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Directors’ Interests

Paladin Resources Ltd independent director and non-executive chairman Rick Crabb has increased his indirect interest in the company by 3 million shares, resulting from the conversion of unlisted options, for a consideration of $735,000. Of the shares, 2.25 million were bought at 22 cents, while 750,000 were bought at 32 cents per share on exercise of the options. Mr Crabb’s holding was valued at $43.4 million. Paladin managing director John Borshoff has increased his indirect interest in the company by 3.5 million shares, resulting from the conversion of unlisted options, for a consideration $870,000. Of the shares, 2.5 million were bought at 22 cents, while 1 million were bought at 32 cents on exercise of the options. Mr Borshoff now holds over 18 million fully paid shares valued at $87.7 million and 3.75 million unlisted options exercisable at $1 on or before December 20 2007. Comet Ridge Ltd non-executive director Gillian Swaby has increased his direct interest in the company by a total of 1.8 million shares through on-market trade for a total consideration of $612,514. Following the acquisition, Mr Swaby holds 2.8 million shares and 100,000 unlisted options at 20 cents, expiring in December 2006. Andean Resources Ltd non-executive director Gavin Thomas has reduced his total indirect interest of over 10.3 million ordinary shares in the company in acceptance of the takeover bid by Kingsgate South America Pty Ltd for Andean. The consideration is one Kinsgate Consolidated Ltd share for every 15 Andean shares, which is estimated to be valued at almost $3.3 million.

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