VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 22, 2011) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") today announced that it has signed an Option Agreement with Northern Superior Resources Inc. ("Northern Superior") to acquire a 50% interest in the Lamarck Creek gold property in west-central Quebec (the "Option").
To exercise the Option, Paget must fund expenditures on the property of not less than, an aggregate, of $1,320,000 as follows:
- $120,000 (the "initial expenditures") on or before December 31st, 2011;
- $600,000 on or before December 31st, 2012; and
- $600,000 on or before December 31st, 2013.
The initial expenditures are committed. The remaining expenditures are not committed; however Paget must incur the amounts set forth in b) and c) before the dates referenced to maintain the Option. Paget has the right to accelerate expenditures to earn-in. Northern Superior will be the operator of the project until December 31st, 2013.
Diamond drilling will start immediately on one of the key structures identified from the property's airborne geophysical survey.
David Volkert, President and CEO, stated, "Northern Superior's expertise in the Chibougamou gold district will be invaluable to exploring the Lamarck property. This opportunity further diversifies Paget's property portfolio that includes the principal Ball Creek property in B.C where drill results are being received and further news will be disseminated shortly."
Dr. T.F. Morris, President and CEO of Northern Superior, commented, "We are pleased to have signed this option agreement for the Lamarck Creek gold property with Paget. With Paget's backing, Northern Superior looks forward to exploring this promising gold property located in the heart of the Chibougamou gold district."
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 drill projects in B.C., including Ball Creek, Chist Creek, Icy Lake and Fae.
About Northern Superior Resources Inc.
Northern Superior is a junior exploration company focused on exploring for gold and diamonds in the Superior Province of the Canadian Shield. The Company is actively exploring for gold within two important gold districts: the Stull-Wunnimun in Ontario and the Chibougamau in Quebec.
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:
David Volkert
President & CEO
(778) 327-4449
www.pagetminerals.com