Paget Intersects 304.2 Metres of 0.44 g/t Gold and 0.15% Copper at Ball Creek Project, Northwestern BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 11, 2012) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") announced today strong intervals of gold and copper porphyry mineralization from step-out holes at the Main Zone on the Ball Creek Project (the "Project") in northwestern British Columbia.

Hole BC12-54 was drilled to a depth of 307.0 metres and returned 0.44 g/t gold and 0.15% copper over its entire length including 0.50 g/t gold and 0.24% copper over 102.0 metres. Hole BC12-54 was a northwesterly directed hole on the same cross-section as previously reported hole BC12-48 (see news release dated 27 September 2012) and the results clearly highlight the potential for extending the known porphyry mineralization to the South and West.

New Highlight Drill Results

Southern Main Zone: Hole BC12-54 on the southwestern edge was mineralized from surface to the bottom of the hole and returned:

• 0.44 g/t gold and 0.15% copper over 304.2 metres including:
  • 0.50 g/t gold and 0.24% copper over 102.0 metres

Central Main Zone: Hole BC12-50 was a 300 metre step-out designed to test the central part of the Main Zone in an area with little previous work and returned:

• 0.24 g/t gold and 0.09% copper over 336.3 metres including:
  • 0.32 g/t gold and 0.15% copper over 126.8 metres starting from surface and;
  • 0.39 g/t gold and 0.14% copper over 42.0 metres starting at depth of 305.0 metres

For a complete table of 2012 drill results, please click:
http://www.pagetminerals.com/i/pdf/Summary_Intervals_2012-10-09_draft.pdf

To view maps and cross sections with 2012 drilling at the Main Zone, please click:
http://www.pagetminerals.com/i/pdf/1-main-target-geol-NR-oct12.pdf

David F. Volkert, President and CEO of Paget, stated, "The integrated 2012 exploration program implemented and supervised by Blue Gold Mining (TSX VENTURE:BGX) has been successful in discovering one of the highest grade intercepts to date at the Main Zone gold-copper porphyry in a step-out hole. The potential for discovering additional mineralization under cover and at the Cliff Zone, a possible extension of the Main Zone, has increased significantly. There are at least four large and genetically related gold-rich porphyry targets just within the Blue Gold JV area with more that remain 100% Paget over the 52,000-hectare Ball Creek claim block."

The Ball Creek project may be the next in what are a series of large copper-gold porphyry deposits that characterize this region of northern BC. Ball Creek is ideally suited for development given it is located eight kilometres from road, air strip and power needs. Results of the multi-faceted program are now being integrated into comprehensive geological and exploration models.

Further details of the integrated summer 2012 exploration program implemented and supervised by Blue Gold Mining (TSX VENTURE:BGX) are set out in Blue Gold's news release dated 26 September 2012.

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 will focus 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