Paradigm Metals Limited (ASX:PDM) Discovered More Copper-Silver at Frogmore Project

Sydney, July 22, 2011 AEST (ABN Newswire) - Paradigm Metals Limited (ASX:PDM) is pleased to report further reverse circulation (RC) drill hole intersections of copper-silver at the Company's 100%-owned Frogmore project, EL 6590, New South Wales. Frogmore is located 25km northeast of the township of Boorowa NSW, about 100km south of Newcrest's Cadia Valley mines. The Frogmore project is prospective for high-grade copper - silver mineralisation of the Cobar style (i.e., CSA mine).

Assays have been received for the last two RC holes (FRC029 and FRC030), both of which contained significant mineralisation. A full summary of drill results from the Frogmore project, including recent and past results, is appended. Highlights of the new results include:

- FRC029: 32m @ 0.5% copper and 6g/t silver from 79m, including 5m @ 1.5% copper and 19g/t silver from 106m.

- FRC030: 2m@ 1.33% copper and 14g/t silver from 69m.

Other previously announced results from the recent RC drill program include:

- FRC026: 7m @ 1.2% copper and 13g/t silver from 245 m, including 2m @ 2.26% copper and 18g/t silver 247m.

- FRC027: 5m @ 2.3% copper and 16g/t silver from 197m, including 3m @ 3.50% copper and 24g/t silver from 198m.

- Zinc-lead mineralisation was intersected in FRC027: 1m @ 5.1%Zn, 2.2%Pb, 0.9%Cu and 31g/t Ag from 245m.

True thicknesses vary from 50% to 85% of the down-hole intercepts - see Table 1.

A map (see link at the bottom of the release) of the geology of the project shows the north-northeast trend of the copper lodes. A longitudinal section highlights the plunge of the copper lodes to the south and main target areas. The new results confirm the continuity of strike, and the sub-vertical to steeply east dipping geometry of the copper lodes.

Down-hole geophysics

Down-hole electromagnetic geophysics (DHEM) was completed in drill holes FRC026, 027, 028, and 033 to identify proximal sulphide targets for future drilling. While no 'in-hole' responses directly associated with the mineralised zone were detected, 'off-hole' DHEM responses are consistent with the mineralised horizon being weakly conducting and possibly extending some distance away from the known intersections.

Planned work

Paradigm is now planning a diamond drill program to test the deep copper potential down-plunge of known mineralisation.

The Managing Director, Dr Graham Carman, said "The Directors believe that Frogmore represents an outstanding opportunity to find an economic copper deposit in a very well located part of New South Wales, close to infrastructure and markets. We believe there is excellent potential for the copper mineralisation to continue, and hopefully strengthen in grade with depth, as do the copper deposits of Cobar."

"The Company will provide more information relating to the diamond drill program once details come to hand."

For the complete Paradigm announcement including maps, figures and tables, please refer to the following link:
http://media.abnnewswire.net/media/en/docs/68537-ASX-PDM-641540.pdf

Contact

Dr Graham Carman Managing Director Ph: +61-2-9955-7130 Email: info@paradigmmetals.com.au http://www.paradigmmetals.com.au