Paragon Minerals Corporation
TSX VENTURE : PGR

Paragon Minerals Corporation

April 30, 2009 11:19 ET

Paragon Minerals and Golden Dory Begin Drilling at the Huxter Lane Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2009) - Paragon Minerals Corporation ("Paragon") (TSX VENTURE:PGR) is pleased to announce that partner Golden Dory Resources Corp. has commenced a 12-hole, 2000-metre drill program on the Huxter Lane gold project in central Newfoundland, Canada. The property is under option to Golden Dory, whereby Golden Dory can earn a 70% interest in the project by funding a bankable feasibility study. Golden Dory is the operator on the project.

The Huxter Lane gold project is a near surface, bulk-mineable gold target located 90 kilometers south of Grand Falls-Windsor, Newfoundland. Wide-spaced drilling at Huxter Lane has outlined a significant near-surface, gold-bearing porphyritic intrusion over a strike length of 1000 metres and to a vertical depth of 225 metres (Mosquito Hill Zone). The mineralized porphyry dips gently to the south and remains open along strike and to depth. The planned 2,000-metre drill program will focus on the Mosquito Hill Zone where wide-spaced drill results have returned significant gold intercepts including 35 metres grading 2.2 g/t gold (HX06-16) and 103.3 metres grading 0.67 g/t gold (HX07-20).

The gold mineralization at the Huxter Lane property has many geological similarities to bulk-tonnage gold deposits in the Yukon and Alaska including the Donlin Creek deposit (393.8 Mt at 2.50 g/t gold for 31.67M oz gold; NovaGold Resources Inc. website) and the Fort Knox deposit (240.9 Mt at 0.5 g/t Au for 3.85M oz Au; Kinross Gold Corporation website). The style of gold mineralization represents a new exploration target in Newfoundland and highlights the potential of the area to host large mineralizing systems with multi-million ounce gold potential.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The Company and its exploration partners are focused on gold and base metal exploration projects in the Province of Newfoundland & Labrador. Paragon's other key assets include the 100%-controlled South Tally Pond VMS project and JBP Linear gold project. For additional information on Paragon's properties and its joint venture partners, please visit the Company website at www.paragonminerals.com.

PARAGON MINERALS CORPORATION

Michael J. Vande Guchte, President & CEO

Qualified Person - David A. Copeland, M.Sc., P.Geo. is Paragon's Qualified Person as defined by NI 43-101 with respect to this release. Mr. Copeland has reviewed and approved the contents of this news release.

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 current and future exploration programs, activities and results. 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.

Neither the 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

  • Paragon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    (604) 629-2353
    or
    Paragon Minerals Corporation
    Michael Vande Guchte
    President & CEO
    (604) 629-2353
    www.paragonminerals.com