Paragon Minerals Corporation
TSX VENTURE : PGR

Paragon Minerals Corporation

September 13, 2007 03:20 ET

Paragon Begins Drilling on the JBP Linear Project

Second parallel gold trend outlined by geophysical survey

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 13, 2007) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce that the Company has commenced a 1500-metre diamond drill program on the Company's 100%-owned JBP Linear Project located near Gander, Newfoundland. The JBP Linear property represents an emerging gold belt in central Newfoundland with previous drill intercepts of 11.70 g/t gold over 3.40 metres (HP-04-03); 8.73 g/t gold over 2.10 metres (HP-04-04); 9.79 g/t gold over 1.15 metres (HP-05-15) and 1.02 g/t gold over 44.45 metres (HP-04-01) and quartz float surface samples of up to 768 g/t gold.

Exploration work completed to date on the JBP Linear property has clearly established the association of gold mineralization at the H-Pond Prospect with a distinct Induced Polarization (IP) geophysical signature. Results from a previous IP orientation survey indicate that subtle IP chargeability highs can be very effective in locating gold mineralization within distinct IP resistivity lows, the latter marking the surrounding carbonate-sericite alteration to the mineralization.

In July, the Company completed an IP survey to better define drill targets in the area between the H-Pond and Pocket Ponds Prospects (located three kilometres apart). Results of the survey indicate a favorable IP geophysical trend between the two gold prospects and a new parallel trend, the West Pocket Pond Linear, located approximately 500 metres to the west of the H-Pond Linear trend. Prospecting along the West Pocket Pond Linear trend has returned quartz float grab samples of up to 252 g/t gold. The proposed drill program is targeting the highest priority targets along these two trends.

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 Eastern Canada, specifically within the Province of Newfoundland and Labrador. Further details can be found on the Company website at www.paragonminerals.com.

PARAGON MINERALS CORPORATION

Michael Vande Guchte, President & CEO

Work on Paragon's gold projects is supervised by Qualified Person Steve House, B.Sc., P.Geo.

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.

Forward-looking statements in this document include statements regarding future exploration programs. 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. 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