Paragon Minerals Corporation

Paragon Minerals Corporation

February 10, 2010 12:30 ET

Paragon Minerals Corporation: Drilling Underway at the Golden Promise JV Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 10, 2010) - Paragon Minerals Corporation (TSX VENTURE:PGR) is pleased to announce that joint-venture partner Crosshair Exploration & Mining Corp. (TSX:CXX)(NYSE Amex:CXZ) has commenced drilling at the Golden Promise JV Gold Project in central Newfoundland. The program will focus on the Jaclyn Main Zone and will consist of approximately 6,200 metres of drilling in 30 holes. Eighteen drillholes are 50 metre-spaced "step-out" holes aimed at extending the Jaclyn Main Zone eastward for 300 metres to a total strike length of 1200 metres. The remaining holes are proposed to further test the potential of the paralleling Jaclyn North Zone and provide metallurgical samples of the high-grade near-surface portion of the Jaclyn Main Zone.

Crosshair and Paragon also plan to conduct a surface bulk sampling program on completion of the drill program at the Jaclyn Main Zone. The bulk sample is aimed at providing a more representative gold grade for the Jaclyn Main Zone resource, where assay results from diamond drilling alone may not be an effective means of reliably determining grade in high-nugget effect gold systems. Studies of other high-nugget effect gold deposits indicate that assays from surface diamond drill holes may understate the actual in-situ gold grade in such deposits.

"We are very pleased to see the drilling get underway again at Golden Promise," said Michael Vande Guchte, President and CEO of Paragon. "The drill program and planned bulk sampling program should go a long way to further evaluating the gold potential of the project." The exploration programs will be funded by Crosshair as part of the 2009 Joint Venture Agreement (see Paragon News Release dated April 9, 2009). Paragon retains a 40% interest in the Golden Promise JV Gold Project.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. Paragon and its exploration partners are focused on gold and base metal exploration projects in eastern Canada. Further details on the properties can be found on the Company website at


Michael J. Vande Guchte, President & CEO

Qualified Person – David A. Copeland, M.Sc., P.Geo., Exploration Manager for Paragon Minerals Corporation is a Qualified Person as defined by NI43-101 and has reviewed and approved the technical 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 Paragon 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 regulatory approvals, current and future exploration programs, activities and results. Although Paragon 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 Paragon's management on the date the statements are made. Paragon 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.

Shares Issued: 31,373,409

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
    Michael Vande Guchte
    President & CEO
    (604) 629-2353
    Paragon Minerals Corporation
    Bill Cavalluzzo
    VP Investor Relations
    (604) 629-2353