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Paladin Resources (PLR)

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Monday 17 January, 2005

Paladin Resources


Paladin Resources PLC
17 January 2005

                             PALADIN RESOURCES plc
                         ("the Company" or "the Group")

      US$75 Million Disposal of Interests in Ross and Blake Fields, UKCS

Paladin Resources plc announces that its wholly owned subsidiary, Paladin Expro
Limited ("Paladin"), has signed a Sale and Purchase Agreement with Petro Summit
Investment UK Limited ("Summit"), a wholly owned subsidiary of Sumitomo
Corporation, under the terms of which Summit will acquire Paladin's 30.82 per
cent fixed unitised interest in the Ross Field and its 2.40 per cent fixed
unitised interest in the Blake Field, together with its interests in a number of
exploration blocks in the vicinity of these two fields.

The sale price is US$75 million in cash and is subject to adjustments for
working capital as at the effective date of 1 July 2004, and for interest and
cash flow movements from the effective date until completion, which is expected
to take place in the first quarter of 2005. Proceeds from the sale will be
credited to the Company's borrowing base debt facility, creating additional
headroom and flexibility to fund further acquisitions and the Group's ongoing
organic capital investment programme.

The Group's net production from its Ross and Blake interests averaged
approximately 2,500 barrels of oil equivalent per day in 2004. The Group's
proven and probable reserve base will reduce by some 6 million barrels as a
result of the sale.

Completion of the acquisition is subject to the approval of the UK regulatory
authorities and, in respect of certain of the interests, to partners'
pre-emptive rights.

Roy Franklin, Chief Executive of Paladin Resources plc, commented:

"Since acquisition, both fields have performed in line with our original
expectations. However, the Company has grown rapidly over the past few years and
as a result these interests are no longer material in a corporate context. We
are delighted to have reached agreement with Summit on terms which both
companies find attractive."

                                                                 17 January 2005


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

College Hill                                         Tel:    020 7457 2020
Jim Joseph
Ben Brewerton

Notes to Editors

A full list of the licence interests to be sold to Summit is as follows:

Licence/Block                          Interest     Comments
P.185 Block 13/21a                     20%
P.297 Block 13/28a                     35.2467%     these three Blocks
P.307 Block 13/29a                     28.333%      include Ross Field
P.973 Block 13/28c                     35.2467%     (30.82%)
P.635 Block 13/22b                     20%
P.636 Block 13/23a                     15%
P.729 Block 13/29b                     20%          includes Blake Field (2.40%)
P.729 Block 13/29b                     10%          North and South Skate only
P.1083 Blocks 13/22c and 13/27b        20%

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

a d v e r t i s e m e n t