Paget Expands Mess Creek and More Creek Porphyry Targets at the Ball Creek Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 31, 2012) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today provided an update on the reconnaissance program conducted on the 100% Paget-owned Mess Creek and More Creek targets, which are located in the western sector of the 52,000 hectare Ball Creek Project claim block in the Iskut Region, northwestern BC. In the eastern sector of the claim holdings, approximately 14,000 hectares of the 52,000 hectare Ball Creek claim block have been optioned to Blue Gold Mining (TSX VENTURE:BGX) (see press release dated June 26, 2012).

David F. Volkert, President and CEO of Paget, stated, "Concurrent with the integrated 2012 drilling program implemented and supervised by Blue Gold Mining (TSX VENTURE:BGX) on the Main and Rainbow gold-copper porphyry targets, Paget completed additional evaluation of archived exploration data and carried out new sampling on the 100% Paget owned Mess Creek and More Creek gold-copper porphyry targets within the Ball Creek Project outside of the Blue Gold option area. At both locations, 2012 field work provided additional evidence of promising gold-copper mineralization and drill targets for future field seasons."

Mess Creek is located 10 kilometers southeast of the Schaft Creek porphyry copper-gold deposit (Copper Fox Metals). Syenite intrusives outcrop sporadically over an area of approximately 2 x 1 kilometers and contain iron-carbonate alteration and gold-copper-mineralization. Historic and current surface rock chip samples range up to 0.3 to 3.5 g/t gold and 0.4 to 0.8% copper and soil samples range up to 0.62 g/t gold and 100 to 2200ppm copper. A second zone of altered and mineralized syenite located 500 meters to the east contains values ranging up to 0.5 to 10.1 g/t gold over a width of approximately 200 meters. Alteration and mineralization are structurally-controlled along dominant north-south trends, possibly as parallel structures to the regional Mess Creek fault that forms a wide drainage immediately to the west of the mineralized area.

Drilling completed in the areas noted above from the late-80s, 2006 and 2007 reported intercepts of 40m @ 1.13 g/t gold, 3m @ 1.25 g/t gold and 0.19% copper, 159m @ 0.14 g/t gold and 242m @ 0.16 g/t gold. None of these historic intercepts have been adequately followed up. Paget's 2012 surface rock sampling and grid soil sampling over the mineralized areas provides direction for additional exploration, including possible drilling in 2013.

At More Creek, gold-copper mineralized and iron-carbonate altered syenite intrusives outcrop over an area of approximately 800m x 500m. Historic and current rock-chip assays range anomalous to 0.9 g/t gold providing a future drill target. No historic drilling has been completed.

Additional reconnaissance of the Valley, Rojo Grande and HP epithermal gold-silver targets is planned for 2013.

BALL CREEK PROJECT OVERVIEW

The Ball Creek Project covers 524 km² central to the renowned Golden Triangle mineral region in the Iskut area of northwest British Columbia (the "Golden Triangle"). This region is host to the large disseminated copper-gold porphyry-style deposits of Galore Greek (Teck/NovaGold) and Red Chris (Imperial Metals), the precious metal-enriched VMS-style Eskay Creek deposit (Barrick), and the high-grade epithermal gold at the Valley of the Kings Zone at the Brucejack project (Pretium Resources).

Despite its prolific mineral endowment, the Golden Triangle has remained relatively underexplored in the past due to a lack of infrastructure and fractural ownership. This scenario changed in 2009 when the British Columbia and Canadian federal government approved the construction of the Northwest Transmission Line ("NTL"), a 344 km, 287 kV high-voltage power line that will run through the region (slated for completion in 2014). The Ball Creek project is located only 38 kilometres north of the planned NTL power substation at the community of Bob Quinn, and eight kilometres west of Highway 37 and the adjacent Burrage air strip, making it one of the most accessible properties in the region. Infrastructure and logistics are considered to be ideally suited to support any future mining operation in this area.

The Ball Creek Project hosts five highly prospective gold-copper porphyry targets (Main, Cliff, Rainbow, Mess Creek, More Creek) and four epithermal gold-silver targets (Ridge, Valley, HP, Rojo Grande). Blue Gold completed a drilling and geophysical program at the Main and Rainbow porphyry targets in 2012 (see press releases dated 27 September and 11 October 2012).

To view a regional location map of the Ball Creek Project, please click: http://www.pagetminerals.com/i/maps/BallCreek/Ball-Creek-Project-Overview.jpg

To view a detailed target map of the Ball Creek Project, please click: http://www.pagetminerals.com/i/maps/BallCreek/mainzone_map.jpg

About Paget Minerals Corp.

Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and the advancement of the company's priority Ball Creek Project in British Columbia. The company hosts a 52,442-hectare, contiguous mineral tenure package in the Golden Triangle - Iskut Mineral District located just 8km west of Highway 37 and only 36km northwest of the new Northwest Transmission Line Substation at Bob Quinn and neighbors three major mine development projects in the Golden Triangle -- Galore Creek, Schaft Creek and Red Chris. In 2012, Paget has focused its BC exploration program on the Ball Creek Project, as well as advancing its exploration in Mexico. Paget also maintains its equity position in Trident Gold Corp. exploring for gold in Colombia. David Volkert, President and CEO, serves as the Qualified Person under the definitions of NI 43-101.

On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, President & CEO