Paget Minerals Corp.
TSX VENTURE : PGS

Paget Minerals Corp.

November 24, 2009 12:38 ET

Paget Minerals Acquires Mt. Bisson Rare Earth Property, B.C.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2009) - Paget Minerals Corp. ("Paget") (TSX VENTURE:PGS), today announced the acquisition of a 100% interest in 22 claims from Pembrook Mining Corp. ("Pembrook") covering 9,096 hectares located in the Omineca Mining Division, British Columbia, known as the Mt. Bisson Property. The transaction is subject to TSX-Venture Exchange review and acceptance.

The Mt. Bisson Property is located 50 kilometres northwest of Mackenzie in central B.C., and covers the Wolverine Rare Earth (REE) pegmatite field within high-grade metamorphic rocks of the Omineca Belt. The Wolverine pegmatite field is host to numerous REE bearing granitic pegmatites. Historical exploration by Chevron Minerals and others in the 1980's discovered REE mineralization at several occurrences, including the Laura 1 and 2 and Ursa showings. Pembrook completed an airborne survey over the Property in 2006 and followed up with a ground exploration program including sampling and mapping in 2007. The ground exploration program resulted in the discovery of a number of new REE prospects. A NI 43-101 Technical Report on the Mt. Bisson property was prepared in June 2008, and updated in November 2009.

Brian Booth, president and chief executive officer of Paget comments: "We are pleased to have diversified our exploration portfolio to include the Mt. Bisson Project. Rare earth elements are of critical economic importance in "green" technological products including hybrid and electric cars. Global demand continues to grow at 10 to 20% per annum and demand is expected to exceed production by 2012. China dominates world supply of REE with control of 97% of global production; however, Canada is extremely prospective for these minerals."

As consideration for the acquisition of a 100% ownership of the Property, Paget has agreed to issue 1,875,000 common shares to Pembrook within ten days of receiving TSX Venture Exchange approval to the letter agreement; these shares may be subject to escrow restrictions imposed by the TSX Venture Exchange.

In addition, the Property shall be subject to a 2% net smelter returns royalty (NSR) in favour of Pembrook. Paget shall be entitled to purchase, at any time, one half of the NSR by paying Pembrook the sum of $1,000,000.

Mean values and ranges for Total REE, Light REE, Heavy REE and Yttrium in Rare-Earth Pegmatites of the Wolverine field.

Occurrence  ΣREE% Range% ΣLREE% Range% ΣHREE range Yttrium range n
Laura No.1 and No.2  1.72 0.11-13.50 1.71 0.11-13.47 83ppm 11-360ppm 71ppm 12-282ppm 21
Laura No.1 (Leighton 1997)  1.62 1.36-1.93 0.59 0.57-0.62 1.02% 0.76-1.31%  1.53% 1.40-1.93% 4
Ursa occurrence  0.8 0.03-2.14 0.79 0.03-2.12 90ppm 24-197ppm 94ppm 41-193ppm 3

Historic data compiled from Halleran (1988 a,b,c and 1991) and Leighton (1997). n = number of samples.

About Paget Minerals Corp.

Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the development of a diverse range of precious metals, base metals and rare earth elements in the Cordillera of British Columbia and the Canadian Shield in Eastern Canada.

On Behalf of the Board of Paget Minerals Corp.,

"Brian Booth" P.Geo
President and CEO

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.

Contact Information

  • Paget Minerals Corp.
    Brian Booth
    President & CEO
    (778) 327-4449
    (778) 327-6546 (FAX)
    www.pagetminerals.com