Paladin Achieves Record Uranium Sales For March 2011 Quarter

Published on Friday April 15 2011 (AEST)-Australia

Paladin Energy Has Reported Record Uranium Sales For The Quarter Ended March, Despite a 4% Decrease In Production Figures.

During the three months to March, Paladin sold around 1,4-million pounds of uranium oxide (U3O8), generating a record revenue of $92,5-million.

Overall production for the quarter also reached around 1,4-million pounds, which was a 4% decrease on the 1,46-million pounds of U3O8 produced in the December quarter, but an increase on the 1,1-million pounds of U3O8 produced in the previous corresponding quarter.

The Kayelekera mine, in Malawi, hit record production during the quarter, with a step-change in plant performance achieved during the quarter, Paladin reported.

The uranium miner told shareholders that the project had produced 606 034 lb of U3O8 during the quarter under review, which was a 14% increase on the previous quarter.

Production during the month of March at the Kayelekera operation reached 93% of the plant capacity, with the operation producing some 253 036 lb of U3O8.

The Langer Heinrich operation, in Namibia, however, saw a 14% decrease in production, owing to abnormal rainfall in the three months to March, particularly during the latter part of the quarter.

Paladin noted that this had restricted access to higher-grade mining areas and increased the difficulty in treating wet ore. As a consequence, the Langer Heinrich operation only produced 795 815 lb of U3O8 during the period, compared with a nameplate 925 000 lb.

Meanwhile, Paladin reported that the Langer Heinrich stage three expansion project was progressing, and has entered the commissioning phase. The stage three expansion would see the operation increase its current capacity to around 5,2-million tons a year.

The uranium miner said on Friday that the front-end feed preparation, crushing and scrubbing circuit was on track for production ramp-up during April, while the increased throughput capacity and scrubbing efficiency at the front-end was expected to quickly add to the production capacity of the processing plant.

The stage three expansion was currently 92% complete.

Paladin also reported that the stage four feasibility study, which was targeting a combined 8,7-million tons a year production level, remained on schedule for completion during the December quarter.

The environmental impact assessment documentation was nearly ready for final submission and work on the process design of the new plant has advanced significantly.

A new mining design and production schedule has also been completed and a conceptual design for the tailings deposit was being reviewed.

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Paladin Energy Upgrades Langer Heinrich Uranium Resource By 104 Per Cent

Published on Friday Oct. 2 2010

Paladin Energy has upgraded the ore estimate at its Langer Heinrich mine in Nambia by 104 per cent to 60,830 tonnes.

Langer Heinrich operations

The company made the announcement after completing an extensive drilling program across the full extent of the deposit.

In a statement to the Australian Securities Exchange Paladin said, "This work has been highly successful as the upgrade has increased Ore Reserves and Mineral Resources sufficiently to justify the planned Stage 4 expansion, for which the feasibility study is currently underway."

"The resource drilling work has resulted in a significant increase in the Mineral Resources of the Langer Heinrich Deposit," the company said.

"At present, a total of 67,758t of contained U3O8 is now identified in the Measured and Indicated Mineral Resource categories after depletion for mining.

"The Directors believe a substantial amount of these Inferred Mineral Resources will be able to be converted to Measures and Indicated Resources categories in the future"

See company statement below:

Paladin Energy Ltd is pleased to announce that, following the completion of approximately 37,000m of drilling during 2010, a revised Mineral Resource and Ore Reserve estimate for the Langer Heinrich Mine (LHM) conforming to both the JORC (2004) guidelines and the requirements of National Instrument 43-101 - Standards of Disclosure for Mineral Projects (NI 43-101) has now been finalised and the results are reported below at a 250ppm cut off. This drilling programme was initiated to establish a sufficient Mineral Resource base capable of supporting an expansion at LHM from 5.2Mlb U3O8 pa to 10Mlb U3O8 pa with 9Mlb U3O8 derived from expansion of the existing processing plant and 1Mlb U3O8 pa from heap leach operations. This drilling was carried out across the full extent of the deposit. This work has been highly successful as the upgrade has increased Ore Reserves and Mineral Resources sufficiently to justify the planned Stage 4 expansion, for which the feasibility study is currently underway.

Mineral Resources are depleted for mining to 30 June 2010 and include stockpiled material.

Compared to the previous Mineral Resources announced in 2008 the updated 2010 Mineral Resource estimates outlined herein represent the following after depletion for mining:

A 106% increase in the Measured and Indicated Mineral Resources from 32,858t (72.4Mlb) to 67,758t (149.2Mlb) contained U3O8, after depletion for mining.

A substantial transfer of Inferred Mineral Resources to higher categories resulting in a reduction from 41,557t (91.6Mlb) in 2008 to 10,910t (24.0Mlb) contained U3O8.

A substantial portion of the Mineral Resources are in the Measured and Indicated Mineral Resource categories, representing 86%, of the overall Mineral Resources up from 44% previously and confirms the very robust nature of the deposit. The infill drilling in all areas of the deposit has shown an excellent conversion rate of Inferred to Measured and Indicated Mineral Resource categories giving confidence that future campaigns will achieve similar results.

COMPARISON OF NEW AND PREVIOUS MINERAL RESOURCE ESTIMATES

The tables below show the substantial overall increases in Mineral Resources in all Details following this re-estimation, using the same cut off grade as used in the 2008 estimate. Minor local reduction in Mineral Resource grades is a result of a change to the resource variance adjustment based on actual grade control reconciliations. The overall average grade is slightly reduced at 0.056% U3O8.

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Paladin Energy Video Presentation - March 2010

Paladin Corp March2010 from Westmedia on Vimeo.

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Paladin Energy Increases Sales Revenue 78% to $204.3Million

Uranium producer Paladin Energy Ltd has dramatically narrowed its full year loss to $US52.9 million ($A59.7 million), from the previous corresponding 12 months, on record sales volumes.

The loss for the year to June 30 compares with a $US480.2 million loss in 2008/09.

RBS Morgans resources analyst Lyndon Fagan said the latest result was a little below his expectations.

Paladin posted record uranium oxide production of 4.32 million pounds, a 60 per cent increase from the prior year.

The company had previously said it planned to expand its uranium production from a targeted seven million pounds in 2011 to 14 million pounds by calendar 2015.

In its report to the stock exchange on Friday, Palandin said it achieved record sales volumes for fiscal 2010, 84 per cent higher than the previous year.

Sales revenue for the year increased 78 per cent to $204.3 million, but the cost of sales more than doubled from $53.0 million to $131.6 million.

"During the year the company continued its strategy of placing more uranium into the term market," Paladin told the stock exchange.

The company made a loss per share of eight US cents, compared to 78 US cents in the 2008/09.

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