PATERSON RESOURCES LTD — Interim / Quarterly Report 2011

Apr 28, 2011

PO Box 3235, 256 Adelaide Terrace Perth Western Australia 6832

29 April 2011

Company Announcements Office Australian Securities Exchange Level 20 Bridge Street SYDNEY NSW 2000

Quarterly Report as of 31st March 2011

Highlights

Corporate

Non-renounceable Rights Issue of Shares with Free Attaching Option**.**

Exploration

Redmond Project: - Exploration Licence was applied for 24km south west of Mt Barker. Old newspaper reports from 1898 indicated gold mining occurred within the tenement application.

Corporate

On 28 March 2011 United Orogen Limited (UOG) announced a one (1) for two (2) non-renounceable pro rata rights issue of new UOG shares at an issue price of 3 cents for each new share, with one (1) free attaching option (exercisable at 20 cents and expiring on 31 March 2016) for every one (1) new UOG share issued. The Rights Issue will result in the issue of 32,386,426 new UOG shares (and 32,386,426 free attaching options) and will raise an estimated $971,592 if all rights are taken up (based on UOG's undiluted share capital as at the date of this offer). UOG will apply for quotation of the new UOG shares and the free attaching options issued pursuant to the Rights Issue on the ASX.

Sale of 113 Mackie Street, Victoria Park, WA

An agreement was reached with Iron Mountain Mining Limited for the sale of 113 Mackie Street, Victoria Park, Western Australia, for the payment of $85,000, the issue of 10 million fully paid ordinary shares in Iron Mountain Limited and the grant of 15 million options exercisable at 20 cents each on or before 1 May 2016 on the terms set out in the Explanatory Memorandum, in the notice of meeting announced on the 18th April 2011. The sale is subject to shareholder approval.

Sale of Northern Territory Tenements to Iron Mountain Mining Limited

(Treasure (EL25346) Florence Creek (EL25894) and Lucky U (EL25329))

An agreement was reached with Iron Mountain Mining Limited for the sale of Northern Territory tenements for the issue of 3.5 million fully paid ordinary shares in Iron Mountain Mining Limited and the grant of 15 million 20 cent options exercisable on or before 1 May 2016 on the terms set out in the Explanatory Memorandum, in the notice of meeting announced on the 18th April 2011. The sale is subject to shareholder approval.

Mineral Exploration Western Australia

Redmond Project

(Redmond E70/4073 Application)

UOG applied for an exploration licence covering approximately 37km² centered on the Blue Gum gold prospect which was reported on in newspapers in the late 1890's. The historical workings are reported to be situated approximately 24km south west of Mt Barker in Western Australia and consisted of several vertical shafts and small pits. With the passage of time all surface evidence has since disappeared due to farming activity. The workings pre-date official Mines Department records, therefore besides the noted 1890's newspaper reports lodged at the department there are no official mining lease records.

The project area lies within the Albany-Fraser Proterozoic Mobile Belt and is prospective for gold and base metals.

Exploration within the tenement area has been limited to some soil sampling carried out by Wilga Mines NL in 1995 which did not yield encouraging results and 4 Rotary Air Blast (RAB) holes drilled in 1997 to approximate depths of 20m each by Tramore Bay Pty Ltd. It was reported these holes were drilled to determine the nature of the geology and the magnetic anomaly situated adjacent to and between the Redmond Road and Blue Gum Creek. The results indicated that mafic rocks were present over a wider area than originally interpolated and not enough information had been collected to determine the areas potential and recommended further exploration. The gold reef reportedly mined in the 1890's has therefore not been adequately tested.

In the late 1990's BHP explored the region to the NE and SW for zinc, lead and silver however their project did not include the current Redmond application area. No other reported exploration has been carried out and therefore the project area is underexplored.

UOG's exploration will concentrate on sourcing historical maps and records from the late 1890's to determine the exact location of the reported gold reef and using modern day exploration techniques will determine the gold and base metal potential of the project.

PO Box 3235, 256 Adelaide Terrace Perth Western Australia 6832

Victoria Desert Project

(Victoria Desert E39/1528, Victoria Desert North E39/1594 Application & E39/1620 Application)

The Project area is situated 250km ENE of Kalgoorlie and covers an area of approximately 185km² and is prospective for gold, base metals and uranium.

E39/1528 contains a north west trending magnetic high interpreted to be part of a remnant greenstone belt that would be prospective for gold. Previous exploration identified gold and base metals anomalies which were delineated from 900 short vacuum drilling holes varying in depth from 3 to 6 metres. Follow up closer spaced infill surface sampling is planned with the aim of identifying drill targets in the vicinity of the previous Gold and base metal anomalies.

The northern part of the project E39/1620 and E39/1594 are applications and is underlain by narrow belts of north west trending greenstone within granites interpreted from aeromagnetic surveys. The area is therefore prospective for gold and base metals. A previous explorer identified 6 regional untested gold targets 2 of which fall within UOG's tenements and both of which target pressure shadows associated with an interpreted north west trending ovoid intrusive. Also associated with either side this structure, are two prospective interpreted north west trending shear zones. UOG will follow up these targets with surface sampling to identify drill targets.

Horseshoe Project

(Horseshoe West E52/2016 & Horseshoe South E52/2569)

UOG's exploration to date has concentrated on the western area of the tenement 7km west of the mine following up soil anomalies and where a recent Heliborne geophysical survey indicated no deep conductors are present in this area negating the possibility of a deep sulphide deposit. This area and Horseshoe South is now being targeted for north west striking structurally controlled gold mineralisation due to the vicinity of known deposits in the area. Additional sampling will be required to identify drill targets.

The Horseshoe West tenement is situated 4km to the north of the old Horseshoe copper gold mine where Horseshoe Metals announced at the end of January 2011 high grade copper drill intersections from 161m in depth and 200m along strike north of the old open pit. Horseshoe Metals were encouraged since the ground had not been tested to this depth before. Due to the encouraging drill results by Horseshoe Metals north of the old mine, the section of UOG's tenement situated 4km along strike to the north will be investigated. The Bangemall sediments are situated 500m north of the mine and these younger rocks have been thrust on top of the Narracoota volcanics which contain the mine's mineralised sequence. Thrust faults are by definition low angle and UOG will use modern geophysical techniques to target the interpolated mineralised sequence within UOG's tenement. If a target is defined it is predicted to be deep and UOG will seek a joint venture partner to spread the exploration risk.

PO Box 3235, 256 Adelaide Terrace Perth Western Australia 6832

Gunnado Project (E69/2825 Application)

The Project area is located within the Eucla Basin approximately 450km east of Kalgoorlie and covers an area of 132km². Previous exploration is very limited which includes aeromagnetic and gravity surveys and two partly government funded (50%) diamond holes drilled to a depth of 400m each. The explorers were targeting possible nickel sulphide mineralisation within a north easterly trending zone of magnetic anomalies coincident with a gravity high. No significant nickel mineralisation was intersected.

UOG will be targeting gold and base metals and will review all the data and core collected from the holes which is stored in Kalgoorlie, with a view to utilising the holes for possible down hole geophysical work with the aim of detecting any deep conductors and possible mineralisation.

Tenements Relinquished

Nil

Tenement Applications Redmond E70/4073 (01/03/2011)

Current cash position

The cash position as at 29th April, 2011 was approximately $122,000.

NOEL TAYLOR Managing Director

The information within this report as it relates to geology and mineral resources was compiled by the Managing Director, Mr Noel Taylor. He has sufficient experience which is relevant to the style of mineralisation and the type of deposit under consideration to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code". Mr. Taylor consents to the inclusion in the report of matters based on information in the form and context which it appears.

____________________________________________________________________________________________________

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Appendix 5B

Rule 5.3

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001, 01/06/10.

Name of entity

UNITED OROGEN LIMITED

45 115 593 005 31 March 2011

ABN Quarter ended ("current quarter")

Current quarter $A'000

Year to date (6 months)

Consolidated statement of cash flows

Cash flows related to operating activities

			$A'000
1.1	Receipts from product sales and related debtors	NIL	NIL
1.2	Payments for(a) exploration & evaluation	(55)	(267)
	(b) development	NIL	NIL
	(c) production	NIL	NIL
	(d) administration	(78)	(339)
1.3	Dividends received	NIL	NIL
1.4	Interest and other items of a similar naturereceived	1	10
1.5	Interest and other costs of finance paid	NIL	NIL
1.6	Income taxes & GST paid / received	NIL	NIL
1.7	Other – Rental Income	NIL	1
	Net Operating Cash Flows	(132)	(595)
1.81.9	Cash flows related to investing activitiesPayment for purchases of:(a) prospects(b) equity investments(c) other fixed assets(d) security depositsProceeds from sale of:(a) prospects	NILNILNILNILNIL	NILNIL(2)(1)NIL
	(b) equity investments	NIL	NIL
	(c) other fixed assets	NIL	NIL
1.10	Loans to other entities	NIL	NIL
1.11	Loans repaid by other entities	NIL	NIL
1.12	Other (provide details if material)	NIL	NIL
	Net investing cash flows	NIL	(3)
1.13	Total operating and investing cash flows(carried forward)	(132)	(598)

+ See chapter 19 for defined terms.

1.13	Total operating and investing cash flows(brought forward)		(598)
	Cash flows related to financing activities
1.14	Proceeds from issues of shares, options, etc.	NIL	2
1.15	Proceeds from sale of forfeited shares	NIL	NIL
1.16	Proceeds from borrowings	50	50
1.17	Repayment of borrowings	NIL	NIL
1.18	Dividends paid	NIL	NIL
1.19	Other (provide details if material)	NIL	NIL
	Net financing cash flows	50	52
	Net increase (decrease) in cash held	(82)	(546)
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	224	688
1.22	Cash at end of quarter	142	142

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

		Current quarter$A'000
1.23	Aggregate amount of payments to the parties included in item 1.2	57
1.24	Aggregate amount of loans to the parties included in item 1.10	NIL

1.25 Explanation necessary for an understanding of the transactions

1.23 Directors Fees paid to Directors

Non-cash financing and investing activities

2.1 Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows

N/A

2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

N/A

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities	NIL	NIL
3.2	Credit standby arrangements	NIL	NIL

+ See chapter 19 for defined terms.

Estimated cash outflows for next quarter

	Total	150
4.4	Administration	80
4.3	Production	NIL
4.2	Development	NIL
4.1	Exploration and evaluation	70
		$A'000

Reconciliation of cash

Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cash flows) tothe related items in the accounts is as follows.		Current quarter$A'000	Previous quarter$A'000
5.1	Cash on hand and at bank	35	78
5.2	Deposits at call	107	146
5.3	Bank overdraft	-	-
5.4	Other (provide details)	-	-
Total: cash at end of quarter (item 1.22)[Refer Note 1]		142	224

Note 1: Current United Orogen Rights Issue scheduled to close on 27 May 2011

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenements relinquished,reduced or lapsed	N/A	N/A	N/A	N/A
6.2	Interests in miningtenements acquired orincreased	N/A	N/A	N/A	N/A

+ See chapter 19 for defined terms.

Issued and quoted securities at end of current quarter

Description includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price persecurity (see note3) (cents)	Amount paid up persecurity (see note 3)(cents)
7.1	Preference+securities(description)	NIL	NIL
7.2	Changes duringquarter(a) Increases
	through issues(b) Decreases
	through returnsof capital, buybacks,
	redemptions
7.3	+Ordinarysecurities	64,772,853	64,772,853
7.4	Changes duringquarter
	(a) Increasesthrough issues
	(b) Decreases
	through returnsof capital, buy
	backs
7.5	+Convertibledebt securities	NIL	NIL
	(description)
7.6	Changes duringquarter
	(a) Increases
	through issues
	(b) Decreasesthrough
	securities
	matured,
7.7	convertedOptions
	(description and	NIL	NIL
	conversionfactor)
7.8	Issued during
	quarter
7.9	Exercised duringquarter
7.10	Expired during
	quarter
7.11	Debentures(totals only)	NIL	NIL
7.12	Unsecured	NIL	NIL
	notes (totalsonly)

+ See chapter 19 for defined terms.

Compliance statement

• 1 This statement has been prepared under accounting policies which comply with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• 2 This statement does give a true and fair view of the matters disclosed.

(Company secretary)

Sign here: Date: 29 April 2011

Print name: MARK KILLMIER

Notes

• 1 The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity wanting to disclose additional information is encouraged to do so, in a note or notes attached to this report.
• 2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• 3 Issued and quoted securities The issue price and amount paid up is not required in items 7.1 and 7.3 for fully paid securities*.*
• 4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive Industries and AASB 1026: Statement of Cash Flows apply to this report.
• 5 Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

== == == == ==

+ See chapter 19 for defined terms.