Paladin Energy Ltd (TSX: PDN)(ASX: PDN) ("Paladin" or the "Company") is pleased
to announce the successful completion of the winter infill drilling programme at
the Michelin deposit in Labrador, Canada confirming both the robust nature and
high grade of this deposit. During this programme, 13 drill holes for 3,871m
were completed from seven drill platforms at Michelin. The drill programme was
planned to increase mineral resource confidence in a number of under drilled
areas as well as target potential small increases in mineral resource size by
better defining the geological model. A number of the platforms used had
previously been positioned during the 2013 summer season to speed up the drill
re-location process and minimise rig movement costs. The drilling was successful
in further defining the extensive mineralisation at the Michelin deposit with
all 13 holes intersecting mineralisation, 6 returning significant intersections
and infilling a number of key data voids within the Mineral Resource estimate.
The results from this programme have underlined the quality of the Michelin
deposit and its significance within the Central Mineral belt of Labrador.


Selected significant results from the drilling are presented below with all
results detailed in the additional information attached to this announcement.




----------------------------------------------------------------------------
Hole                 Depth from m          Length m           Grade eU3O8ppm
----------------------------------------------------------------------------
M14-151                       302                10                    1,092
----------------------------------------------------------------------------
M14-154                       214                15                    1,403
               and            256                 8                    1,307
----------------------------------------------------------------------------
M14-156                       230                12                      956
----------------------------------------------------------------------------
M14-158                       191                16                      960
----------------------------------------------------------------------------
M14-162                       348                28                    1,022
----------------------------------------------------------------------------
M14-163                       355                 9                    1,146
----------------------------------------------------------------------------



The results from this drilling will be incorporated into an upcoming Mineral
Resource estimate update expected during the second quarter. From work already
completed using data from the 2012 and 2013 drilling campaigns it is expected
that there will be a significant improvement to the current mineral resource
classification as well as a small increase in total mineral resource. 


In addition, two holes for 561m were drilled at the Rainbow deposit located
approximately 3km south of the Michelin deposit. The current Rainbow mineral
resource is relatively small and the drill programme was targeted at potential
depth extensions. Unfortunately neither of these holes intersected the targeted
mineralisation. 


In conjunction with the drilling outlined above, during the winter campaign
additional coverage was added to the regional ground magnetic survey. The
results from this survey will be used to define additional exploration targets
in the vicinity of the Michelin deposit and these will be included in drill
planning for the next winter programme. The current magnetic image for the
Michelin-Rainbow trend is shown in the additional information attached. The
highly prospective Michelin-Rainbow trend, as outlined in the image, includes
numerous radiometric anomalies and prospects identified through geological
mapping and prospecting as well as limited scout drilling.


Declaration

The information in this announcement that relates to exploration results and
mineral resources is based on information compiled by David Princep, B.Sc.,
FAusIMM(CP). Mr Princep has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to the activity
that he is undertaking to qualify as a Competent Person as defined in the 2012
Edition of the "Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves", and as a Qualified Person as defined in Canadian
National Instrument 43-101. Mr Princep is a full-time employee of Paladin Energy
Ltd and consents to the inclusion of the information in this announcement in the
form and context in which it appears.


Caution regarding forward-looking information

Except for any historical information contained in this news release, this news
release contains "forward-looking information" within the meaning of securities
laws of applicable jurisdictions. The forward-looking information includes, but
is not limited to, statements with respect to completion of an updated mineral
resource estimate and the potential for an increase in the size of the mineral
resource estimate for the Michelin deposit.. However, forward-looking
information involves known and unknown risks, uncertainties and other factors,
many of which are outside the control of Paladin, and its officers, employees,
agents or associates. Such risks, uncertainties and other factors include, but
are not limited to, those factors discussed in the section entitled "Risk
Factors" in Paladin's most recent Annual Information Form available under
Paladin's profile on SEDAR at www.sedar.com. Although Paladin has attempted to
identify important factors that could cause actual results to differ materially
from those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. Actual
results, performance or achievements may vary materially from those suggested by
such forward-looking information. Readers are cautioned not to place undue
reliance on forward-looking information and Paladin assumes no obligation to
update such information, except as required by applicable law.


ACN 061 681 098

PLEASE SEE ADDITIONAL INFORMATION AT THE FOLLOWING LINK:

http://media3.marketwire.com/docs/944154-Tech.pdf

FOR FURTHER INFORMATION PLEASE CONTACT: 
Paladin Energy Ltd
John Borshoff
Managing Director/CEO
+61-8-9381-4366 or
Mobile: +61-419-912-571
john.borshoff@paladinenergy.com.au


Paladin Energy Ltd
Greg Taylor
Investor Relations Contact
+1 905 337-7673 or
Mobile: +1 416-605-5120 (Toronto)
greg.taylor@paladinenergy.com.au
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