Paragon Minerals Corporation
TSX VENTURE : PGR

Paragon Minerals Corporation

September 18, 2007 14:56 ET

CORRECTION FROM SOURCE: Paragon Intersects Massive Sulphides at South Tally Pond VMS Project

Drilling intersects 5.05 metres of 7.49% zinc, 0.77% copper, 40.29 g/t silver and 1.21 g/t gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 18, 2007) - A correction from source is issued with respect to the release issued today, September 18, 2007, at 9:30 AM EST. A link to a technical diagram has been added to the end of the release. The corrected release follows:

Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce that it has intersected massive sulphide mineralization at the Lemarchant Prospect with grades of up to 7.49% zinc, 0.77% copper, 40.29 g/t silver and 1.21 g/t gold over 5.05 metres (true width), 130 metres down dip of historical drilling. The drill hole also intersected a new mineralized felsic sequence located beneath a fault structure and represents a new, highly prospective massive sulphide horizon that is open to depth and along strike.

The South Tally Pond property is located in the same volcanic belt and has strong similarities to the rocks that host the producing Duck Pond Mine (4.1 tonnes of 3.29% Cu, 5.68% Zn, 59.3g/t Ag and 0.86 g/t Au), located 15 kilometres to the northeast. Paragon has a significant, large land position covering 28,700 hectares immediately southwest of the Duck Pond Mine. The project is under option from Altius Resources Inc., whereby Paragon can earn a 100% interest in the property.

Drillhole LM07-13, the first of three drill holes to be completed as part of an initial 1,000-metre drill program, intersected the Upper Lemarchant Felsic Block (Upper Block) and the newly discovered Lower Lemarchant Felsic Block (Lower Block) (see attached diagram). The Upper and Lower Blocks are interpreted to be separated by a shallow, west dipping fault zone termed the Lemarchant Fault Zone. The Upper Block mineralization is characterized by stringer to semi-massive, to local (less than 1 metre) massive base metal sulphide intervals within the upper 10 metres of a broad 67 metres wide mineralized zone of disseminated to stringer pyrite and base metal sulphide mineralization. The Lower Block mineralization is characterized by disseminated, stringer to locally semi-massive pyrite and pyrrhotite mineralization over a 109 metre interval. Assay results from the Lower Block are pending.

Drillhole LM 07-13 was completed to a depth of 599 metres and intersected two significant, mineralized sequences, the Upper and Lower Lemarchant Felsic Blocks. Results from the Upper Block mineralization are shown below.



Hole From To Interval Copper Lead Zinc Silver Gold
(m) (m) (m) (%) (%) (%) (g/t) (g/t)
----------------------------------------------------------------------------
LM07-13 164.50 200.70 36.20 0.33 0.02 1.46 7.00 0.20
including
164.50 169.55 5.05 0.77 0.07 7.49 40.29 1.21
164.50 167.30 2.80 0.92 0.11 10.86 63.43 2.02
165.20 169.55 4.35 0.89 0.08 8.69 42.48 0.40
175.00 176.50 1.50 0.04 0.11 4.96 4.87 0.05
184.70 186.00 1.30 2.39 0.03 4.04 11.73 0.01


"The discovery of the mineralized felsic stratigraphy below the Lemarchant fault has really opened up the potential of the Lemarchant base metal prospect. In the Upper Felsic Block, we see a higher grade mineralization than previously intersected and this upper zone has excellent lateral potential. With the discovery of the Lower Felsic Block we are seeing the down dip continuity of the mineralized horizon which is open along strike and down-dip" said Mike Vande Guchte, President & CEO of Paragon Minerals Corporation.

The Company is currently completing a second drill hole located 100 metres to the north (along strike) of the initial LM07-13 drill hole.

To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/STP_section_100N1.pdf

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The Company is focused on gold and base-metal exploration in Eastern Canada, specifically within the Province of Newfoundland and Labrador. Further details can be found on the Company website at www.paragonminerals.com.

PARAGON MINERALS CORPORATION

Michael J. Vande Guchte, President & CEO

Work on Paragon's base metal projects is supervised by Qualified Person David Copeland, M.Sc., P.Geo. Historical information contained herein was obtained from reports filed with the Government of Newfoundland & Labrador. Samples were analysed for Au (1 assay ton), Ag, Cu, Pb and Zn at Eastern analytical labs in Springdale, NL from sawn NQ-sized half core sections. Sample pulps were shipped to ALS Chemex in North Vancouver, BC for analysis for 27-element ICP analysis on all samples and check assays of significant base and precious metal bearing samples. Data quality is monitored through the insertion of control samples comprising one prepared base and precious metal standard and one blank sample for every 20 samples of natural diamond drill core. Check assays are currently pending for drill hole LM07-13 and will be reported in a subsequent news release. All control samples conformed to the accepted contained grades of base and precious metals.

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 the Company 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 future exploration programs and activities. Although the Company 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 the Company's management on the date the statements are made. The Company 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 ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company'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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Paragon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    Toll Free: 1-877-533-6353
    or
    Paragon Minerals Corporation
    Suite 1540-800 West Pender Street
    Vancouver, BC CANADA V6C 2V6