2008

Paragon Continues to Intersect Precious Metal-Rich Massive Sulphides

 - 5.92% zinc, 2.19% lead, 0.68% copper, 102.7 g/t silver and 2.14 g/t gold over 8.1 metres --

PR08-13

Paragon Minerals Corporation (PGR-TSX.V) is pleased to provide an update on drilling at its 100%-owned South Tally Pond VMS Project located in central Newfoundland. Drilling by Paragon has identified significant precious metal-rich base metal massive sulphide (zinc-lead-copper) mineralization at the Lemarchant prospect.

Six new holes have now been completed at Lemarchant. The drilling has further defined the massive sulphide mineralization intersected between sections 101N and 104N; and extended the base metal semi-massive sulphide mineralization to the northwest to section 106N. Drill highlights include:

* intervals interpreted to be near true width.

Drillholes LM08-32 and LM08-34 (Section 102N) intersected disseminated and stringer base metal mineralization in altered rhyolite 80 metres and 235 metres in the up dip direction, respectively of the base metal massive sulphides intersected in LM07-14 (5.26% zinc, 1.52% lead, 1.06% copper, 92.56 g/t silver, 0.85 g/t gold over 5.4 metres).

Drillhole LM08-33 (Section 103N) intersected 26.8 metres of semi-massive to massive sulphides 50 metres in the up-dip direction of the base metal massive sulphides intersected in LM07-15 (9.46% zinc, 2.13% lead, 0.81% copper, 73.44g/t silver, 1.85 g/t gold over 14.6 metres).

Drillhole LM08-37 (Section 106N), the most northwesterly drill hole at the Lemarchant Prospect, intersected 2.3 metres of semi-massive base metal sulphide mineralization. The sulphide zone is underlain by a 70.4 metre thick interval of footwall-style stringer base metal mineralization in strongly altered felsic volcanic rocks. The upper margin of the sulphide zone appears to be truncated by a shallow, west dipping fault zone. The mineralized zone is interpreted to be open along strike and down-dip.

"We continue to be very encouraged with the drilling results from the Lemarchant base metal prospect. The recent drilling has extended the base metal sulphide mineralization to the northwest and it remains open in both directions. The semi-massive to massive sulphides intersected to date have similar characteristics including a significant barite component, suggestive that this may be a continuous sulphide lens" stated Michael Vande Guchte, President and CEO of Paragon Minerals Corporation. To-date, wide-space drilling (100 metres sections) has outlined the base metal sulphide mineralization over a 500 metres length. Paragon will complete its drill program at South Tally Pond in mid-November with four more drill holes planned at the Lemarchant Prospect.

The South Tally Pond Project is located in the same volcanic belt and has strong similarities to the rocks that host the Teck-Cominco's Duck Pond Mine (5.48 million tonnes of 3.3% copper, 5.8% zinc, 0.9% lead, 59 g/t silver and 0.86 g/t gold). The region is also host to the world-class Buchans Mining Camp which produced 16.2 Mt of ore at an average grade of 14.5% zinc, 7.6% lead, 1.3% copper, 126 g/t silver and 1.37 g/t gold. Paragon has a camp size land position covering 33,550 hectares immediately southwest of the Duck Pond Mine. The project is under option from Altius Resources Inc., whereby Paragon can earn a 100% interest in the property.

Results and maps will be available on the Company website at http://www.paragonminerals.com

Paragon Minerals Corporation is a Canadian-based mineral exploration company listed on the TSX Venture Exchange. The company and exploration partners are focused on gold and base metal exploration in Eastern Canada, specifically within the Province of Newfoundland and Labrador. Further details on the properties can be found on the Company website at www.paragonminerals.com

PARAGON MINERALS CORPORATION

"Michael J. Vande Guchte"
President & CEO

Qualified Person - The South Tally Pond project work is being carried out and supervised by Qualified Person David Copeland, M.Sc., P.Geo. Historical information contained herein was obtained from reports filed with the Government of Newfoundland & Labrador. 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. Sample pulps were shipped to ALS Chemex in North Vancouver, BC for analysis for 27-element ICP analysis on all samples and check assays of significant base and precious metal bearing samples. Data quality is monitored through the insertion of control samples comprising one prepared base and precious metal standard and one blank sample for every 20 samples of natural diamond drill core. Check assays are currently pending for holes LM08-32 to 37. Control samples conformed to the accepted contained grades of base metals and gold. Some aberrations were noted with the silver (Ag) assay values of the control sample where assay grades for Ag ran 10% lower than the acceptable lower limit for the standard. Paragon, in conjunction with the assay lab, is working to address this discrepancy.

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 current and future exploration programs, activities and results. 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 or Michael Vande Guchte, President & CEO (604) 629-2353 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.