Paladin Energy Ltd: Langer Heinrich Uranium Project, Namibia

Project Finance - Completion Test Satisfied

PERTH, WESTERN AUSTRALIA -- (Marketwire) -- 07/02/09 -- Paladin Energy Ltd ("Paladin" or "the Company") (TSX: PDN)(ASX: PDN) is pleased to announce, in accordance with the Langer Heinrich Uranium (LHU) project finance loan, the Completion Test has been satisfied.

On June 30th, Societe Generale advised on behalf of the Bankers' Syndicate, which also includes Nedbank Capital and Standard Bank, that Langer Heinrich has successfully met all conditions required by the Project Lenders including the entire host of Completion Tests. Additionally, the previously outstanding construction related condition of leach tank lining remediation has been satisfied enabling the declaration of Construction Practical Completion.

As a result of achieving Completion the interest margin on the outstanding LHU project finance debt will reduce by 1% per annum and the loan becomes non-recourse to Paladin Energy Ltd.

A.C.N. 061 681 098