VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2011) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") today announced that it has signed an option agreement with Silver Quest Resources (TSX-V:SQI) ("Silver Quest") whereby Silver Quest can acquire a 100% interest in Paget's Buck property located approximately 185 km southwest of Prince George, British Columbia.
Silver Quest will pay $25,000 and issue 200,000 common shares of Silver Quest to Paget over a one year period upon receipt of applicable regulatory approvals.
Pursuant to the option agreement, Paget will retain a 100% interest in the properties until the above payment and share issuances are completed. Paget has retained a 1.5% net smelter return ("NSR") royalty on the Property, with Silver Quest having the right to buy back two-thirds of the royalty for a cash payment of $2,000,000 at any time after exercising the option.
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 BC 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
Contact Information: Paget Minerals Corp.
David Volkert
President & CEO
(778) 327-4449
(778) 327-6546 (FAX)
www.pagetminerals.com