PATERSON RESOURCES LTD — Capital/Financing Update 2010

May 25, 2010

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26 May 2010

COMPANY ANNOUNCEMENT

The Manager Australian Securities Exchange 2 The Esplanade PERTH WA 6000

Dear Sir

Re 113 MACKIE STREET, VICTORIA PARK

United Orogen Limited is pleased to announce that it has reached agreement with Iron Mountain Mining Limited whereby Iron Mountain Mining has agreed to purchase from United Orogen Limited the property known as 113 Mackie Street, Victoria Park.

The consideration for the purchase is $935,000.00 inclusive of GST, which sum will be satisfied as follows:

• (a) the payment of $85,000.00;

• (b) the issue of 14,000,000 shares in Iron Mountain Mining;

• (c) the grant of 14,000,000 options to acquire a share in Iron Mountain Mining at an exercise price of 20 cents each on or before 1 May 2014.

The transaction is subject to and conditional upon the approval of the shareholders of both Iron Mountain Mining Ltd and United Orogen Ltd as the companies have common directors.

The companies are in the process of preparing the documents required to convene the required shareholder meetings.

Yours sincerely

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MARK KILLMIER Company Secretary United Orogen Ltd