| News Release |
November 25, 2013 |
Paget Consolidates 100% Of Ball Creek Gold-Copper Project, Northwestern BCVancouver, British Columbia - November 25, 2013, Paget Minerals Corp. (TSX-V: PGS), ("Paget" or the "Company") announced today the termination of the option agreement held by Blue Gold Mining Corp. (a wholly-owned subsidiary of True Gold Mining Inc.) on a portion of Paget's 100%-owned, 52,442-hectare Ball Creek Gold-Copper Project (the "Project") in northwestern British Columbia.
David F. Volkert, President and CEO of Paget, stated "By mutual agreement with True Gold Mining, Paget has consolidated the Ball Creek claim block encompassing nine gold-copper porphyry and gold-silver epithermal targets, each of which present excellent exploration upside. The Ball Creek Project may be the next in what are a series of large gold-copper porphyry deposits that characterize this region of northwestern BC. True Gold, which is focused on advancing its Karma Gold Project in Burkina Faso, West Africa, will remain a significant shareholder in Paget Minerals."
The Ball Creek Project is ideally located eight kilometres from a paved highway and air strip and thirty-six kilometers from power. Results of the exploration programs completed on the project to date have been integrated into comprehensive geological and exploration models and accumulated exploration credits have resulted in eliminating Paget's holding costs for the core claims at Ball Creek until 31 December 2022. Paget has received expressions of interest to jointly advance Ball Creek and consolidation of the claim block now allows the Company to pursue these opportunities and continue drilling on untested ground adjacent to the drill holes where the most recent drilling program showed good copper-gold values over substantial core lengths.
Drilling on the Main gold-copper porphyry target in 2012 was highlighted by Hole BC12-54 that drilled to a depth of
310.1 metres and returned 0.44 g/t gold and 0.15% copper over its entire length including
0.50 g/t gold and 0.24% copper over 102.0 metres (see news release dated October 11, 2012). Mineralization in Hole BC12-54 is open to the southwest on trend to the Cliff copper-gold porphyry target where stockwork veining coincident with a magnetic low measuring
1,700 x 400 meters assays up to 0.74% copper and 0.15 g/t gold.For a complete table of 2012 drill results, please click:
http://www.pagetminerals.com/i/pdf/Summary_Intervals_2012-10-09.pdf To view maps and cross sections of 2012 drilling at Main Zone, please click:
http://www.pagetminerals.com/i/pdf/1-main-target-geol-NR-oct12.pdfThe termination of the Option Agreement is conditional on Paget issuing to Blue Gold 500,000 common shares of Paget as consideration for the termination of the Option Agreement. The transaction is subject to acceptance by the TSX-V.
The Ball Creek claim block is subject to a 2% Net Smelter Returns Royalty in favour of Pembrook Mining Corp. ("Pembrook"), one-half of which can bought by Paget for $1,000,000, and two payments of $2,000,000 each, the first upon definition of an NI 43-101 compliant indicated and inferred mineral resource of not less than 1,000,000 ounces of gold or gold-equivalent and the second on completion of a positive feasibility study.
About Paget Minerals Corp.Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and the advancement of its Ball Creek Project in British Columbia, as well as the San Ricardo Project in Sonora, Mexico. Ball Creek comprises 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. Ball Creek neighbors three major mine development projects in the region -- Galore Creek, Schaft Creek and Red Chris. Paget is also continuing its San Ricardo Project and has an option to earn up to 60% of the 38,100-hectare project located within the prolific porphyry and epithermal gold-silver-copper belt of northern Sonora State, Mexico, from Sundance Minerals Ltd. 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
For further information, please contact:
Paget Minerals Corp.
David Volkert, President & CEO Tel: (778) 327-4449
www.pagetminerals.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can also view this News Release on our website at:
http://www.pagetminerals.com/s/NewsReleases.asp?ReportID=612403
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