Paget Minerals Corp. Announces Flow-Through Private Placement

Paget Minerals Corp. (PGS: TSX-V) ("Paget") announces that it intends to raise $199,999.98 by way of a non-brokered flow-through private placement. The private placement will consist of the sale of 1,111,111 flow-through shares at a subscription price of $0.18 per flow-through share.

Insiders of Paget will acquire 100% of the flow-through shares issued under the private placement. Such participation is considered a related party transaction as defined under Multilateral Instrument 61-101 ("MI 61-101"). The private placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101, as neither the fair market value of the flow-through shares issued to nor the consideration paid by such insiders will exceed 25% of Paget's market capitalization.

The gross proceeds will be used for exploration on Paget's Ball Creek Project in the Golden Triangle, BC. All securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance of the securities, pursuant to applicable securities legislation and the policies of the TSX Venture Exchange. Closing of the placement is subject to all required regulatory approvals, including the acceptance of the TSX Venture Exchange.

About Paget Minerals Corp.
Paget Minerals Corp. is a publicly traded resource company focused on mineral exploration and the advancement of the company's priority Ball Creek Project in British Columbia. The company hosts a 52,442-hectare, contiguous mineral tenure package in the Golden Triangle - Iskut Mineral District located just 8km west of Highway 37 and only 36km northwest of the new Northwest Transmission Line Substation at Bob Quinn and neighbors three major mine development projects in the Golden Triangle -- Galore Creek, Schaft Creek and Red Chris. In 2012, Paget will focus its BC exploration program on the Ball Creek Project, as well as advancing its exploration in Mexico. Paget also maintains its equity position in Trident Gold Corp. exploring for gold in Colombia. David Volkert, President and CEO, serves as the Qualified Person under the definitions of NI 43-101.

On Behalf of the Board of Paget Minerals Corp.,

"David F. Volkert"
President & CEO