Paladin Energy Ltd PALAF

RE: Latest news on Bigrlyi (41.7% Paladin)

[wanne]

this indeed looking great ! Importantly, the recognition of significant uranium mineralisation in holes drilled outside of current resource envelopes reinforces Energy Metals’ belief that a substantial increase in the Bigrlyi resource will result from the current drilling program. An economic scoping study encompassing and open pit optimisation, underground design and whole project study on the Bigrlyi deposits is nearing completion with reportable results expected mid November. Preliminary design and costing of the milling process, open cut and underground mine design and capital costing is complete. A total 8 pits have been designed and optimised (A15 – 1, A4 – 6, A2 – 1) with underground design work complete at Anomaly 15 and Anomaly 4. It is anticipated that once the scoping study results are finalised, a decision will be made shortly thereafter on the commencement and scope of a full feasibility study. This Feasibility Study will be based on the completed 2007 drilling campaign and is expected to be on a substantially larger resource, which will have further positive implications for the economics of the Bigrlyi project.