New Geochemical Target Identified at Paragon's Lake Douglas VMS Project

VANCOUVER, BRITISH COLUMBIA, Nov 02 (MARKET WIRE) --
Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") is pleased to
provide an update on its 100%-owned Lake Douglas VMS project, located 20
kilometres southwest of the Duck Pond Cu-Zn mine in central Newfoundland.
Recent till sampling by the Government of Newfoundland and Labrador has
returned a significant geochemical anomaly at the Flexure Prospect.

The regional till sampling program carried out by the Geological Survey
Division of the Newfoundland and Labrador Department of Mines and Energy
(Open File report 12A/1449; Smith et. al., 2009) was released on October
27, 2009, and covered in part, the Lake Douglas project. The survey
returned a highly-anomalous till sample at Paragon's Flexure Prospect, a
priority target area on the property. The sample returned assays of 163
ppb gold, 288 ppm copper, 492 ppm zinc, 1479 ppm lead and 10278 ppm
arsenic, making it one of the most significant till samples within the
Victoria Lake Volcanic Belt.

The Flexure Prospect is located five kilometres southwest and along
strike of the Lake Douglas massive sulphide discovery (see Paragon News
Release dated December 13, 2007). The new, highly anomalous till sample
is underlain by similar hydrothermally altered volcanic stratigraphy to
that hosting the massive sulphides, and coincides with a 400 metre long
multi-element (copper, lead, zinc, silver, gold) soil geochemical anomaly
and a high priority airborne EM target. No drilling has been completed in
this area.

To date, exploration work completed by Paragon has outlined four high
priority areas on the property with excellent potential to host
large-tonnage base metal VMS deposits. One area, the Lake Douglas
prospect has been drill tested (7 holes, 2,062 metres) with one drillhole
(LD07-04) intersecting semi-massive to massive sulphide mineralization
grading up to 6.30% zinc, 4.19% lead, 0.39% copper and 82.86 g/t silver
over 6.45 metres.

"The recent government geochemical survey results underscore the
potential for additional massive sulphides to be discovered on our
property," said Mike Vande Guchte, President & CEO of Paragon Minerals
Corporation. "With only seven drillholes in the project area and numerous
attractive, untested VMS targets, we consider the potential for new base
metal discoveries to be excellent." Paragon is looking at various
alternatives to advance the project.

The Lake Douglas project is located 20 kilometres southwest of Teck
Resources Duck Pond Cu-Zn Mine and immediately south of Paragon's
100%-owned South Tally Pond project. The volcano-sedimentary stratigraphy
at Lake Douglas is very similar to other sediment-rich VMS base metal
camps such as the world-class Bathurst Mining Camp in northern New
Brunswick.

Paragon Minerals Corporation is a Canadian-based mineral exploration
company listed on the TSX Venture Exchange. Paragon and its exploration
partners are focused on gold and base metal exploration in Eastern
Canada. Further details on the Lake Douglas project and other properties
can be found on the Company website at www.paragonminerals.com.

PARAGON MINERALS CORPORATION

Michael J. Vande Guchte, President & CEO

Qualified Person - All Paragon projects are supervised by Qualified
Person David Copeland, M.Sc., P.Geo. Mr. Copeland reviewed and approved
the technical contents of this news release. 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 regulatory approvals, 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.
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.

To view the map accompanying this release please visit the following
link: http://media3.marketwire.com/docs/PGRMap11022009.jpg

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.

Contacts:
Paragon Minerals Corporation
Michael Vande Guchte
President & CEO
(604) 629-2353

Paragon Minerals Corporation
Bill Cavalluzzo
VP Investor Relations
(604) 629-2353
www.paragonminerals.com

Copyright 2009, Market Wire, All rights reserved.

-0-