Paget Minerals Corp.
TSX VENTURE : PGS

Paget Minerals Corp.

January 10, 2011 09:00 ET

Paget Minerals Announces Closing of $3.4M Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) -

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Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that it has completed its previously announced brokered private placement for aggregate gross proceeds of $3,402,000. $962,000 of the gross proceeds were raised through the sale of 3,848,000 flow-through units ("FT Units"), priced at $0.25 per FT Unit. $2,440,000 of the gross proceeds were raised through the sale of 12,200,000 non-flow-through units ("Units"), priced at $0.20 per Unit.

Each FT Unit consists of one flow-through common share of Paget ("FT Share") and one-half of one common share purchase warrant of Paget ("FT Warrant"). Each whole FT Warrant is exercisable for one common share of Paget until June 30, 2012 at an exercise price of $0.53 per share. The securities issued on the closing of the FT Unit offering have a hold period expiring May 1, 2011.

Each Unit consists of one common share of Paget and one whole common share purchase warrant of Paget ("Unit Warrant"). Each whole Unit Warrant is exercisable for one common share of Paget until January 6, 2013 at an exercise price of $0.30 per share. The securities issued on the closing of the Unit offering have a hold period expiring May 7, 2011.

RBC Capital Markets ("Agent") acted as the sole agent in connection with the offering and received cash compensation equal to 6% of the aggregate gross proceeds raised. In addition, the Agent received 962,880 non-transferable broker warrants, each exercisable for one common share of Paget for a period of 24 months from the closing of the FT Unit offering and the Unit offering, as applicable, at an exercise price of $0.30 per share.

The net proceeds received by Paget from the Units will be used for exploration and development activities and general corporate purposes. The gross proceeds received form the FT Shares will be used by Paget to incur Canadian exploration expenses ("Qualifying Expenditures") prior to December 31, 2011. The Company will renounce the Qualifying Expenditures to subscribers of the FT Shares for the fiscal year ended December 31, 2010.

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 British Columbia and Colombia. Main projects in BC are: Chist Creek, Cabin, and Mt. Dunn.

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

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