PATERSON RESOURCES LTD — Capital/Financing Update 2013

Oct 2, 2013

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ASX ANNOUNCEMENT FOR IMMEDIATE RELEASE

3[rd] October 2013

IP SURVEY TO COMMENCE AT BURRAGA

Elysium Resources Limited (“Elysium”) (ASX:EYM) is pleased to announce that, Burraga Copper Limited (“Burraga”) is commencing an Induced Polarisation (IP) survey over the historical Lloyd’s Mine area.

The Cu and Zn mineralisation in the vicinity of the historic Lloyd’s Mine is likened to intrusion related low sulphidation (deep) epithermal quartz-sulphide Au +/- Cu grading to carbonate-base metal Au mineralisation styles typical of that developed marginal to interpreted intrusions throughout the SW Pacific. In this instance the Lloyd’s mineralisation may be the representation of a surface expression for a speculated magmatic source at depth (see Figure #2). The area south of Lloyd’s depicted by a horseshoe-like magnetic anomaly in Figure #1 was previously thought to be lithology related, however recent field investigations show N-S trending quartz +/- sulphide zones associated with biotite-quartz-actinolite and chlorite-actinolite-muscovite alteration; suggesting porphyry style mineralisation at depth.

The stratiform nature of the deposit and notable metal zoning suggest that there is also evidence the mineralisation is volcanogenic massive sulphide (VMS) related. VMS deposits commonly consist of clusters of mineralised shoots which would lead to the possibility of discovering multiple high-grade shoots of mineralisation such as Lloyd’s.

The pole-dipole array for the IP survey will be such that sufficient resolution will be achieved to detect any Lloyd’s look-a-likes that may exist in the area as well as penetrating to sufficient depths to investigate the possibility that concealed magmatic sources are present. The survey is anticipated to commence in the second week of October and run for approximately 6 weeks.

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

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

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Figure #1. 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 #2. Conceptual geological cross-section showing Lloyd’s as a possible surface expression of a deeper concealed intrusion related source.

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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