Paget Minerals Corp.
TSX VENTURE : PGS

Paget Minerals Corp.

August 31, 2010 16:40 ET

Paget Minerals Options Ben Moly Property to TTM Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2010) - Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today announced that it has entered into an Agreement with TTM Resources Inc. ("TTM") whereby TTM can acquire a 100% mineral interest in the Ben molybdenum property in the Nechako Basin, central B.C. The property consists of four mineral claims that lie south of and adjacent to TTM's Chu molybdenum project currently under active exploration by TTM.

Under the terms of the Agreement, Paget will receive 200,000 common shares in the capital of TTM and $32,880 as reimbursement for the total expenses incurred by Paget on the property upon receipt of regulatory approval. TTM is also required to expend up to $500,000, or such lesser amount as both TTM and Paget agree, in work expenditures on the property within a period of 12 months following the initial payment.

If, in the reasonable opinion of TTM, sufficient mineralization has been identified on the Property and commercial production is likely to occur within a period of five years from the date of the Purchase Agreement, Paget will have the right to back-in to the Ben project for a 49% undivided participating interest by paying TTM 49% of its total costs in connection with the property ("Back-In Right"). In the event that Paget exercises the Back-In Right, a joint venture will be deemed to have been formed and the parties will enter into a Joint Venture Agreement.

David Volkert, President & CEO of Paget Minerals, stated, "The agreement with TTM is in line with Paget's strategy of capitalizing non-core assets allowing Paget to invest funds on our precious metals properties in BC and Quebec."

The Purchase Agreement with TTM is subject to TSX Venture Exchange approval.

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 North America. Main projects in BC are: the Nechako Basin Joint Venture with Richfield Ventures (TSX VENTURE:RVC), Mt. Dunn, and JLN/Chist Creek.

About TTM Resources Inc.

TTM Resources Inc. (TSX VENTURE:TTQ) is a Vancouver, British Columbia based Molybdenum Development and Exploration Company focused on the resource development of the Chu Molybdenum Project and two other molybdenum properties in British Columbia, Canada. For further information, visit the Company's web site at www.ttmresources.ca.

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)
    www.pagetminerals.com