PATERSON RESOURCES LTD — Capital/Financing Update 2013

Nov 27, 2013

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ASX ANNOUNCEMENT FOR IMMEDIATE RELEASE

28th November 2013

NEAR SURFACE SULPHIDES COINCIDENT WITH HIGH CHARGEABILITY.

Elysium Resources Limited (“Elysium” or "Company") (ASX:EYM) is pleased to provide an update for the ongoing Induced Polarisation (IP) survey over the historical Lloyd’s Mine area.

Highlights

• Pole-dipole IP survey completed south of Lloyds and now progresses towards historical mine.

• Strong chargeability highs identified directly south of Lloyds and to the south-east.

• Acquisition of hand-held drilling equipment to core-drill up to 30m depths.

• Chalcopyrite, covellite and galena identified from 2m depths over eastern chargeability high.

The Company acquired a hand-held diamond core drilling rig to test soil and geophysics targets. The rig is man-portable and can be mobilised to areas without vehicle access or site preparation, avoiding disturbance of the natural environment. With depths up to 30m capable, this gives the Company the ability to quickly assess soil and geophysics targets prior to deciding whether track or truck mounted rigs are warranted and then, where best to locate the drilling. Although the diameter of the core is small (20mm) compared to more commonly accepted NQ (~48mm) or HQ (~64mm) diameters, core recovery has proven to be excellent and the Company's geologists are confident that a high quality sample can be retrieved.

Upon acquisition the hand-held rig was promptly deployed to the eastern high chargeability being defined by the IP survey ongoing since mid-October. Drilling near section 8000N revealed visible sulphides throughout the core, disseminated pyrite and pyrrotite throughout the core was accompanied by copper (chalcopyrite and covellite) and lead (galena) bearing sulphides from a 2m depth (see Figure #3); the hole was terminated upon drilling of a quartz vein at 4.8m depth. Several holes have now been drilled and will shortly be sent in for assaying.

The chargeability high sits within the previously identified airborne EM trend, varies up to 200m in width, is approximately 100m below natural surface and has been mapped for in excess of 1.2km in the NE direction during this current survey. Limited historical drilling on this trend appears to have been "wild cat" targeted due to the broad nature of the airborne EM, the generally poor and wide spaced soil geochemistry, in rough terrain. The recent drilling has confirmed the presence of copper and lead bearing sulphides below the soil geochemistry and with the greater resolution provided by the IP survey, a more focussed approach to drill targeting will be possible.

Drilling during the late 1900's around historically mined areas south of Lloyd's conforms with the chargeability high on the western side of the survey. The surface soil sampling program during 2013 results in a strong base metals anomaly over the area. Significant data now is available to dial in on drill-ready targets. The Company is targeting, on both the north trending western, and NE trending eastern chargeability highs, VMS style Lloyds repeats. Lloyds was mined in late 1800's and early 1900s where the average copper grade recovered over the period was reported at greater than 4% copper. The Company will wind down the IP survey prior to the holiday period at which point the data will be assessed with the expectation that a drilling campaign will be outlined over the surveyed area.

Elysium Resources Limited

ABN 45 115 593 005 Suite 705, 3 Spring Street, Sydney NSW 2000 PO Box H238, Australia Square NSW 1215 Phone: +61 2 9247 7744 Fax: +61 2 9247 7244 Email: info@elysiumresources.com.au Web: www.elysiumresources.com.au

Elysium Resources Limited Mark Ohlsson Company Secretary 0400 801 814 Email: markohlsson@elysiumresources.com.au

Burraga Copper Limited Michael Beith Chief Financial Officer 02 9252 4450 Email: michaelbeith@burragacopper.com.au

For and on behalf of the Board of Directors

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Mark Ohlsson, Company Secretary, Elysium Resources Limited

The information in this announcement that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore reserves is based on information reviewed or compiled by Neb Zurkic BAppSc(Geol), MSc(Min & Energy Economics), a Competent Person who is a Member of the Australasian Institute of Mining and Metallurgy and a Registered Professional Geoscientist with the Australian Institute of Geoscientists. Mr. Zurkic is employed by Zurkic Mining Consultants Pty Ltd. Mr. Zurkic has sufficient experience that is relevant to the styles of mineralisation and types of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Mineral Resources and Ore Reserves”. Mr. Zurkic consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Zurkic Mining Consultants Pty Ltd, which is owned and controlled by Mr. Zurkic, owns shares in Elysium Resources Limited and shares and options in Burraga Copper Limited and provides consulting services as required to both companies.

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Figure #1. Section 8000N. Western high is 1.2km south of historical Lloyds Mine. Eastern high is coincident with the NE trending airborne EM (see Figure #2) and identification of copper and lead sulphides from recent drilling.

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Figure #2. RTP magnetic and resistivity from airborne EM showing the area of the proposed IP (grey) survey. Historical NNE gradient array lines over Lloyds Mine and Burraga South workings colour coded IP anomalies (Red: >20ms, Orange: 16-20ms, Blue: 12-16ms).

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Figure #3. Core drilling proximal to Section 8000N, near surface and above eastern high chargeability. Abundant disseminated sulphides including chalcopyrite, covellite and galena.

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Figure #4. Core drilling proximal to Section 8000N, near surface and above eastern high chargeability. Drilling terminated on entering quartz vein.

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Figure #5. Hand-held core drilling by Elysium geologist, proximal to Section 8000N, near surface and above eastern high chargeability.