Paragon Minerals Corporation (TSXV : PGR) is a Canadian-based mineral exploration company focused on gold and base-metal exploration in Newfoundland and Ontario.  Paragon’s flagship project is the 100%-controlled South Tally Pond VMS Project located in a proven mining district in central Newfoundland.  The district is host to the past producing world-class Buchans base metal deposits and the currently producing Duck Pond copper-zinc mine operated by Teck Resources Limited.  

The South Tally Pond property covers 261 square kilometres immediately adjacent to Teck Resources Duck Pond Cu-Zn mine and mill complex.  Paragon has made a significant precious metal-rich copper-lead-zinc massive sulphide discovery at the Lemarchant prospect that has an excellent opportunity to develop into an economic resource.  An initial NI43-101 mineral resource estimate was recently completed on the Lemarchant Deposit (see highlights below).  Outside of the Lemarchant area, the exploration potential of the South Tally Pond property is still relatively untapped with numerous targets open for exploration and ultimately development.  Paragon is also exploring an exceptional portfolio of gold properties through partner-funded and company-funded exploration programs.

South Tally Pond Project Highlights:

• 29 drillholes totalling 9,270 metres completed in 2011;
• 74 drillholes totalling 24,277 metres completed to date at Lemarchant prospect; 
• Significant precious metal-rich base metal drill intercepts include:
  • 1.65% copper, 12.74% zinc, 3.27% lead, 185.75 g/t silver and 10.13 g/t gold over 7.0 metres
  • 1.61% copper, 11.83% zinc, 3.27% lead, 528.31 g/t silver and 3.13 g/t gold over 10.3 metres
  • 1.40% copper, 14.80% zinc, 3.56% lead, 80.90 g/t silver and 1.35 g/t gold over 17.05 metres
• Initial NI 43-101 mineral resource estimate completed on the Lemarchant “Main Zone” massive sulphide in January, 2012.  The Lemarchant Deposit remains open to depth and along strike.
  • Indicated Mineral Resource of 1.24 million tonnes grading 5.38% zinc, 0.58% copper, 1.19% lead, 1.01 g/t gold and 59.17 g/t silver (15.40% ZnEQ) using a 7.5% zinc equivalent grade cut-off.
  • Inferred Mineral Resource of 1.34 million tonnes grading 3.70% zinc, 0.41% copper, 0.86% lead, 1.00 g/t gold and 50.41 g/t silver (11.97% ZnEQ) using a 7.5% zinc equivalent grade cut-off.

Gold Project Highlights:

Gold Star Project, Northwest Ontario

• 100%-owned; numerous, under-explored high grade gold prospects in past producing Archean greenstone belt.
• Key gold-bearing deformation zones with newly recognized "fault splay" structures containing gold-bearing quartz vein zones.
• Surface samples up to 276 g/t gold (8.06 oz/ton); Limited historic drilling

Huxter Lane JV Project, Newfoundland

• Bulk tonnage gold target open for expansion; 
• NI 43-101 compliant gold resource:
  • Indicated 11.18 million tonnes averaging 0.546 g/t gold for 196,257 ounces gold
  • Inferred 38.76 million tonnes averaging 0.457 g/t gold for 569,496 ounces gold
• Drilling completed - revised resource estimate underway.

ABOUT PARAGON
Paragon Minerals Corporation (TSX-V: PGR) is a Canadian-based exploration company focused on the discovery of world-class gold and base metal deposits in proven and emerging mineral districts.  Paragon strives to create value through discovery on its 100%-owned projects and its partner-funded projects.  Paragon has a significant portfolio of gold and base metal projects in the province of Newfoundland & Labrador, five of which are currently being explored by joint venture partners.