PARAGON MINERALS CORPORATION 
By - Highlights include 18.4 metres of 1.52% copper, 13.12% zinc, 1.96% lead, 40.14 g/t silver, and 1.0 g/t gold -
Paragon Minerals Corporation (TSX-V: PGR; “Paragon”) is pleased to provide an update on its continued drilling activities on the 100%-controlled South Tally Pond volcanogenic massive sulphide (VMS) project in central Newfoundland. The South Tally Pond VMS project is located adjacent to the producing Duck Pond Cu-Zn Mine operated by Teck Resources Limited.
Twelve step-out and infill drillholes (~3,000 metres) are currently being completed on the Lemarchant “main” massive sulphide zone. The drilling is aimed at further defining and expanding the massive sulphide mineralization already intersected from sections 101N to 104N. All six of the drillholes (1,735 metres) completed to-date intersected copper-lead-zinc massive sulphide mineralization. Two of these drillholes successfully extended the massive sulphide zone a further 35 metres up-dip to the west (to 140 metres wide) on sections 103+00N and 102+50N. Assay results from the first four drillholes have been received and include:
| Drillhole | Section | From (m) | To (m) | Interval (m) | Copper (%) | Zinc (%) | Lead (%) | Silver (g/t) | Gold (g/t) |
| LM11-59 | 103+25N | 215.8 | 246.2 | 30.4 | 1.07 | 9.48 | 1.23 | 27.68 | 0.70 |
| including | 221.6 | 240.0 | 18.4 | 1.52 | 13.12 | 1.96 | 40.14 | 1.01 | |
| including | 221.6 | 226.0 | 4.4 | 2.16 | 23.13 | 1.81 | 33.52 | 0.42 | |
| LM11-60 | 103+25N | 240.9 | 248.8 | 7.9 | 0.19 | 4.42 | 0.66 | 7.50 | 0.79 |
| including | 240.9 | 242.6 | 1.7 | 0.61 | 17.92 | 2.76 | 20.80 | 0.25 | |
| LM11-61 | 103+00N | 216.5 | 243.9 | 27.4 | 1.18 | 11.65 | 3.82 | 54.70 | 1.07 |
| including | 218.8 | 228.5 | 9.7 | 2.22 | 20.93 | 7.48 | 105.61 | 0.73 | |
| LM11-62 | 103+00N | 256.3 | 266.6 | 10.3 | 1.61 | 11.83 | 3.27 | 528.31 | 3.13 |
(Notes: LMl1-59 and 60 are step-out drillholes located 25 metres to the north of LM07-15, LM11-61 is an infill drill hole located midway between LM07-15 and LM08-33 spaced 55 metres apart, and LM11-62 is located 35 metres up-dip of LM08-33; Drillhole intervals are core length and interpreted to be near true width).
“We are very encouraged with the up-dip extensions to the mineralization on the main massive sulphide zone at the Lemarchant prospect. We see some good continuity and thickening of the mineralization between the drillholes, excellent base metal grades and some outstanding gold and silver values” said Michael Vande Guchte, President and CEO of Paragon. “The main zone mineralization remains open up-dip and along strike and is interpreted to continue at depth in the lower felsic block”.
In July, Paragon completed four drillholes (1,622 metres) aimed at testing the “lower felsic horizon” on section 104+00N. Three of the drillholes (LM07-17ext, LM11-56 and LM11-57) successfully crossed through the interpreted Lemarchant fault zone and intersected moderate to intensely altered felsic volcanic rocks of the “lower felsic horizon” containing disseminated to stringer copper-lead-zinc base metal mineralization. The “lower felsic horizon” remains wide open for additional massive sulphide discoveries similar to those intersected 100 and 200 metres to the north on sections 105+00N and 106+00N.
Drilling is continuing on the main massive sulphide zone of the Lemarchant prospect with additional assay results pending. Additional details of the drilling to-date will be available on the company website.
Paragon would like to thank the Government of Newfoundland and Labrador for its continued support of this project through a financial contribution from the Junior Exploration Assistance Program.
About Paragon Minerals Corporation
Paragon Minerals Corporation is a Canadian-based mineral exploration company focused on gold and base-metal exploration in Newfoundland and Ontario. The Company’s flagship base metal project is the 100%-owned South Tally Pond VMS project where it actively exploring a precious metal-rich massive sulphide discovery and other priority VMS targets in a producing, world class base metal mining district in central Newfoundland. The Company is also exploring an exceptional portfolio of gold properties through partner-funded exploration programs. For more information on the Company, please visit the company website at www.paragonminerals.com
PARAGON MINERALS CORPORATION
“Michael J. Vande Guchte”
_______________________________
President & CEO
Investor Relations: Miranda McCarthy (604) 629-2353 or Wanda Cutler (416) 303-6460
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 contents of this news release. Samples were analyzed for Au (1 assay ton), Ag, Cu, Pb and Zn at Eastern Analytical Labs in Springdale, NL from sawn NQ-sized half core sections. Data quality is monitored through the insertion of control samples consisting of one prepared base and precious metal standard and one blank sample for every 20 samples of diamond drill core. All control samples conformed to the accepted contained grades of base and precious metals. Sample pulps were shipped to ALS Chemex in North Vancouver, BC for analysis for 33-element ICP analysis on all samples and for further check assays of significant base and precious metal bearing samples.
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 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.
Except as required by securities laws, 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.
“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.”
