quarterly

http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00807366


HIGHLIGHTS


**Frogmore Copper district, New South Wales (PDM 100%)

• Airborne electromagnetic data (VTEM) has been acquired over a number of copper
targets at the Frogmore district, Boorowa, NSW, targeting sulphide conductors at depth.
VTEM grids were flown over the Frogmore, Federal and Kangiara prospects.

• Conductivity anomalies, possibly associated with sulphide bodies, have been identified
in the preliminary data. One of the anomalies corresponds to the old Federal Copper
Mine, a wide zone of gossan outcrop that has not been previously sampled or drilled.
Full results of the VTEM will be released in a separate report once the data is fully
processed and all anomalies have been ground checked.

• Percussion drilling of the strongest VTEM targets is scheduled for late February – early


**Cloncurry Uranium project, Queensland (PDM 50%: Exco 50%)

• A detailed legal agreement with Exco Resources is expected to be signed shortly,
formalising a 50:50 joint initiative to explore for uranium in Toolebuc Limestone on both
company’s tenements near Cloncurry. The two companies control 500 sq km of
tenements which will be jointly funded by both parties. Paradigm will be the manager.

• The intention is to transfer the tenements into a separate jointly-owned company to
allow for a possible spin-off, subject to favourable exploration including the identification
of significant mineralisation in upcoming drilling programs.

• Toolebuc Limestone is prospective for ‘roll-front’ uranium deposits, and other minerals
including molybdenum and vanadium associated with extensive oil shale deposits.



**White Rock tungsten project, New South Wales (PDM 100%)

• Paradigm has calculated an updated JORC Inferred Mineral Resource of 260,000
tonnes grading 0.7% WO3 and 0.15% SnO2 – this includes a high-grade ‘black skarn’
resource of 123,000 tonnes grading 1.15% WO3.

• Tungstate concentrates grading up to 68% WO3 have been recovered in preliminary
gravity and magnetic mineral processing tests. Tungstate recoveries so far have been
low, in part due to the fine-grained nature of the tungsten ores. The Company will now
assess the large amount of data it has gathered.