Paragon Minerals Corporation
TSX VENTURE : PGR

Paragon Minerals Corporation

June 12, 2008 10:51 ET

Paragon Appoints New Vice-President Exploration and Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 12, 2008) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce that it has appointed Bruce E. Mitton, P. Geo. to the position of Vice-President Exploration and Tom R. Wilson, CA to the part-time position of Chief Financial Officer.

Mr. Mitton is a professional geologist with over 23 years of experience with major and junior mining companies in managing and evaluating gold and base metal projects and new business opportunities throughout central and eastern Canada, as well as internationally. Bruce's areas of expertise include project evaluation and management from grassroots stage projects through to deposit development. Most recently, Bruce was the Exploration Manager for a junior resource company based in Newfoundland.

Mr. Wilson is a Chartered Accountant and founding partner of CWA Consulting Inc., a professional services firm that provides contract accounting, tax and internal control consulting services to both public and private companies. He has over 28 years of corporate experience in the areas of financial management with an emphasis on corporate governance, government and securities compliance. Tom has in-depth knowledge and experience in corporate restructuring and financings and also coordinates activities for a variety of government programs. His experience extends throughout the mining, forestry, technology and public education sectors and with PricewaterhouseCoopers.

Concurrent with these appointments, Paragon has accepted the resignation of Robert G. Lewis from his role as part-time Chief Financial Officer. In conjunction with the appointment of a new VP Exploration, Garfield MacVeigh will no longer be Chief Geologist, but will continue to provide geological consulting services to Paragon and remain a member of the board. The board and management wish to thank Mr. Lewis for his time and effort in Paragon's initial years of operation.

In connection with the new appointments, subject to regulatory approval and pursuant to its Stock Option Plan, Paragon granted 300,000 incentive stock options to the two new officers. The options are exercisable at a price of CDN$0.28 per share for a period of five years with a vesting period of 18 months from the date of grant.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The company is focused on gold and base metal exploration in the Province of Newfoundland and Labrador.

PARAGON MINERALS CORPORATION

Michael J. Vande Guchte, President & CEO

Forward-Looking Statements - This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that the Company expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success, continued availability of capital and financing, inability to obtain required regulatory or governmental approvals and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required under securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of Paragon and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Paragon's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Paragon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    Toll Free: 1-877-533-6353
    Website: www.paragonminerals.com