Paragon Minerals Corporation (TSX-V: PGR; �Paragon�) is pleased to provide an update on its exploration activities on the 100%-owned South Tally Pond volcanogenic massive sulphide (VMS) project in central Newfoundland. The South Tally Pond VMS project is located adjacent to and in the same volcanic belt as the producing Duck Pond Cu-Zn Mine operated by Teck Resources Limited.
Three wide-spaced drillholes, totaling 875 metres were completed at the Beaver Lake VMS prospect, a priority target area located 3 kilometres north of the Lemarchant Cu-Pb-Zn-Ag-Au massive sulphide discovery. The drilling intersected thick sequences of altered felsic volcanic rocks (rhyolite) in all three drillholes which contain zones of anomalous copper, lead, zinc mineralization with elevated gold and silver. Significant assay results are 4.24% Cu and 11.0 g/t Ag over 0.5 metre and 1.2% Zn and 8.5 g/t Ag over 1.5 metres from drillhole BL11-01. Assay results for drillhole BL11-03 are pending.
�This initial drill testing of the Beaver Lake VMS prospect confirms the presence of a thick, altered and mineralized sequence of felsic volcanic rocks similar to that first discovered at the Lemarchant Discovery� said Michael Vande Guchte, President and CEO of Paragon.�These first three drillholes, spaced 150 and 350 metres apart, have outlined a very prospective area that remains open along strike and down-dip�. Paragon will review the results of this initial drill program with the aim of further developing this target area.
Paragon has resumed drilling at the Lemarchant Discovery where drilling to date has intersected significant mineralization over a 500 metre strike length. A further 4,000 metres of drilling is planned.
Paragon would like to thank the Government of Newfoundland and Labrador for its support of this project through a financial contribution from the Junior Exploration Assistance Program.
The company also announces the issuance of 1,005,000 incentive stock options, subject to a vesting period of 18 months and exercisable at $0.11 cents for five years to the company directors, officers and employees.
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral exploration company focused on gold and base-metal exploration in Newfoundland and Ontario. The Company�s flagship base metal project is the 100%-owned South Tally Pond VMS project where it actively exploring a precious metal-rich massive sulphide discovery and other priority VMS targets in a producing base metal mining district in central Newfoundland. The Company is also exploring an exceptional portfolio of gold properties through partner-funded and company-funded exploration programs. For more information on the Company, please visit the company website at www.paragonminerals.com
PARAGON MINERALS CORPORATION
�Michael J. Vande Guchte�
_______________________________
President & CEO
Investor Relations: Miranda McCarthy (604) 629-2353 or Wanda Cutler (416) 303-6460
Qualified Person: David A. Copeland, M.Sc., P.Geo., Exploration Manager for Paragon Minerals Corporation is a Qualified Person as defined by NI43-101 and has reviewed and approved the contents of this news release. Drillhole intervals are core length and estimated to be near true thickness. Samples were analyzed for Au (1 assay ton), Ag, Cu, Pb and Zn at Eastern Analytical Labs in Springdale, NL from sawn NQ-sized half core sections. Data quality is monitored through the insertion of control samples consisting of one prepared base and precious metal standard and one blank sample for every 20 samples of Diamond drill core. All control samples conformed to the accepted contained grades of base and precious metals. Sample pulps were shipped to ALS Chemex in North Vancouver, BC for analysis for 33-element ICP analysis on all samples and for further check assays of significant base and precious metal bearing samples.
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 Paragon 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 current and future exploration programs, activities and results. Although Paragon 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 Paragon�s management on the date the statements are made. Except as required by securities laws, Paragon 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.
�Neither the 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.�