Paget Minerals Corp.

Paget Minerals Corp.

October 19, 2010 09:15 ET

Paget Minerals Announces Investment in Colombian Exploration Company

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2010) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") today announced that it has made an initial (seed) equity investment in Trident Gold Corporation, a private Colombian gold exploration company.

Trident has established operating management and technical teams in Colombia and has a diversified board of directors with the proven ability to secure, explore and develop gold deposits. Over 50,000 hectares of mineral claims in the prolific Segovia-Remedios mineral belt, near Frontino Gold Mines (Medoro Resources) and the Amalfi and Anori districts are held by Trident under joint venture option agreements where Trident holds a minimum 80% JV interest. Property evaluations of ground under option are on-going and additional properties, including an asset providing near-term production potential, are under due diligence examination for acquisition.

Paget currently holds 6% of fully-diluted Trident stock and the investment provides for an increasing percentage equity ownership in future financings as well as an avenue for direct investments in individual projects. Paget also retains one board seat.

Colombia is recognized as one of the most prospective, yet under explored countries in the world, and has emerged as an extremely attractive jurisdiction for gold exploration with senior and junior explorers realizing recent significant successes, including: Anglo Gold Ashanti (La Colosa – 11.3M ozs gold) and Ventana Gold (La Bodega – high-grade gold intersections announced).

David Volkert, President & CEO stated, "Paget's investment in Trident provides exposure to the discovery potential in Colombia and a strategic expansion and diversification to the portfolio of B.C. properties, including the Chist Creek precious-metal enriched VMS discovery, the Mt. Dunn porphyry project and the Cabin epithermal gold-silver project all announced within the last three weeks."

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 Canada 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.

Contact Information

  • Paget Minerals Corp.
    David Volkert
    President & CEO
    (778) 327-4449
    (778) 327-6546 (FAX)