Paragon Reports on Gold Projects in Gander Area, Newfoundland

    TSX Venture Exchange Symbol: PGR

    TORONTO, Dec. 20 /CNW/ - Paragon Minerals Corporation (PGR.TSX-V) is
pleased to provide drilling results from three of its gold projects located in
the Gander area of Newfoundland. The three projects include JBP Linear (4
holes, 689.5 metres), Mt. Peyton (2 holes, 237.0 metres), and New World (2
holes, 291.5 metres). The projects form part of a larger land position held by
Paragon, an area that it believes has district-scale gold potential.

    JBP Linear Project

    Paragon completed three drill holes (424.0 metres) that targeted a
geophysical IP trend with coincident anomalous gold-bearing soil and quartz
vein float samples in the Pocket Pond East area. All three drill holes
intersected a zone of gold-bearing quartz vein mineralization located 215
metres north and along strike of the previous drilling (3 holes) at the Pocket
Pond East prospect. The most significant intersection was in drillhole HP07-39
where multiple, near surface quartz veins containing visible gold were
intersected over a 12.6 metre interval. The northern extension to the Pocket
Pond East prospect remains open along strike and to depth with multiple,
untested targets along the geophysical IP trend. A fourth drillhole (HP07-41,
265.5 metres) located 500 metres to the west, in the Pocket Pond West area,
intersect minor quartz vein zones. Significant gold assay results include:

    Drillhole  Section  From (m)  To (m)  Interval (m)(*)  Gold
    HP07-38     11100N    56.35   59.70      3.35            1.03
      including           59.10   59.70      0.60            3.58
    HP07-39     11216N    22.80   35.40     12.60            1.89
      including           22.80   26.00      3.20            3.84
                          22.80   23.45      0.65            5.62
                          25.50   26.00      0.50           14.36
                          34.40   34.90      0.50            5.14
    HP07-40     11300N    74.90   76.40      1.50            5.30
      including           74.90   75.40      0.50            6.10
                          75.90   76.40      0.50            7.99

    (*) True thickness interpreted to be 100% of core length;
    (xx) Assays by metallic-screen fire assay method.

    Paragon suspended the JBP Linear drill program in early October as a
result of property option discussions with Sprott Resource Corp., who have
since optioned the property from Paragon (see News Release dated November 15,
2007). Paragon and Sprott are planning a follow-up drill program to commence
in January 2008.

    Mt. Peyton Linear Project

    Paragon completed a two drillhole program (237.0 metres) aimed at
following up on historical drill results reported by Noranda in 1990. Previous
work by Noranda outlined two continuous zones of gold mineralization, the
Hurricane and Peyton gold trends over strike lengths of up to 650 metres.
Historical drill results (3 holes) along the Hurricane Trend intersected up to
7.9 g/t gold over 1.0 metre in drillhole MP90-12 and up to 7.5 g/t gold over
1.0 metre in drillhole MP90-14.
    Drillhole MP07-15 tested the down-dip potential below historical
drillhole MP90-14 and intersected a broad, 70 metre wide interval with local,
silica-sericite altered and mineralized zones ranging from 0.6 to 6.9 metres
in width. A second drillhole, MP07-16 tested the western projection of the
Hurricane Zone and intersected three strongly silica-sericite altered and
mineralized zones ranging from 1.9 to 6.9 metres in width. Significant gold
assay results include:

    Drillhole  Section  From (m)  To (m)  Interval (m)(*)  Gold
    MP07-15      2360E    33.20   33.80        0.60         2.05
                          65.45   66.15        0.70         8.83
                          70.00   70.60        0.60         2.93
    MP07-16      2900E    31.01   31.92        0.91         2.24
                          45.12   45.82        0.70         2.07
    (*) True thickness interpreted to be 100% of core length;
    (xx) Assays by metallic-screen fire assay method

    New World Project

    Paragon completed two drill holes (291.5 metres) from the same site on
the New World project. Drilling targeted a moderate to strong soil geochemical
anomaly located along the 15 kilometre long New World Gold Trend. The New
World Trend is a sedimentary-hosted gold target along which numerous gold
occurrences have been located. Gold assay results from this initial drill
program include 0.71 g/t gold over 4.0 metres (NW07-01) and 1.35 g/t gold over
1.1 metres (NW07-02).
    "In its first year, Paragon and its partners have completed 16,800 metres
of diamond drilling (50% partner-funded) on seven projects; advanced a number
of other gold and base metal projects; and we made a significant precious
metal-rich base metal discovery on our 100%-owned South Tally Pond project"
said Michael Vande Guchte, President and CEO of Paragon "We're looking forward
to an exciting year in 2008 with continued partner and company-funded
    The Company is currently finalizing its exploration plans for 2008 which
will have a significant drilling component, particularly on the South Tally
Pond project.


    Paragon Minerals Corporation is a Canadian-based mineral exploration
company listed on the TSX Venture Exchange. Paragon is focused on gold and
base-metal exploration in the Province of Newfoundland and Labrador.


    Michael J. Vande Guchte

    President & CEO

    Qualified Person - Work on JBP Linear, Mt. Peyton, and New World gold
projects is supervised by Qualified Person Steve House, B.Sc., P.Geo.
Historical information contained herein was obtained from reports filed with
the Government of Newfoundland & Labrador. Samples were analysed for gold (1
assay ton) and metallic screen 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 gold standard and one blank sample for every 20 samples of natural
diamond drill core. Check assays are currently pending for drill holes
HP07-40, HP07-41, NW07-01 and NW07-02. All control samples conformed to the
accepted contained gold grades.

    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 program, results and
activities. 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.

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

For further information:

For further information: 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

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