Paladin Energy Ltd-Mid Quarter Operations & Market Update

PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 11/14/11 -- Paladin Energy Ltd. (TSX: PDN)(ASX: PDN) ('Paladin' or the 'Company') provides an update on the status of its operations post September quarter as follows:

Langer Heinrich Mine

--  Post quarter Stage 3 ramp-up continues to track well with production at
    90% of design capacity for period 1 October to 13 November.

--  Construction of Stage 3 expansion is almost complete, with the remaining
    NIMCIX modules nearing completion. Various Stage 3 modules are in
    operation and either in ramp-up or advanced stages of commissioning. The
    plant is operating at improved efficiencies benefiting from the new
    equipment that has come on line.

Kayelekera Mine

--  Remediation work has been completed and acid production began 7 October.
    Uranium production recommenced on 14 October with interim drying at LHM.

--  Bankers' completion test commenced on 1 November 2011. Production to
    date is in line with the target of achieving 90% of design capacity.

--  Relocated drying and packaging plant came back on line 12 November.

The early benefits of both the Stage 3 expansion at Langer Heinrich Mine and the operational improvements/rectification work at Kayelekera Mine are all now having a positive impact both on production and plant efficiencies.

Uranium Spot Price

On Friday 11 November, TradeTech advised that the uranium spot price rose by US$4/lb to US$56.25/lb as a result of strong demand with a total of 13 transactions involving 1.8Mlb U3O8 equivalent traded over the course of the week.

ACN 061 681 098

Contacts:

In Australia:

Paladin Energy Ltd

John Borshoff

Managing Director/CEO

61 8 9381 4366 or Mobile: 61 419 912 571
john.borshoff@paladinenergy.com.au


In Canada:

Paladin Energy Ltd

Greg Taylor

Investor Relations Contact

905 337-7673 or Mobile: 416 605-5120 (Toronto)
greg.taylor@paladinenergy.com.au