IODM LIMITED — Capital/Financing Update 2008

Mar 17, 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

18 March 2008

ASX Release

ASX Code: PDM

Frogmore: Shallow copper intersections increase potential

• Eight percussion drill holes were recently completed at 3 prospects in the Frogmore copper district NSW, with assays pending

• Best intercept: 1-5% chalcopyrite over 10m (visual) from 60m depth at ‘Pride of Frogmore’

• Mineralisation open along strike, further drilling planned in June08 quarter

March 2008 drilling – “Pride of Frogmore”

Two percussion drill holes were recently completed at the ‘Pride of Frogmore’ copper prospect testing shallow extensions of mineralisation intersected by several diamond drill holes in 2007. Percussion hole FCR019 intersected 1-5% chalcopyrite mineralisation (visual) over 8-10m from 78m depth (60m vertical depth). We believe this is significant because it opens up further potential for copper mineralisation up-dip of past diamond intersections (including 45 m @ 1.2% Cu at 215m vertical depth), and along strike to the northeast (see Figure 1 ). Assay results are pending.

A second percussion drill hole, FRC018, intersected a 10m wide foot-wall silicification zone from 195-206m but could not continue due to drilling problems. FRC018 will be completed with diamond drilling once a suitable rig becomes available.

Figure 1. Map of copper drill hole intersections at Frogmore (left) with the regional geology (right)

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“Pride of Frogmore” – compilation of drilling results

At Frogmore the Company is targeting a multi-million tonne high-grade copper deposit of similar style to Cobar (CSA) in central-western NSW. The Frogmore project is located 100km south of Orange NSW and 250km west of Sydney. The area is located close to good infrastructure and has excellent road access.

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We have compiled all significant drill results at the Pride of Frogmore in this release. Of about 25 holes drilled historically at Frogmore, only seven have been drilled into the “Pride of Frogmore” lode, the strongest and widest copper structure identified by drilling so far (see Table 1 ). This northeast-trending structure was previously unknown – the miners of the late 1800’s focussed on the outcropping narrower north-northwest trending lodes, and apparently missed the northeast trend (see Figure 1 ).

	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode	Table 1: Summary of significant copper intercepts from drill holes at‘Pride of Frogmore’ lode
CollarEastingGDA94	CollarNorthingGDA94	Drill holenumber	Down-holeintervalm**	Cu %	Interceptdepthfrom m	Verticaldepthapproxm	Dip(av)	Azimuth(av grid)	Year
669274.5669264.3669275.5669298.0669371669490.6669437.9	6205729.96205760.16205699.26205730.362057686205790.46205712.3	FDD001includingFDD001includingFDD002FDD003includingFRC006FRC019+FC3FC7includingFC7including	8.71.014.80.81.515.86.55.08-10m*10.07.01.06.01.0	1.9%4.8%2.0%8.3%6.0%0.7%1.1%1.2%Awaited0.4%0.8%1.7%0.8%2.4%	250.6256.0275.1287.6315.8203.0209.1130.080(approx)13.063.066.085.085.0	2152352651808060154258	-53-53-55-32-45-60-60	094094099098109068248	2007200720072007200819981998

• copper oxide intercept + hole not yet surveyed, approximate dip and declination shown

** true widths are estimated to be 55-65% of the down-hole intervals

Mineralisation along the ‘Pride of Frogmore’ copper lode is believed to be open up-plunge to the northeast, and at depth. Drill intercepts so far have generally increased with grade and thickness with depth (see Figure 2 ).

Figure 2. Longitudinal section of the ‘Pride of Frogmore’ with an interpretation of along-strike extensions

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Further drilling planned

The Company is searching for drill rig capacity to complete another campaign of drilling on the ‘Pride of Frogmore’.

Apart from the obvious potential at the ‘Pride of Frogmore’, at least two other copper structures and two zinc lodes are known in the district. Potential exists for the ‘Pride of Frogmore’ and the north-northwest trending ‘Frogmore’ lodes to merge at depth. Figure 3 shows an interpretive cross section of the known lodes, showing a possible model for the merging of the lodes.

Figure 3. Interpretative cross section (to scale) of the Frogmore lode system

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March 2008 drilling – other prospects

Frogmore South : A single percussion hole was drilled to test a geochemical anomaly 500m southeast of the old Frogmore workings. FRC017 contained minor chalcopyrite (1% visual estimate) over 10m interval from 35-42m.

Federal: Five holes were drilled to test an airborne geophysical anomaly (VTEM) flown in January 2008. The best results were obtained in FED002 which intersected a 7m interval containing semi-massive iron sulphide (pyrrhotite) with minor chalcopyrite from 22-29m ( Table 2 ). Assays are pending.

Table 2 Drill holes recently completed at the Frogmore copper project

Drill hole	Collar	Collar	Prospect name	Dip	Azimuth	Hole	Comments
number	Easting	Northing		(av)	Grid	Depth m
	**GDA94 **	**GDA94 **
FRC017	669832	6205300	Frogmore South	-60	103	96	1% cpy: 35-42m
FRC018	669315.9	6205787.5	Pride of Frogmore	-50	109	206	Intense footwall alteration:196-206m
FRC019	669371	6205768	Pride of Frogmore	-45	109	120	1-5% cpy: 76-87m
FED001	669051	6215359	Federal Copper	-60	107	102	Gossan 0-10m
FED002	669072	6215356	Federal Copper	-60	283	96	Massive po, 1% cpy: 22-29m
FED003	669119	6215345	Federal Copper	-60	283	120	Massive po, trace cpy: 97-99m
FED004	669096	6215434	Federal Copper	-60	283	84	No significant intersection
FED005	669075	6215318	Federal Copper	-60	283	60	Gossans 12-15m,18-22m

Cpy = chalcopyrite Po – pyrrhotite

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

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.

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