TSX Venture Exchange Symbol: PGR
Shares Issued: 52,949,254
VANCOUVER, Nov. 10, 2011 /CNW/ - Paragon Minerals Corporation (TSX-V: PGR; "Paragon") is pleased to report that exploration partner,
Golden Dory Resources Corp. (TSX-V: GDR; "Golden Dory") has started a 2,000 metre drill program at the Huxter Lane gold project in central Newfoundland. Golden Dory is
the project operator and can earn up to a 70% interest in the Huxter
Lane project by completing a positive feasibility study on the
The drill program is designed to expand the National Instrument 43-101
compliant gold resource at the Huxter Lane - Mosquito Hill gold deposit
and to test a large, untested geophysical and geochemical gold anomaly
located about 1,000 metres to the northwest of the currently defined
gold deposit. On completion of the drill program, Golden Dory plans to
update the NI43-101 gold resource and complete a preliminary economic
"Given the positive results after only 60 shallow drillholes, management
believes there is excellent potential for a significant gold deposit in
this new, emerging gold district in central Newfoundland," stated
Michael Vande Guchte, President & CEO of Paragon. "The gold deposit
continues to grow in size with each drill program and remains wide open
for expansion along strike and down dip".
The Mosquito Hill gold deposit is a near surface, bulk tonnage gold
target that contains an indicated resource of 11.18 million tonnes averaging 0.546 g/t gold for
196,257 ounces gold and an inferred resource of 38.76 million tonnes
averaging 0.457 g/t gold for 569,496 ounces gold at a cutoff of 0.30 grams per tonne gold (see Paragon Minerals
Corporation news release dated September 29, 2010). The deposit remains
open for expansion. The NI43-101-compliant resource was prepared by
Giroux Consultants Ltd. of Vancouver, BC. No economic assessment or
scoping study of the Mosquito Hill gold deposit has yet been performed.
About Paragon Minerals Corporation
Paragon Minerals Corporation 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 where it is advancing a significant precious
metal-rich massive sulphide discovery located in a producing base metal
mining district in central Newfoundland. Paragon is also exploring an
exceptional portfolio of gold properties through partner-funded and
company-funded exploration programs. For more information, please
visit the company website at www.paragonminerals.com
PARAGON MINERALS CORPORATION
"Michael Vande Guchte"
President & CEO
Qualified Person: David A. Copeland, M.Sc., P.Geo., Exploration Manager for Paragon
Minerals Corporation is a Qualified Person as defined by NI43-101 and
has reviewed and approved this news release. Gary Giroux, P. Eng. of
Giroux Consultants Limited of Vancouver, BC is the Qualified Person as
defined by NI 43-101 for the NI 43-101 resource estimate prepared for
Golden Dory on the Mosquito Hill Gold Deposit. All historical results
were obtained from published reports available in the public domain.
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 Paragon 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 Paragon 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 Paragon's management on the date the statements are made.
Except as required by securities laws, Paragon 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.
"Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release."
SOURCE Paragon Minerals Corp.
For further information:
Investor Relations: Miranda McCarthy (604) 629-2353 or Wanda Cutler (416) 303-6460