2007

Paragon Grants Incentive Stock Options

 Paragon Minerals Corporation (PGR.TSX-V)) reports that on March 1, 2007, based on the recommendation of the Compensation Committee, it granted incentive stock options to Directors, Officers, Employees and Consultants of the Company to purchase a total of 1,390,000 common shares pursuant to the Company's Stock Option Plan. The options are exercisable at a price of CDN$0.70 per share until March 1, 2012 and vest over a period of 18 months from the date of grant. The stock options are subject to acceptance for filing by the TSX Venture Exchange.

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The company is focused on base and precious metal exploration in Eastern Canada, specifically within the Province of Newfoundland and Labrador.

Paragon Minerals Corporation

On behalf of the board,

"Michael J. Vande Guchte"

President & CEO

For more information, contact Bill Cavalluzzo, VP Investor Relations Toll free: 1.866.365.4706

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.