at the end of the three year performance period
will depend on the Company's return on equity ("ROE"), calculated annually and
then averaged over three years beginning with the year in which the awards are
made. No shares will vest if the ROE achieved is below 10%. Between 5% and 37.5%
of the total awards will vest (on a straight-line basis) if the ROE achieved is
between 10% and 15%, and the remaining 12.5% of the total awards will vest
(again on a straight-line basis) if the ROE achieved is between 15% and 20%. No
additional shares will vest if the ROE achieved is higher than 20%.

The total awards held by Executive Directors under the LTIP are now as follows:

Name of Director                                     No. of LTIP shares
P Davison                                               723,961
RA Franklin                                           1,199,342
CJ McDowell                                             723,961

16 April 2004

Paladin Resources plc                                020 7024 4500
Sally Powell, Company Secretary

College Hill                                         020 7457 2020
James Henderson

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

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