Paget Minerals Corp.

Paget Minerals Corp.

August 25, 2010 09:00 ET

Paget Minerals Discovers High Grade Rare Earths at Mt. Bisson

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 25, 2010) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that a recently completed program of rock chip sampling on its 100% owned Mt. Bisson project has returned an assay of 8.64% total rare earth elements (TREE) from a newly discovered mineralized zone.

High grade rare earth mineralization in the discovery zone occurs in association with magnetite-rich zones within an 800 metre diameter radiometric high. The new zone is located 3.5 kilometres northwest of Paget's Laura Rare Earth Element (REE) showing, where previous sampling returned 13.5% TREE in pegmatite bodies and syenite intrusive rocks associated with a similar-size radiometric high. Logging roads provide access to within 1.3 kilometres of the new showing and additional follow-up fieldwork is planned at all showings.

Paget Minerals' Mt. Bisson REE project is located in central BC's Rocky Mountain Rare Metal Belt, 160 kilometres northwest of the Wicheeda-Carbo Area where Spectrum Mining Corporation, a private company, recently reported a drill intersection of 2.2% TREE's over 144 metres.

The Qualified Person as defined by National Instrument 43-101 responsible for the technical content of this press release is David F. Volkert, AIPG, President & CEO for Paget.

About Rare Earth Elements (REE's)

REE's are critical components in various high-tech applications including hybrid vehicles, flat screen monitors, high-power magnets, consumer electronics, green energy technology, fibre optics, super alloys for the aerospace and building industries, medical and dental lasers. Although demand for REE's is increasing, over 90 percent of global production is controlled by China, which has recently imposed restrictions on their exports.

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 metal, base metal and rare earth element projects in North America. Main projects in BC are: the Nechako Basin Joint Venture with Richfield Ventures (TSXV-RVC), Mt. Dunn, and JLN/Chist Creek.

On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, President & 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.
    David Volkert
    President & CEO
    (778) 327-4449
    (778) 327-6546 (FAX)