Paget Minerals Corp.

Paget Minerals Corp.

March 23, 2010 07:00 ET

Paget Minerals Options Logan Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2010) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that the Company has signed an option agreement with Wallbridge Mining Company Limited (TSX:WM) ("Wallbridge") whereby Wallbridge can acquire a 100% interest in Paget's Logan Property, which is located 70 kilometres north of Pemberton, BC and wholly enclosed within Wallbridge's White Cross property.

The White Cross property is one of seven properties which Wallbridge has acquired in south-western BC over a newly recognized belt of Miocene-age intrusive rocks which are highly prospective for copper-molybdenum-gold mineralization (see Wallbridge press release dated December 10, 2009). With the addition of Paget's Logan Property, the White Cross property will consist of 116 square kilometres and covers the entire extent of one of these intrusions, which hosts widespread molybdenum mineralization and is associated with the largest molybdenum stream sediment anomaly in south-western BC.

Wallbridge can acquire a 100% interest in the Logan property by paying Paget $53,000 and, subject to TSX approval, issuing voting common shares (the "Miocene Shares") representing $150,000 in value in a new company ("Miocene Metals Limited") to be incorporated for the purposes of holding Wallbridge's portfolio of BC Properties. The Miocene Shares will be issued at the same value per share as the shares to be issued to Wallbridge in exchange for the BC Properties it is vending into the new company. The Miocene Shares are to be issued within a period of eight months from the date of the execution of the Option Agreement. Upon making the above payments, Wallbridge will acquire a 100% undivided interest in the Logan Property. Paget will also be entitled to a 2% Net Smelter Return Royalty on any production from the Logan Property, half of which royalty can be purchased by Wallbridge for $500,000.

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.

Wallbridge Mining Company Limited's primary focus is the exploration for platinum group element ("PGE"), nickel, and copper deposits in the Sudbury area of Ontario.

Miocene Metals Limited will be a company focused on exploration for and development of copper-gold-molybdenum resources in south-western British Columbia within the Cascade Magmatic Arc.

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)