Paragon Minerals Corporation

Paragon Minerals Corporation

June 24, 2010 09:15 ET

Paragon Reports Surface Bulk Sample Contract Signed for Jaclyn Main Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - Paragon Minerals Corporation (TSX VENTURE:PGR) reports that joint venture partner, Crosshair Exploration & Mining Corp. (TSX:CXX)(NYSE Amex:CXZ) ("Crosshair") has awarded the contract for the planned surface bulk sample program at the Golden Promise JV Gold Project in central Newfoundland, Canada to Stantec Consulting Ltd. ("Stantec"). The bulk sampling program is scheduled to begin in early September 2010.

The Jaclyn Main Deposit contains coarse gold and fine grained gold within a quartz vein system defined by drilling over a strike length of 950 metres and to a depth of 415 metres. The vein system remains open along strike and to depth. Given the coarse nature of the gold observed in drill core, assay results from the drill core sampling alone may not be an effective method of reliably determining gold grades in these types of systems. A bulk sample is being taken to provide a more reliable estimate of grade, test structural and grade continuity, and evaluate mining/milling characteristics.

Stantec will provide planning, design and project management services to the bulk sample program. They will be preparing an Environmental Compliance Plan, a cost estimate for the bulk sample and milling program, a design for the trench to remove approximately 2,000 to 3,000 tonnes from the vein system, as well as hiring all the contractors for the removal of the overburden, blasting of the vein, and removal and trucking of the ore to one of the nearby mills.

Stantec was founded in 1954 and is a full service consulting organization with a team of professionals that can assist in all aspects of a project life cycle's requirements, from planning, through to design engineering and construction management. Their team consists of highly trained individuals with the experience, technical ability and capacity to bring significant value to the Golden Promise Project. The team members have direct experience with exploration and mine projects in Newfoundland and Labrador and have completed similar projects for a range of clients.

The 2010 exploration programs are being funded by Crosshair as part of the 2009 Joint Venture Agreement (see Paragon News Release dated April 9, 2009). Paragon retains a 40% interest in the Golden Promise JV Project.

About Paragon Minerals Corporation

Paragon Minerals Corporation is a Canadian-based mineral exploration company focused on gold and base-metal exploration in eastern Canada. Paragon's flagship base metal project is the 100%-owned South Tally Pond VMS project where it has made a significant precious metal-rich massive sulphide discovery in a proven mining district in central Newfoundland. Paragon is also exploring an exceptional portfolio of gold properties through company-funded and partner-funded exploration programs. For more information on Paragon and its properties, please visit the company website at


Michael J. Vande Guchte, President & CEO

Qualified Person – Stewart Wallis, P.Geo., a member of the Professional Engineers and Geoscientists of BC, the President and CEO of Crosshair and a Qualified Person as defined by NI 43-101 has reviewed and approved the technical contents of this news release.

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. 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.

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