IODM LIMITED — Capital/Financing Update 2012

Apr 12, 2012

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Suite 202, 122 Walker St W www.paradigmmetals.com.au North Sydney 2060 E info@paradigmmetals.com.au New South Wales T +61 2 9955 7130 AUSTRALIA F +61 2 8920 3576

ABN 28 102 747 133

ASX / Media Announcement

13 April 2012

YELLOW MOUNTAIN UPDATE

Paradigm believes, based on an intensive geological review over the past 2 months, that the Yellow Mountain Mine area located on EL 6325 has an exploration target of 10-15 million tonnes of moderate grade base metal and gold mineralisation, with the possibility of a shallow oxide cap of high grade gold and silver[1] .

• A review of historical data has highlighted broad zones of base metal mineralisation with coincident gold and silver mineralisation at the old Yellow Mountain Mine area.

• Drilling from the 1960’s 70’s and 80’s outlined a broad shallow area of copper, lead, zinc and silver mineralisation.

• Selective re-sampling for gold of the base metal drill intercepts during the 1980’s returned significant results, but most holes were never assayed for gold.

• Paradigm rockchip sample assays are awaited.

• Paradigm will immediately re-sample available historical drill core for gold. Paradigm has the option to earn a 51% interest in EL 6325 Yellow Mountain by spending $450,000 on exploration before 31 March 2013.

Previous exploration by Paradigm Metals (ASX Code: PDM) on the Yellow Mountain tenements (see Fig 1) focussed on the Quarry Hill area where extensive, shallow, generally low grade gold mineralisation was discovered.

PDM has over the last 2 months compiled and reviewed the historical data from the old Yellow Mountain Mine area which is located 10 km north of Quarry Hill. The result of this work indicates that the gold mineralisation is associated with base metal mineralisation the latter having been exploited on a small scale 100 years ago.

PDM believes the Yellow Mountain Mine area contains a potential 10-15 million tonne exploration target of shallow base metal and gold mineralisation that could be mined in part as an open pit resource.

1 “ The Exploration target is conceptual in nature and there has been insufficient exploration to define a Mineral Resource, and it is uncertain if further exploration will result in the determination of a Mineral Resource under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code (JORC 2004). The Exploration Target is not being reported as part of any Mineral Resource or Ore Reserve.”

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Fig 1: Yellow Mountain Location Plan

EL 6325 is a joint venture between PDM (30%), Triako Resources Pty Ltd (40%) and Golden Cross Resources Pty Ltd (30%) and is located 75kms north-west of Condobolin in the central west part of NSW (see Fig 2) in a region that contains a number of world class mines. Paradigm has the option to earn a 51% interest by spending $450,000 by 31 March 2013.

Historical work at the Yellow Mountain Mine area targeted known Cu, Pb and Zn mineralisation and includes 75 holes drilled between 1968 and 1986. Other work has included IP geophysics, mapping, trenching, soil and rockchip sampling, with the exploration highlighting two main zones of mineralisation known as the Main Shaft and Main North Shaft (see Fig 3).

Little work was done on testing the gold content of the Yellow Mountain Mine area, with only 4 of 25 holes drilled in the Main shaft area having gold assays, but the results from the 4 holes highlight a good correlation between the gold and base metal mineralisation:

• 62m @ 0.49g/t Au, 112g/t Ag, 0.28% Cu, 1.16% Pb & 1.21% Zn (PYM11 from 8m)

• 56m @ 0.41g/t Au, 25g/t Ag, 0.43% Cu, 1.05% Pb & 1.64% Zn (PYM12 from 64m)

• 41m @ 0.36g/t Au, 14g/t Ag, 0.23% Cu, 0.85% Pb & 0.94% Zn (PYM13 from 10m)

• 7.4m @ 5.73g/t Au, 102g/t Ag, 0.7% Cu, 5.18% Pb & 6.74% Zn (YD13 from 206m)

It should also be noted 3 of the 4 intercepts are located near the top of the holes, indicating a possible shallow oxide cap of higher grade gold and silver mineralisation. See Table 1 below for a list of the significant assays.

During a site visit to the Yellow Mountain Mine area in March 2012, PDM geologists checked the results of the historic work by assaying rocks with a portable XRF analyser which is capable of giving indicative results of silver and base metal mineralisation but not gold mineralisation.

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Fig 2: Paradigm NSW Tenement Plan

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Fig 3: Yellow Mountain Mine Plan

The XRF analyser confirmed the presence of widespread Cu, Ag, Pb and Zn mineralisation in the areas where it was expected. To test the mineralisation 22 rockchip samples were collected and are presently being assayed at the ALS laboratory in Orange for gold, silver and base metals.

PDM believes that further work could develop an exploration target of 10-15 million tonnes of shallow base metal and gold mineralisation. The Company is drawing up a work plan to include:

• Re-assaying of historic diamond drill core

• Re-mapping and sampling of the main ore zones

• Drilling of 5-10 shallow (100-150 metre) RC drillholes concentrating on areas adjacent to historic higher-grade base metal and gold intercepts.

Further drilling and possibly more geophysical work will follow based on the initial drill results.

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Hole-ID	From	To	length	Au(g/t)	Ag (g/t)	Cu %	Pb %	Zn %	Location
PYM01	12	22	10	0.54	25	0.16%	0.92%	0.13%	Other
PYM01	32	42	10	0.10	9	0.10%	0.40%	0.12%	Other
PYM05	4	8	4		5	0.21%	2.46%	2.32%	Twin Shafts
PYM05	26	34	8	0.40	5	0.25%	1.62%	1.30%	Twin Shafts
PYM06	14	18	4		29	0.36%	2.72%	0.17%	Twin Shafts
PYM10	40	46	6	0.40	17	0.06%	0.65%	0.54%	Main Shaft Nth
PYM11	8	70	62	0.49	112	0.28%	1.16%	1.21%	Main Shaft
PYM12	64	120	56	0.41	25	0.43%	1.05%	1.64%	Main Shaft
PYM13	10	51	41	0.36	17	0.23%	0.85%	0.94%	Main Shaft
RD18	29.3	47.8	18.5		24	0.16%	0.78%	0.89%	Main Shaft Nth
RD22	26.21	35.47	9.26			0.22%	1.18%	2.17%	Main Shaft Nth
RD45	20.05	27.76	7.71			0.20%	1.60%	0.15%	Other
incl	38.55	43.18	4.63			0.23%	1.39%	0.37%	Other
RD47	95.6	140.32	44.72			0.14%	0.89%	0.39%	Main Shaft Nth
incl	106.4	140.32	33.92			0.18%	1.00%	0.43%	Main Shaft Nth
YD02	55.2	165.61	110.41			0.24%	0.63%	1.34%	Main Shaft
YD03	43.18	49.34	6.16			0.51%	0.41%	0.77%	Main Shaft
YD03	107.94	111.02	3.08			0.66%	0.95%	1.79%	Main Shaft
YD05	46.26	80.18	33.92			0.34%	0.68%	1.23%	Main Shaft
incl	46.26	52.43	6.17			0.68%	0.98%	1.53%	Main Shaft
YD13	62.61	80.18	17.57	0.36	8	0.07%	0.29%	0.76%	Main Shaft
YD13	185.04	217.08	32.04	1.69	34	0.36%	1.58%	2.29%	Main Shaft
incl	206.63	214.03	7.4	5.73	102	0.70%	5.18%	6.74%	Main Shaft
YD17	103.47	107.79	4.32		5	0.25%	1.18%	1.06%	Main Shaft
YP04	53.97	58.6	4.63			0.78%	0.98%	1.11%	Main Shaft
YP05A	0	24.67	24.67			1.05%	1.19%	1.02%	Main Shaft
YP05A	32.38	33.92	1.54			0.10%	0.17%	8.61%	Main Shaft
YD53	75	78	3	0.12	14	0.20%	0.57%	0.64%	Main Shaft Nth
YD53	95	96	1	0.45	20	0.19%	0.67%	0.53%	Main Shaft Nth
YP54	26	34	8	0.25	18	0.13%	0.30%	0.61%	Main Shaft Nth

Table 1: Significant Drill Intercepts

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Greg Curnow Chief Executive Officer Paradigm Metals

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

The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Greg Curnow who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Curnow is the Chief Executive Officer 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”. Mr Curnow 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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Fig 4: Cross Section 6,407,900mN - Main Shaft Area (see Table 2 for Drillhole Grades)

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Fig 5: Long Section

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PYM 12	PYM 12	PYM 12	PYM 12	PYM 12	PYM 12	PYM 12	PYM 13	PYM 13	PYM 13	PYM 13	PYM 13	PYM 13	PYM 13	YD 02	YD 02	YD 02	YD 02	YD 02	YD 13	YD 13	YD 13	YD 13	YD 13	YD 13	YD 13
FROM	TO	Au	Ag	Cu	Pb	Zn	FROM	TO	Au	Ag	Cu	Pb	Zn	FROM	TO	Cu	Pb	Zn	FROM	TO	Au	Ag	Cu	Pb	Zn
64	66	0.3	19	2,300	9,200	11,600	0	2	-1	-5	140	600	350	55.2	57.7	2,520	5,900	11,300	62.6	64.8	-1	6	200	1,200	2,200
66	68	0.1	13	1,800	5,800	8,600	2	4	-1	1	370	2,000	660	57.7	61.4	2,010	4,510	6,700	64.8	67.9	1.11	10	1,600	9,000	21,000
68	70	0.7	80	2,900	29,000	43,000	4	6	-1	1	270	560	480	61.4	64.8	870	2,810	3,900	67.9	70.9	-1	7	1 -	600	3,000
70	72	0.4	33	2,300	14,700	21,000	6	8	-1	-5	350	1,550	680	64.8	67.9	1,990	6,000	11,800	70.9	74.0	0.63	9	1,200	3,500	9,000
72	74	0.2	16	1,900	6,800	9,100	8	10	-1	1	550	2,700	930	67.9	70.9	2,050	5,930	10,100	74.0	77.1	-1	4	200	1,000	4,500
74	76	0.2	22	3,200	9,300	11,100	10	12	0.3	5	1,540	4,500	1,520	70.9	74.0	440	1,920	1,500	77.1	80.2	0.32	10	500	1,800	4,000
76	78	0.2	15	2,600	6,100	8,900	12	14	0.1	8	1,600	6,800	2,500	74.0	77.1	530	1,360	1,200	80.2	83.3			200	600	1,300
78	80	0.1	17	2,300	8,100	10,500	14	16	0.4	17	1,440	12,800	1,390	77.1	80.2	1,000	2,760	4,200	83.3	86.4			200	500	400
80	82	0.7	33	6,000	15,600	20,000	16	18	0.2	11	5,100	7,100	5,200	80.2	83.3	1,000	3,150	3,400	86.4	89.4			700	800	500
82	84	0.4	23	3,100	8,300	10,800	18	20	0.5	28	2,200	24,000	35,000	83.3	86.4	2,530	4,590	9,800	89.4	92.5			400	800	1,400
84	86	0.3	26	2,700	7,800	10,800	20	22	0.2	13	2,100	7,200	10,900	86.4	89.4	750	4,590	9,800	92.5	95.6			1,100	1,400	2,400
86	88	0.2	12	1,350	4,700	8,700	22	24	0.2	10	1,520	4,500	5,700	89.4	92.5	2,620	4,970	12,300	95.6	98.7			1,200	2,300	3,500
88	90	0.9	27	3,200	12,900	19,000	24	26	0.2	7	1,040	4,300	4,200	92.5	95.6	780	3,510	8,600	98.7	101.8			200	1,400	1,600
90	92	0.2	19	1,550	6,100	7,300	26	28	0.2	10	680	5,100	3,300	95.6	98.7	350	3,220	9,400	101.8	104.9			200	1,600	2,600
92	94	0.9	34	5,000	17,000	24,000	28	30	0.3	10	2,000	5,200	8,400	98.7	101.8	2,210	12,000	43,000
94	96	1.5	60	4,700	33,000	87,000	30	32	0.3	10	2,100	4,600	5,100	101.8	104.9	4,680	16,400	18,000	185.0	188.1	0.32	6	1,800	1,100	700
96	98	0.3	30	4,200	13,300	17,000	32	34	0.1	2	350	440	1,330	104.9	107.9	4,409	2,600	5,500	188.1	191.2	0.32	8	2,300	3,800	5,800
98	100	0.3	13	2,700	4,200	4,700	34	36	1.3	49	8,300	18,000	23,000	107.9	111.0	1,950	4,170	8,700	191.2	194.3	0.32	12	1,400	7,900	16,800
100	102	1.3	30	7,100	14,100	18,000	36	38	0.9	46	5,200	9,000	11,600	111.0	114.1	3,510	4,650	8,000	194.3	197.4	0.32	13	1,400	7,300	12,200
102	104	0.5	55	6,800	9,000	10,300	38	40	0.4	38	2,500	19,000	37,000	114.1	117.2	1,490	6,810	9,200	197.4	200.5	0.32	25	4,200	6,300	14,000
104	106	0.1	25	3,800	7,900	12,400	40	42	0.3	10	800	5,400	9,000	117.2	120.3	6,980	9,270	28,400	200.5	203.5	0.63	19	4,300	6,200	14,700
106	108	0.1	15	3,100	8,400	14,400	42	44	-1	4	500	1,300	2,700	120.3	123.4	630	5,480	8,700	203.5	206.6	0.79	10	2,200	1,200	1,100
108	110	0.2	13	4,700	5,900	11,700	44	46	0.2	7	1,330	4,400	5,800	123.4	126.4	1,840	7,230	11,000	206.6	209.7	11.06	17	4,600	15,800	19,200
110	112	0.1	5	890	2,600	4,600	46	48	0.6	41	2,000	19,000	3,300	126.4	129.5	3,900	4,820	11,500	209.7	212.5	1.26	74	7,500	34,000	55,000
112	114	0.3	29	7,900	13,900	23,000	48	50	0.4	16	3,000	5,700	9,100	129.5	132.6	4,700	21,300	36,000	212.5	214.0	3.16	319	11,000	156,000	186,000
114	116	0.2	20	21,000	4,300	3,900	50	51	0.5	24	3,100	11,100	13,600	132.6	135.7	2,300	5,720	1,055	214.0	217.1	0.79	16	2,800	6,100	10,800
116	118	0.2	12	9,700	3,600	3,300								135.7	138.8	1,720	8,360	24,500
118	120	0.5	15	1,320	11,900	25,000								138.8	141.9	3,800	17,000	32,800
120	122	0.1	12	590	10,600	13,600								141.9	145.0	2,800	7,420	22,600
122	124	0.1	18	880	12,000	27,000								145.0	148.0	4,390	8,700	38,700
124	126	0.1	9	6,960	8,300	11,300								148.0	151.1	4,830	8,500	28,600
126	128	0.1	7	720	4,200	4,100								151.1	154.2	2,500	6,770	11,200
128	130	-1	2	1,360	1,800	2,600								154.2	157.3	2,430	2,370	4,600
														157.3	159.6	80	263	1,510
														159.6	162.5	3,900	5,450	11,600
														162.5	165.6	3,350	6,570	13,400
														165.6	167.2	734	5,540	10,350

Table 2: Section 6,407,900mN Assays

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