IODM LIMITED — Capital/Financing Update 2008

Apr 10, 2008

Suite 202, 122 Walker St, North Sydney NSW 2060 Australia

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Ph: 02 9955-7130 Fax: 02 8920-3576 Email: info@paradigmmetals.com.au www.paradigmmetals.com.au

11April 2008

ASX Release

ASX Code: PDM

Pride of Frogmore: 15m @ 0.7% Cu from 50m

• ‘Pride of Frogmore’ copper structure now over 200m long, extensions open

• Targeting a high-grade copper deposit – Cobar style model

• More drilling planned for current quarter, scoping study

New drill results at ‘Pride of Frogmore’

Percussion drill hole FCR019 has returned an assay of 15m grading 0.7% copper from a 50m vertical depth at the Frogmore Copper project, Boorowa NSW, 250km west of Sydney. The ‘ Pride of Frogmore ’ copper structure now has a minimum strike length of 200m, up to 30m wide, and is open in both directions. Copper grades have previously been shown to improve with depth – the deepest intercept so far is at 250m vertical depth with grades up to 6% copper (see Figure 1 and Table 1 appended).

Drill hole FRC018, which was not completed to target depth due to drilling problems, ended in copper mineralisation at 206m in what is believed to be the start of the Pride of Frogmore lode (4m @ 0.5% Cu from 202m). FRC018 will be deepened with diamond drilling. Higher in the hole, FRC018 intersected 7m @ 0.76%Cu from 146m in the ‘ Western’ lode, a structure that has been intersected in several other drill holes (the best previously reported intersection being 3.3m @ 2.1% Cu in FDD001).

We believe there is potential at the Pride of Frogmore alone for an economic copper deposit. Priority drill targets along this structure are shown on the longitudinal section, which remains untested beneath 250m depth (see Figure 1 ). Later drilling will test the strike extent and down-plunge potential adjacent to current intersections.

Figure 1. Map of all drill holes at Frogmore (left); Longitudinal section of ‘Pride of Frogmore’ (right)

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Drill results – other copper prospects

Frogmore South prospect : A single percussion hole, FRC017, was drilled to test an area of outcropping secondary copper mineralisation 500m southeast of the main Frogmore workings near an old copper mine known as ‘Frogmore South’.

FRC017 intersected 7m at 0.45%Cu from 35m depth. Copper mineralisation occurs as disseminated chalcopyrite within a shear zone of unknown strike. Additional surface sampling is warranted prior to further drilling.

Federal Copper prospect : Five holes drilled to test a geophysical electromagnetic conductor (VTEM anomaly) over an area coinciding with the old Federal Copper Mine 10km north of Frogmore returned anomalous copper. The best assays were in FED002, which intersected 7m @ 0.38% copper from 22m in an iron sulphide (pyrrhotite) body. More surface work is required on this and other geophysical anomalies at Federal prior to further drilling.

Frogmore Copper district: A Cobar analogue?

Previously we have highlighted similarities with the style of mineralisation at Frogmore with the CSA Mine at Cobar, also in the Lachlan Fold Belt some 500km to the northwest in central western NSW. Favourable comparisons include the multiple lode occurrences and steeply plunging lodes in zones of strong alteration and shearing in a sedimentary sequence – at Frogmore the sequence has a volcanic component. At both districts ores are dominated by pyrrhotite and chalcopyrite with or without sphalerite, with mineralisation occurring as veins, aggregates, and semi-massive layers. Like CSA, copper grades at Frogmore appear to be increasing with depth.

Figure 2 below depicts an interpretive longitudinal cross section showing the potential of the Pride of Frogmore structure along side of CSA mine (1990 data) at the same scale, as a comparison. The CSA mine has developed with time into a very deep >1500m underground operation mining high copper grades of around 5%Cu. Mining at a rate of 800,000 tonnes per annum, in 2006 CSA produced 140,000 tonnes of concentrate containing 42,000 tonnes of copper metal. At today’s copper price this equates to revenue of about $350 million.

Figure 2. Interpretive longitudinal section of Pride of Frogmore (left) with CSA mine (right) at same scale

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Upcoming work at Frogmore

Paradigm will be focusing on the ‘Pride of Frogmore’ structure in upcoming drilling, with the aim of achieving its first resource estimate at the end of this next stage. The timing of this program will be announced once a rig with suitable capacity has been secured. This program will be followed by a scoping study to assess the broad brush economics of the project at that stage.

Please direct enquiries to: Graham Carman, Managing Director – Ph: 02-9955-7130

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Dr Graham Carman who is a Member of the Australasian Institute of Mining and Metallurgy. Dr Carman is a full-time employee of the Company, and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Dr Carman consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Table 1: Summary of significant copper intercepts on the ‘Pride of Frogmore’ lode structure

RECENT ASSAYS ARE HIGHLIGHTED IN YELLOW

Collar Easting GDA94	Collar Northing GDA94	Drill hole number	Down- hole interval m	Cu %	Intercept depth from m	Vertical depth approx m	Dip (av)	Azimuth (av grid)	Year
669274.5 669264.3 669275.5 669298.0 669315.9 669371.0 669490.6 669437.9	6205729.9 6205760.1 6205699.2 6205730.3 6205787.5 6205768.0 6205790.4 6205712.3	FDD001 including FDD001 including FDD002 FDD003 including FRC006 FRC018 FRC019 FC3 FC7 including FC7 including	8.7 1.0 14.8 0.8 1.5 15.8 6.5 5.0 4.0 15.0 10.0 7.0 1.0 6.0 1.0*	1.9% 4.8% 2.0% 8.3% 6.0% 0.7% 1.1% 1.2% 0.5% 0.7% 0.4% 0.8% 1.7% 0.8% 2.4%	250.6 256.0 275.1 287.6 315.8 203.0 209.1 130.0 202.0 72.0 13.0 63.0 66.0 85.0 85.0	215 235 265 180 80 170 55 15 42 58	-53 -53 -55 -32 -50 -45 -60 -60	094 094 099 098 109 109 068 248	2007 2007 2007 2007 2008 2008 1998 1998

• FC3 is an oxide intercept

** FRC018 was stopped in mineralisation due to drilling problems – this will be continued with a diamond tail.

About Paradigm: Paradigm Metals Ltd (PDM) is a copper, tungsten, and uranium explorer with projects in the Lachlan Fold Belt of NSW and the Mt Isa region of Queensland.

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