PATERSON RESOURCES LTD — Capital/Financing Update 2011

Mar 27, 2011

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

UNITED OROGEN LIMITED

ABN 45 115 593 005

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

1 +Class of+securities issued or to be issued 2 Number of+securities issued or to be issued (if known) or maximum number which may be issued 3 Principal terms of the+securities (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)	(i) Ordinary shares (Rights Issue) (ii) Options (Rights Issue)
	(i) Maximum of 32,386,426 shares (ii) Maximum of 32,386,426 options
	(i) Fully Paid Ordinary shares (ii) Options exercisable at 20 cents each expiring 31 March 2016

• See chapter 19 for defined terms. RJG10/App3b(3).doc 24/10/2005 Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the[+] securities rank equally in (i) Ordinary shares will rank equally all respects from the date of with all existing fully paid allotment with an existing[+] class ordinary shares of quoted[+] securities? (ii) Not Applicable – no Options If the additional securities do not currently on issue rank equally, please state:

• the date from which they do

• the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment

• the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment

• 5 Issue price or consideration

(i) 3 cents ($971,592.80) (ii) Nil (One free option with every share subscribed for under the Rights Issue with entitlement being one share for each two held)

• See chapter 19 for defined terms. RJG10/App3b(3).doc Appendix 3B Page 2

24/10/2005

Appendix 3B New issue announcement

• 6 Purpose of the issue The funds raised by the Rights Issue will be (If issued as consideration for the used to progress the Company’s acquisition of assets, clearly development of :

• identify those assets) (1) VICTORIA DESERT PROJECT: In the southern part of the project, closer spaced infill surface sampling of previous gold and base metal anomalies delineated from previous sampling on an 800m by 100m grid with the aim of identifying drill targets in the vicinity of those previous anomalies. In the northern part of the project two untested gold targets associated with north west trending structures identified from previous aeromagnetic surveys: $250,000;

• (2) HORSESHOE PROJECT: Sampling program targeting north west striking structurally controlled gold mineralisation in order to identify targets for a future drilling program: $150,000;

• (3) REDMOND PROJECT: Sourcing historical maps and records and detailed open file research to determine the exact location of the previously reported Blue Gum gold prospect and then, using modern day exploration techniques including drill testing, determining the gold and base metal potential of the project : $120,000;

• (4) GUNNADO PROJECT: Detailed open file research of all data and 2 previous completed diamond drill cores with a view to utilising that data and cores for possible down hole geophysical work with the aim of detecting any deep conductors and possible gold and base metals mineralisation: $100,000;

• (5) Working capital purposes: $324,145.83; and

• (6) To meet the costs of the Rights Issue: $27,446.97

• TOTAL: $971,592.80

• See chapter 19 for defined terms. RJG10/App3b(3).doc 1/1/2003

Appendix 3B Page 3

Appendix 3B New issue announcement

7 Dates of entering +securities into uncertificated holdings or despatch of certificates 8 Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)	6 June 2011
	Number	+Class
	(i) 97,159,279 (ii) 32,386,426	Ordinary Fully Paid Shares Options exercisable at 20 cents each expiring 31 March 2016

• See chapter 19 for defined terms. RJG10/App3b(3).doc Appendix 3B Page 4

24/10/2005

Appendix 3B New issue announcement

Number +Class 9 Number and +class of all Nil +securities not quoted on ASX ( including the securities in clause 2 if applicable) 10 Dividend policy (in the case of a Not Applicable trust, distribution policy) on the increased capital (interests)

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required? 12 Is the issue renounceable or non- renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations	No
	Non-renounceable
	(i) 1 ordinary share for each 2 shares held (ii) 1 option for 1 right subscribed
	(i) Fully paid ordinary shares (ii) Option
	6 April 2011
	Not Applicable
	Not Applicable
	Not Applicable
	27 May 2011

• See chapter 19 for defined terms. RJG10/App3b(3).doc 1/1/2003

Appendix 3B Page 5

Appendix 3B New issue announcement

20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker? 31 How do+security holders sell part of their entitlements through a broker and accept for the balance?	Not Applicable
	Not Applicable
	Not Applicable
	Not Applicable
	Not Applicable
	Not Applicable
	12 April 2011
	Not Applicable
	Not Applicable
	Not Applicable
	Not Applicable
	Not Applicable

• See chapter 19 for defined terms. RJG10/App3b(3).doc Appendix 3B Page 6

1/1/2003

Appendix 3B New issue announcement

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

Not Applicable

• 33 +Despatch date

6 June 2011

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a)[Securities described in Part 1 ]

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

• 36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

• 1 - 1,000

• 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional[+] securities

• See chapter 19 for defined terms. RJG10/App3b(3).doc 1/1/2003

Appendix 3B Page 7

Appendix 3B New issue announcement

Entities that have ticked box 34(b)

38 Number of securities for which +quotation is sought 39 Class of +securities for which quotation is sought 40 Do the[+] securities rank equally in all respects from the date of allotment with an existing[+] class of quoted[+] securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security)

Number +Class 42 Number and +class of all +securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms. RJG10/App3b(3).doc Appendix 3B Page 8

1/1/2003

Appendix 3B New issue announcement

Quotation agreement

1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted +quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

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Date: 28[th] March 2011

Sign here:

Company secretary

Print name: Mark Killmier

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• See chapter 19 for defined terms. RJG10/App3b(3).doc 24/10/2005 Appendix 3B Page 9