PATERSON RESOURCES LTD — Major Shareholding Notification 2011

May 30, 2011

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To_Company Name/Scheme	Iron Mountain Mining Limited
ACN/ARSN	112 914 459
1. Details of substantial holder (1)
Name	United Orogen Limited
ACN/ARSN (if applicable)	115 593 005
There was a change in the interests of thesubstantial holder on	06/01/2010
The previous notice was given to the company on	03/07/2009
The previous notice was dated	03/07/2009

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder oran associate (2) had a relevant interest (3) in when last required, and when now r

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Ordinary Shares	10,232,341	10,232,34115.10%(based on67,748,753shares onissue)	10,232,341	8.38%(based on122,086,881shares onissue)
		$\overline{\phantom{0}}$	$\blacksquare$

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date ofchange	Person whoserelevant interestchanged	Nature of change (6)	Consideration givenin relation to change(7)	Class and numberof securitiesaffected	Person's votesaffected
01/07/2009	UnitedOrogenLimited	Dilution to$13.32%$ as aresult of TMXtakeoverallocation(76, 793, 775)shares onissue)	Nil	Nil	Nil
17/12/2009	UnitedOrogenLimited	Dilution to$8.51%$ as aresult of ALMtakeoverinitialallocation(120, 285, 381)shares onissue)	Nil	Nil	Nil

06/01/2010	UnitedOrogenLimited	Dilution to$8.38%$ as aresult of ALMtakeover finalallocation(122, 086, 881)shares onissue)	Nil	Nil	Nil
------------	-----------------------------	------------------------------------------------------------------------------------------------------------------------	-----	-----	-----

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder ofrelevantinterest	Registered holderof securities	Person entitled to beregistered as holder(8)	Nature of relevantinterest (6)	Class and numberof securities	Person's votes
UnitedOrogenLimited	UnitedOrogenLimited	United OrogenLimited	Relevantinterest undersection 608(1)of theCorporationsAct asregisteredholder	10,232,341OrdinaryShares	10,232,341
	$\overline{\phantom{a}}$	-

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A	N/A
۰	۰

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
United Orogen Limited	PO Box 3235, 256 Adelaide Terrace, Perth WA 6832
$\overline{\phantom{a}}$	$\overline{\phantom{a}}$

Signature
-----------	--

print name	Jacy Leu	capacity	Company Secretary
sign here	lan A	date	31/05/2011
			Contract Contract Contract

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.
• $(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.
• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• $(4)$ The voting shares of a company constitute one class unless divided into separate classes.
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• Include details of: $(6)$
  • $(a)$ any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
  • any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired $(7)$ has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• $(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$