PATERSON RESOURCES LTD — Capital/Financing Update 2012

Oct 28, 2012

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29 October 2012

ASX Announcement

**LOAN

TO UNITED OROGEN LIMITED**

Iron Mountain Mining Limited (“Iron Mountain”, ASX: IRM) has entered into a secured loan agreement with United Orogen Limited (“United Orogen”, ASX: UOG) to lend United Orogen $75,000.00.

Under the terms of the loan agreement:

• the amount of the loan is $75,000.00;

• the interest rate to be paid by United Orogen Limited is 10.32% per annum;

• the repayment date is 30 April 2013; and

• Iron Mountain has security over the assets of United Orogen for repayment of the loan.

The loan is to be used by United Orogen for working capital purposes.

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**SHOSHANNA

ZOHAR**

Company Secretary Iron Mountain Mining Limited

Level 7 | 231 Adelaide Terrace | Perth | Western Australia | 6000 PO Box 3235 | 249 Hay Street | East Perth | Western Australia | 6892

t + 61 (8) 9225 6475 f +61(8) 9225 6474 e info@ironmountainmining.com.au www.ironmountainmining.com.au