PATERSON RESOURCES LTD — Capital/Financing Update 2014

Apr 23, 2014

24[th] April 2014

ASX ANNOUNCEMENT FOR IMMEDIATE RELEASE

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IP SURVEY RESUMES AT BURRAGA.

Elysium Resources Limited (“Elysium” or "Company") (ASX:EYM) is pleased to announce that the Induced Polarisation (IP) survey over the historical Lloyd’s Mine general area resumes today.

As announced on January 24[th] 2014, approximately 55% of the planned IP survey was completed prior to the holiday period with the most northerly line being over the historical Lloyds Mine. The final line was a shorter intermediate line, completed over the main tailings dump to assess whether the basement of the tailings could be mapped. Both a 5m and 10m dipole configuration was trialled.

With the success of the resistivity survey line over the tailings dump late in 2013, the survey will re-commence with a further nine lines to be surveyed in north-south and east-west directions to fully map the tailings basement. This will be followed by carrying out the remaining eight, 200m spaced, lines of IP north of Lloyds.

The IP survey north of Lloyds is anticipated to complete the mapping of the north-south chargeability trend to the north of Lloyds and up to and including the historical Howards Shaft where the mullock dumps contain abundant visible malachite and azurite (common oxide copper minerals). The IP survey is being carried out to see whether support exists for the strong surface soil sampling results (see figure #2 below). The Company is dialling in on Lloyds look-a-like targets to develop its pipeline of potential additions to the known resource base at Lloyds. The addition to the knowledge base for surficial resources also provides insight for potential concealed mineralisation.

Systematic grid sampling of the two slag dumps north of Lloyds has taken place. Coinciding with the survey of the slag dumps and assay results an updated resource is anticipated of the two slag dumps as well as the tailings which is set to benefit from a more informed map of the basement from the pending IP resistivity survey.

Elysium Resources Limited

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

Elysium Resources Limited

Nebojsa Zurkic Chief Technical Advisor 03 9329 4075 Email: n_zurkic@zurkic-mining-consultants.com

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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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.

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Figure #1. Plan showing 30m spaced EW and NS resistivity lines to be completed over tailings dump for mapping of basement. Blue 10m dipole line completed during 2013 campaign.

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Figure #2. Plan showing chargeability, 100m below natural surface. Campaign to date and north area to be covered.