Paget Minerals' Option Partner Rare Earth Industries Samples High Grade Rare Earths Including 10.86% TREO at Mount Bisson

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2011) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that its option partner Rare Earth Industries Ltd. (TSX VENTURE:RND) ("RND") has reported on its first tranche of assay results from the Phase I exploration program on the Mount Bisson Rare Earth Element Project in British Columbia (see RND press release dated August 22, 2011). Notable results include 3 samples which assayed over 10% Total Rare Earth Oxides ("TREO"), and 11 samples which assayed from 5.43% to 10.86% TREO. Significant results of the bedrock sampling program are presented below that focused on the Central Zone where Paget previously documented a total REE value of 8.64% (equivalent to 10.14% TREO). RND (formerly "Seymour Ventures") holds an option to acquire a 60% interest in the project from Paget. See Paget news releases of August 25 and November 18, 2010 for more details.

David Volkert, President and CEO, stated, "The total REE values reported by RND at Mount Bisson are significant in light of the grades reported by other rare earth minerals explorers in Canada. We are encouraged by the progress RND is making and look forward to results from the Phase II exploration in September."

RND reports that Phase I results have achieved the following:

• Delineation of a 100 by 500 metre zone of high grade REE mineralization in allanite-rich veins, which range from 1.51% to 10.86% total REO (Central Zone), that remains open along strike;
• Verification of high grade total REO value obtained by Paget in 2010, by replicate sampling by RND's QP (10.14% vs. 9.98%)

Sample #	Sample Type	TREO+Y2O3 (wt.%)	LREO (wt.%)	HREO +Y2O3 (wt.%)	Y2O3 (wt.%)
L651820	grab	7.73	7.77	0.11	0.04
L651822	grab	10.31	10.23	0.08	0.03
L651823	grab	10.08	9.99	0.09	0.03
L651824	grab	1.52	1.49	0.03	0.01
L651825	grab	3.48	3.44	0.05	0.02
L651908	grab	1.48	1.45	0.03	0.01
L651910	grab	8.21	8.15	0.06	0.02
L651911	grab	10.86	10.71	0.16	0.05
L651912	grab	8.48	8.35	0.13	0.04
L651913	grab	7.10	6.92	0.08	0.03
I637251*	grab	9.98	9.93	0.08	0.03
I651253*	chips over 50 cm	5.43	5.35	0.08	0.03
I651254*	chips over 75 cm	7.26	7.16	0.10	0.03
I651255*	grab	6.90	6.90	0.14	0.05
* Samples I637251 to I637255 collected by the QP on a June 28 visitation to the Central Zone.

Based upon favourable results in the discovery of 7 new rare earth element-rich veins, RND reports that they will initiate Phase II exploration in September in order to obtain more detailed information on the full extent of the mineralization and its structural controls. Phase II will consist of additional rock chip and bulk rock channel sampling to collect larger sample volumes. It will focus on expanding the occurrence zones and gathering of additional data to design an initial stage drilling program. Phase II is expected to take approximately three weeks to complete, with further results expected in October of this year.

Pursuant to the option agreement dated November 16, 2010, RND paid $62,500 and issued 100,000 common shares of RND to Paget upon receipt of regulatory approvals. An additional $62,500 will be payable to Paget on the first, second and third anniversaries of the option, together with an additional 100,000, 150,000 and 200,000 common shares of RND, respectively.

RND will be required to fund a $1,050,000 work program over 3 years on the properties. Paget will retain a 100% interest in the properties until all of the above payments, work programs and share issuances are completed. In the event that RND exercises the option, a 60/40 joint venture is deemed to be created to further develop the properties, with each party contributing to their pro-rata portion of approved exploration programs. If either party decides not to contribute to the joint venture and is diluted down to a 10% interest, their interest will convert to a 2% Net Smelter Royalty (NSR), 1% of which may be purchased at the other party's option for $1,000,000.

About Paget Minerals Corp.

Paget Minerals Corp. is a British Columbia company focused on mineral exploration and the advancement of a diverse range of precious metal and copper projects in British Columbia, Mexico and Colombia, all under active exploration with principal projects in B.C. including Ball Creek, Chist Creek, Icy Lake, Fae and Slam.

About Rare Earth Industries Ltd.

Rare Earth Industries Ltd ("RND") is a mineral exploration company with the objective of building an industrial enterprise focused on the high-value processing and separations of rare earth elements and rare metals. RND is publicly traded on the TSX Venture Exchange under the symbol RND. For more information, visit www.rareearthindustries.com.

On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, President & CEO