Paragon Minerals Corporation

Published : January 17th, 2008

and Crosshair Intersect 10.41 g/t Gold Over 4.70 Metres at Golden Promise

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Keywords :   Crosshair Exploration | Gold | Market |

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Paragon Minerals Corporation
TSX VENTURE:PGR
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January 17, 2008
Paragon and Crosshair Intersect 10.41 g/t Gold Over 4.70 Metres at Golden Promise

Jaclyn Main Zone extended to 800 metres strike length

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2008) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to provide an update on its partner-funded, Phase III drill program at the Golden Promise project in central Newfoundland. The drilling continued to outline high-grade gold mineralization at the Jaclyn Main Zone, a significant gold-bearing quartz vein system on the Golden Promise property. The Jaclyn Main Zone has been extended by an additional 50 metres along strike and is now defined over a strike length of 800 metres and to a vertical depth of 275 metres. The gold-bearing vein system remains open along strike and to depth.

In December, Paragon and Crosshair completed the remaining eight drill holes (1,311.4 metres) of its Phase III drill program which consisted of 3,926 metres in 23 drillholes. Visible gold was observed in 18 of the 23 drill holes. The recent drill program included infill drilling and testing the down plunge and along strike extensions of mineralization on the Jaclyn Main Zone. Significant results include 10.41 g/t gold over 4.70 metres including 64.49 g/t gold over 0.50 metres (GP07-92) and 43.83 g/t gold over 1.45 metres including 141.21 g/t gold over 0.45 metres (GP07-91) at the Jaclyn Main Zone.

The Golden Promise project is being explored under the terms of an option agreement between Paragon and Crosshair Exploration & Mining Ltd. (AMEX:CXZ)(TSX:CXX), whereby Crosshair can earn a 60% interest in the project by spending $4.0 million over four years.

Jaclyn Main Zone

Eight drill holes, totalling 1,311.4 metres were completed on the Jaclyn Main Zone during December. Six of the drill holes (GP07-91 to GP07-96) evaluated the central portion of the vein zone and two drill holes (GP07-97 and GP07-98) tested the eastern extent of the Jaclyn Main Zone to a vertical depth of 210 metres below surface. The drilling intersected quartz veining in all drill holes with all eight drill holes containing visible gold. Drill hole GP07-92 intersected multiple gold bearing quartz veins with abundant visible gold and represents the widest economic grade gold intersection to date along the Jaclyn Main Zone. Drill hole GP07-98, the easternmost drill hole completed to date intersected a thick, 1.70 metre wide gold-bearing quartz vein at a depth of 210 vertical metres and underscores the continuation and potential of the Jaclyn Main Zone to the east. Assay results for the Jaclyn Main Zone include:

GP07-91: 43.83 g/t gold over 1.45 metres including 141.21 g/t gold over 0.45 metres;

GP07-92: 10.41 g/t gold over 4.70 metres including 64.49 g/t gold over 0.50 metres;

GP07-93: 20.89 g/t gold over 1.90 metres including 44.74 g/t gold over 0.65 metres;

GP07-94: 0.41 g/t gold over 2.35 metres; including 1.49 g/t gold over 0.35 metres;

GP07-95: 0.61 g/t gold over 1.50 metres; including 2.28 g/t gold over 0.40 metres;

GP07-96: 0.52 g/t gold over 2.65 metres; including 1.34 g/t gold over 0.50 metres;

GP07-97: 1.90 g/t gold over 2.10 metres including 4.70 g/t gold over 0.50 metres;

GP07-98: 6.87 g/t gold over 1.70 metres including 18.59 g/t gold over 0.45 metres.

"Paragon and Crosshair continue to build on the size and extent of gold mineralization with each drill program at Jaclyn. The new drilling in the central portion of the Jaclyn Main Zone clearly demonstrates the very high grade gold potential that can be realized in this extensive gold zone" said Michael Vande Guchte, Paragon President and CEO. Paragon and Crosshair are reviewing the project data in anticipation of an aggressive drill program in 2008. Complete assay results and maps from the Phase III program are posted on the Company website at http://www.paragonminerals.com/s/GoldenPromise.asp.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The Company is focused on base and precious metal exploration in the Province of Newfoundland and Labrador.

PARAGON MINERALS CORPORATION

Michael Vande Guchte, President & CEO

Qualified Person and Assay Procedures - The Golden Promise Project work is being carried out by David Mullen, Consulting Geologist to Paragon and supervised by Qualified Person David Copeland, M.Sc., P.Geo. Assay intervals in this news release are reported as core length. All drill holes were NQ size. Core samples were cut in half on site and half of each sample interval was shipped to Eastern Analytical Limited of Springdale, Newfoundland for gold analysis. Gold assays were carried out by metallic screen fire assay method and 1 A.T. fire assay at Eastern Analytical Limited. Blanks and gold standards were inserted into the sample stream once every 20 samples. ALS Chemex in North Vancouver, BC completed multi-element analyses and gold check assays on sample pulps. Gold standards were prepared by CDN Resource Laboratories Ltd., of Delta, BC and certified by Licensed Assayer Duncan Sanderson. Sample batches were reanalyzed if any aberrations in the data were observed. Check assays are pending for drill holes GP07-91 to GP07-98 inclusive.

Forward-looking statements - This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding future exploration programs and joint venture partner participation. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of Paragon and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Paragon's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

CONTACT INFORMATION:

Paragon Minerals Corporation
Bill Cavalluzzo
VP Investor Relations
Toll Free: 1-877-533-6353
Website: www.paragonminerals.com

INDUSTRY: Manufacturing and Production - Mining and Metals

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Paragon Minerals Corporation

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Paragon is a gold and copper exploration company based in Canada.

Paragon holds various exploration projects in Canada.

Its main exploration properties are SOUTH GOLDEN PROMISE, GOLD STAR PROJECT, SOUTH TALLY POND, GOLDEN PROMISE, VICTORIA LAKE, HUXTER LANE, LONG POND JV, JONATHANS POND and GLENWOOD PROJECT in Canada.

Paragon is listed in Canada. Its market capitalisation is CA$ 3.2 millions as of today (US$ 3.2 millions, € 2.5 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 1.65, and its lowest recent point on December 24, 2008 at CA$ 0.03.

Paragon has 52 999 000 shares outstanding.

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Annual reports of Paragon Minerals Corporation
2007 Annual Report
Financings of Paragon Minerals Corporation
8/2/2012announces merger and private placement with Canadian Zinc Co...
12/3/2007Announces $3.75 Million Non-Brokered Private Placement
Option Grants of Paragon Minerals Corporation
12/31/2009Grants Incentive Stock Options
2/8/2008Grants Incentive Stock Options
Nominations of Paragon Minerals Corporation
6/12/2008Appoints New Vice-President Exploration and Chief Financial ...
Project news of Paragon Minerals Corporation
3/19/2012(Jbp Linear)and Northern Skye sign JV Option Agreement on the JBP Linear...
10/6/2011(South Tally Pond)Completes Drilling at South Tally Pond VMS project
9/15/2011(South Tally Pond)drills 7.0 metres of 1.65% copper, 12.74% zinc, 3.27% lead, ...
7/5/2011(South Tally Pond)Provides Exploration Update on South Tally Pond VMS Project
5/4/2011(South Tally Pond)Provides Further Update On South Tally Pond VMS Project
4/20/2011(Golden Promise)and Crosshair Recover 314 Ounces Gold from Surface Bulk Samp...
4/1/2011(South Tally Pond)Intersects More Massive Sulphides at South Tally Pond VMS Pr...
7/21/2010(Winterhill)& GFE Capital Complete Drilling
4/13/2010(South Tally Pond)Intersects Massive Sulphides in North Target Area at South T...
3/8/2010(South Tally Pond)Intersects Zinc, Lead, Copper, Silver & Gold
2/16/2010(South Tally Pond)Commences Drilling at South Tally Pond VMS Project
2/10/2010(Golden Promise)Drilling Underway at the Golden Promise JV Gold Project
11/12/2009Signs Deal to Acquire High-Grade Gold Project in Northwester...
8/25/2009(South Tally Pond)Provides Update on Recent JV Agreements and Fieldwork
2/25/2009(Huxter)Options the Huxter Lane Gold Property to Golden Dory
12/12/2008(South Tally Pond)on Partner Gold Projects, Newfoundland
9/17/2008(Long Pond Jv)Sign JV Option Agreement on the Long Pond
9/2/2008(South Tally Pond)Commence Drilling at South Tally Pond Project
5/21/2008(South Tally Pond) Updates Drilling at South Tally Pond VMS Project
5/7/2008(Jbp Linear)Provides Drilling Update on the JBP-Appleton Linear Project
4/3/2008(South Tally Pond)Update on Drilling at South Tally Pond VMS Project
2/21/2008(Jbp Linear)and Sprott Resource Corp. Begin Drilling on the JBP-Appleton...
1/21/2008(South Tally Pond)Plans 10,000-Metre Drill Program at South Tally Pond
12/14/2007(Lake Douglas)Reports on Drill Results From Lake Douglas VMS Project
12/7/2007(South Tally Pond) Resumes Drilling at South Tally Pond Project
10/22/2007Intersects 14.6 metres of 9.46% =?ISO-8859-1?Q?=20Zinc,=202=...
9/18/2007Intersects Massive Sulphides at South Tally Pond VMS Project
Corporate news of Paragon Minerals Corporation
9/24/2012Canadian Zinc Acquires Paragon Minerals Corporation
1/23/2012Reports Initial Resource Estimate on Lemarchant VMS Deposit
1/20/2012(Huxter Lane)and Golden Dory Extend Mineralization at Huxter Lane Project
2/28/2011Appoints New Director to the Board
7/22/2010& Golden Dory Extend Mosquito Hill Gold Mineralization
6/23/2010& Golden Dory Expand Mosquito Hill Gold Deposit
4/8/2010& Crosshair Extend Jaclyn Main Gold Zone
3/4/2010& Partner Report Initial Inferred Resource Estimate of 488,8...
7/8/2009Golden Dory Complete Phase 1 Drill Program at Huxter Lane Go...
6/5/2008 Receive Shares for Non-Core Property Assets
1/30/2008Drill for Paragon Minerals
1/17/2008and Crosshair Intersect 10.41 g/t Gold Over 4.70 Metres at G...
11/15/2007and Sprott Resource Corp. Sign JV Option Agreement on JBP-Ap...
11/6/2007 Extends Precious Metal-Rich Massive Sulphides at South Tall...
9/13/2007Begins Drilling on the JBP Linear Project
8/23/2007Drilling on South Tally Pond VMS Project
7/30/2007Completes Airborne Geophysical Surveys on Four Base Metal Pr...
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