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Paladin Energy Ltd: NGM Resources Limited & Australian Takeovers Panel

PERTH, WESTERN AUSTRALIA--(Marketwire - Sept. 30, 2010) - Paladin Energy Ltd (Paladin) (TSX:PDN - News; ASX:PDN - News) notes that, on 29 September 2010, the Takeovers Panel (the body that handles takeovers disputes in Australia) (Takeovers Panel) announced that it had received an application from NGM Resources Limited (NGM) in relation to Paladin's takeover offer for all the ordinary shares in NGM (Paladin's Bid).On 24 September 2010, Paladin announced that two defeating conditions of Paladin's Bid (condition 10.12(l) "No force majeure event" and 10.12(m) "No material adverse change to NGM") had been triggered. This followed developments on 16 September 2010, when the forces associated with al-Qaida in the Islamic Maghreb (AQIM) entered the town of Arlit in Niger's uranium mining region and abducted seven people employed by the French uranium company Areva and its construction contractor, Vinci. Paladin stated that its offer for NGM will lapse at the end of the offer period on 8 October 2010 as a consequence of the non-fulfilment of the defeating conditions identified above.In its application to the Takeovers Panel, NGM submitted, among other things, that the defeating conditions identified above cannot be relied on by Paladin, that Paladin has failed to properly inform the market about them, and that the conditions have not "become incapable of being fulfilled". NGM seeks final orders that:

-- the defeating conditions identified above are void; or

-- neither of the defeating conditions identified above has "become
incapable of being fulfilled" and that Paladin provide corrective

NGM also seeks a final order that Paladin not extend its takeover bid beyond 8 October 2010 (or such later date determined by the Takeovers Panel pursuant to an interim order) if the 90% minimum acceptance condition to its takeover bid has been satisfied or waived prior to that time.The Takeovers Panel has made no comments on the merits of the application.A.C.N. 061 681 098