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2007Paragon and Meridian Extend Gold Mineralization at the Huxter Lane ProjectMay 22, 2007 -- Drilling extends the Mosquito Hill Zone to 750 metres strike length --
Paragon and Meridian are very encouraged by the continuity and thickness of the near surface gold-bearing porphyritic intrusion. The mineralized porphyry remains open along strike and to depth and shows excellent potential for extension. The porphyry is characterized by strong silica, sericite and iron-carbonate alteration with significant sulphide mineralization occurring throughout. The drill data is being reviewed by both companies with additional drilling planned in 2007. "Paragon's exploration team has taken this gold project from concept to discovery in under two years. It's demonstrating robust gold mineralization and we look forward to continued exploration on this project with Meridian Gold" said Michael Vande Guchte. The Huxter Lane project is one of a number of high quality projects that the Company controls and plans to drill during 2007. Paragon would like to thank the Government of Newfoundland and Labrador for its funding support, provided by the Junior Exploration Assistance Program to the 2006 Phase I drill program on the Huxter Lane Gold project. 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 The Huxter Lane Project work is being carried out by and supervised by Qualified Person Steve House, B.Sc., P.Geo. All drill holes were NQ size. Drill core samples were cut in half on site with half of each sample interval submitted to Eastern Analytical Limited of Springdale, NL for gold analysis. Gold assays were carried out by 1 A.T. fire assay at Eastern Analytical Labs. Blanks and gold standards were inserted into the sample stream once every 20 samples. Gold standards were prepared by CDN Resource Laboratories Ltd., of Delta, BC and certified by Licensed Assayer Duncan Sanderson. Sample batches were reanalyzed if any aberrations in the data were observed. Check assays have been received for assays up to and including those from drill hole HX07-20 and show acceptable correlation with the Eastern Analytical results. Check assays from holes HX07-22 to HX07-25 are pending. 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 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. 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. |
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