2007

Paragon to Drill up to 11,000 Metres on Eight Projects over the Next Six Months

 - Base Metal and Gold Projects to be drilled in Central Newfoundland -

Press Release 07-08

Paragon Minerals Corporation (TSX.V-PGR) is pleased to provide an update on planned exploration activities for the next six months on its partner-funded and 100%-owned gold and base metal projects in the Province of Newfoundland and Labrador. Total exploration expenditures for 2007 are expected to be $4.0 million of which approximately 38% is being funded by partners. Planned work includes airborne geophysical surveys (underway), geological mapping programs (underway) and up to 11,000 metres of diamond drilling as follows:

Partnered Projects (3,750 metres)

The Golden Promise Gold Project (3750 metres) is under option to Crosshair Exploration & Mining ("Crosshair"), whereby Crosshair can earn a 60% interest in the property by spending $4.0 million over four years. A 3,750-metre drill program (23 holes) is scheduled to begin in late June and will target the Jaclyn Main Zone (2,950 metres) and the Jaclyn North Zone (800 metres).

To date, a total of 48 holes (6,750 metres) have been completed on the Jaclyn Main Zone which contains numerous, significant gold intercepts including: 16.57 g/t gold over an estimated true thickness of 1.64 metres and 12.17 g/t gold over 1.65 metres including 39.56 g/t gold over 0.50 metres (see Paragon website for further details). The zone is defined over a strike length of 750 metres and vertical depth of 225 metres - the gold system remains open along strike and to depth. The planned drill program at the Jaclyn Main Zone will consist of infill and step-out drilling. The infill drilling is designed to test the grade continuity within the core of the vein system with the aim of building a NI43-101 compliant resource. The step-out drilling is aimed at further extending the mineralized zone.

The Jaclyn North Zone, located approximately 200 metres north-northwest of the Jaclyn Main Zone has seen limited drilling (six holes, 1197 metres) with drill intercepts of 5.24 g/t gold over 1.70 metres (GP06-51). Drilling will consist of step-out drilling to test the continuity of the Jaclyn North zone.

The Huxter Lane Gold Project is under option to Meridian Gold Inc ("Meridian") who recently completed a six hole, 1,800 metre diamond drill program (see Paragon News Release dated May 22, 2007). The drill data is being reviewed by both companies and includes an initial metallurgical test on two 15 kg samples from drill holes HX07-20 and HX07-24. A Phase III drill program is anticipated in consultation with Meridian.

Paragon Base Metal Projects (3,500 metres)

Paragon is exploring three of its 100% owned base metal VMS projects located in the highly prospective Victoria Lake Volcanic Belt in central Newfoundland. The region is historically prospective for zinc-rich base metal VMS deposits and is host to Aur Resources zinc-copper mine at Duck Pond (producing), Messina's Boomerang and Domino deposits and the former producing, world-class base metal deposits at Buchans. Paragon has a significant land position covering 1148 claims for 28,700 hectares immediately southwest of Aur Resource's Duck Pond Mine.

Lake Douglas Project (2000 metres) - Paragon is following up on a massive sulphide discovery made on the property in 2006. A winter soil geochemical program (1333 samples) was completed in three grid areas with results outlining numerous multi-element geochemical anomalies (zinc-lead-copper-silver-gold) over lengths of up to 3 kilometres. A high-resolution airborne Magnetic-EM geophysical survey was completed on the property in June and geological mapping and prospecting is in progress. This year prospecting has located additional massive sulphide boulders 400 metres along strike of the 2006 massive sulphide discovery. A 2,000-metre drilling program is scheduled to begin in late August.

South Tally Pond Project (750 metres) - Paragon optioned the property from Altius Resources in December, 2006 and has since completed a data review and compilation. A 750-metre drill program is planned for August at the Lemarchant Prospect, a significant base metal prospect where previous drilling by Noranda intersected massive sulphides assaying 7.4% zinc, 6.3% lead, 0.6% copper, 11.4 g/t gold, 1515 g/t silver over 0.6 metres (LM92-01) and 1.53% zinc, 59.8 g/t silver, 6.1 g/t gold over 3.8 metres (LM93-08). The mineralization is hosted within a 4 kilometre long sequence of highly altered felsic volcanics of which previous drilling (17 holes) tested 1.1 kilometres of this prospective horizon. The mineralization is interpreted by Paragon to be open along strike and to depth.

Harpoon Project (750 metres) - Paragon completed geological mapping, prospecting and data compilation on the property in 2005-2006 and recently completed an airborne magnetic and EM geophysical survey. Paragon is planning to complete a 750-metre drill program on selected, high priority targets including the Duck Pond West area. This area is situated approximately 2.8 kilometres west of the Duck Pond Mine in an area interpreted to contain the western projection of the favorable Duck Pond Horizon.

Paragon Gold Projects (3,400 metres)

Paragon is planning to drill three of its 100%-owned gold projects in the Gander area. The area is host to numerous high-grade float samples and gold prospects including the H-Pond prospect and Dome prospect. The Company holds a significant land position in the Gander area in what is interpreted to be a new, emerging gold belt in Newfoundland.

JBP Linear Project (1,500 metres) - Paragon completed 1000 metres of diamond drilling earlier this year on the H-Pond prospect and is continuing its exploration on the project with 60 line kilometres of Induced Polarization (IP) ground geophysical survey between H-Pond and Pockets Pond, to be followed by 1500 metres of diamond drilling. The extended ground geophysical coverage is aimed at better defining the gold-bearing mineralized structure where previous drill testing of coincident IP chargeability high and EM resistivity lows has resulted in the intersection of broad, gold-bearing quartz veins zones containing disseminated pyrite and arsenopyrite mineralization. Previous drill intercepts include 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). The H-Pond zone is defined over a strike length 750 metres and to a depth of 250 metres. The zone is open in all directions.

Appleton Linear (1000 metres) - a 1000-metre diamond drill program is designed to test the strike and depth extension of the Dome gold bearing zone and other priority targets on the property. A total of eight shallow drill holes were completed by previous operators on the Dome prospect and reported visible gold mineralization with assay values up to 18.46 g/t gold over 8.6 metres (LG-01) and 304.8 g/t gold over 0.6 metres (LG-03).

New World Project (600 metres) - a 600-metre, four-hole drill program is set to test the high grade gold mineralization at the Big Oz prospect where surface channel sampling has returned results up to 87.3 g/t gold over 0.8 metres. Drilling will also test the eastern extension of the zone. There has been no drilling to date on the New World Project.

Mt Peyton Project (300 metres) - a 300-metre, two-hole drill program is planned to test IP geophysical targets associated with high grade, gold bearing quartz veins with associated pyrite and arsenopyrite mineralization.

"The next few months should be an exciting time for Paragon and its shareholders with nearly 11,000 metres of diamond drilling planned on eight projects. Some of these projects have never been drilled and some have a new interpretation which hopefully leads to additional, significant discoveries" said Paragon CEO Michael Vande Guchte.

The Company also wishes to announce that as of June 1, 2007, the Company and Mr. Garfield MacVeigh, the Company's Vice-President Exploration, mutually agreed that his management position with the Company would change from Vice-President Exploration to Chief Geologist. In the capacity of Chief Geologist, Mr. MacVeigh will continue to provide technical expertise and advice to the Company's projects and personnel. The Company is preparing a new contract with Mr. MacVeigh to reflect this change in position. Mr. MacVeigh is also a Director of the Company and remains firmly committed to the success of Paragon Minerals Corporation.

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 J. Vande Guchte

________________________________
President & CEO


Work on Paragon's exploration projects is supervised by Qualified Persons David Copeland, M.Sc., P.Geo. and 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 and joint venture partner participation. 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 ability of the Company and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company'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.

For more information, contact
Bill Cavalluzzo, VP Investor Relations
Toll free: 1-877-533-6353
Paragon Minerals Corporation
Suite 1540-800 West Pender Street
Vancouver BC CANADA V6C 2V6

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.