Paterson Resources Limited provided an update on progress at the Company's Grace gold-copper project near Telfer. Grace Gold-Copper Project: The Grace Gold-Copper Project is in the heart of the highly prospective Paterson Province, where multiple major exploration groups including Rio Tinto, Newcrest and Greatland Gold are actively exploring within the region. Significant discoveries proximal to Paterson's Grace Project include the Havieron gold-copper deposit to the north-east where Greatland Gold recently reported a 5.5 million ounce gold resource, Cyprium Metal's Maroochydore copper prospect to the south and the world-class 30-plus million ounce Telfer Gold-Copper Mine, owned by Newcrest, located 25km northwest.

Historic drilling along the Grace-Bemm shear has intersected shallow, high-grade gold mineralisation, which has yet to be fully tested, including the following intercepts: 10m @ 20.95g/t Au from 6m (GPB0801); 33m @ 1.55g/t Au from 53m (GR124502); 12m @ 14.38g/t Au from 56m (GR037); 3.1m @ 8.28g/t Au from 17.1m (GPC9106); 22m @ 1.31g/t Au from 71m (GR124002); and 6m @ 5.61g/t Au from 34m (GR128001). The Company's maiden drilling program at Grace was designed to follow up several of these significant intercepts, along with testing the source of a large magnetic anomaly at depth. Significant intercepts from the program included: 5.8m @ 1.52 g/t Au from 203.2m including 1m @ 3.84 g/t from 206m (PDD0001); 8m @ 4.10 g/t Au from 216m including 3m @ 8.32 g/t Au from 221m (PDD0001); 3.6m @ 0.79 g/t Au from 20.5m (PDD0004); 3.8m @ 1.43 g/t Au fro 31.7m including 0.4m @ 8.15 g/t Au from 35.2m (PDD0004); and 3.8m @ 2.60 g/t Au from 37.2m including 0.7m @ 9.9 g/t Au from 38.2m (PDD0005).

Phase 2 Drilling Program: With all approvals now in place, the Company has planned up to 8,000m of RC drilling targeting high priority areas along the Grace-Bemm fault including extending mineralisation intersected in the Phase 1 program, following up historical intercepts and targeting other regional structures and interpreted cross-cutting structures. Drilling is also designed to test the down dip continuity and strike extensions to expand the deposit in all directions. Additionally, several shallow historic holes ended in gold mineralisation presenting compelling drill targets warranting further investigation.

Some of these intersections include: 16m @ 1.23g/t gold from 48m (GPB1506); 3m @ 1.21g/t gold from 56m (GPB0704); 10m @ 2.0g/t gold from 60m (BD2-1); and 16m @ 2.63g/t gold from 34m (GPB1706).