Paragon Signs Deal to Acquire High-Grade Gold Project in Northwestern Ontario

VANCOUVER, BRITISH COLUMBIA, Nov 12 (MARKET WIRE) --
Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") is pleased to
report that Paragon has entered into an option agreement to acquire a
100% interest in the Gold Star property in north-western Ontario. The
property consists of 29 claims (323 units) and is located in the
Archean-aged Sturgeon Lake Gold Belt near the community of Savant Lake,
Ontario approximately 230 kilometres northwest of Thunder Bay, Ontario,
Canada. Paragon completed a field investigation of the property in
October where sampling confirmed the high-grade gold occurrences. Results
of quartz-vein grab samples collected from the key gold prospects are
summarized below.

- 34.2 g/t to 276.0 g/t gold (0.99 to 8.06 oz/ton) at the Powell Gold
Prospect (4 grab samples);

- 3.46 g/t to 22.80 g/t gold (0.10 to 0.66 oz/ton) at the Davidson-Carr
Gold Prospect (5 grab samples); and

- 49.8 g/t gold (1.45 oz/ton) at the Y-Island Gold Prospect with 6.14 g/t
gold (0.18 oz/ton) from the sheared host wallrock.

"We are attracted to this gold property because of the favourable
structural environment, multi-ounce gold occurrences, and the
under-explored nature of the project area. The property was explored
intermittently over 20 years ago and has seen very limited diamond
drilling," said Michael Vande Guchte, President and CEO of Paragon
Minerals Corporation. "The Gold Star property is part of Paragon's
ongoing strategy to acquire, advance and build our portfolio of gold and
base metal assets within under-explored, low-cost, mining friendly
jurisdictions."

The Gold Star property is underlain by Archean-aged mafic and felsic
volcanic rocks (greenstone) that are cut by later intrusive rocks related
to the Lewis Lake granites to the west and/or the Sturgeon Narrows
intrusive complex to the southeast. The gold-bearing quartz veins are
hosted within north-northeast trending shear zones that are well
developed at lithological boundaries. Late folding and structural
disruption of the shear zones and primary gold mineralization show the
potential for remobilization and concentration of gold within later
structures; a feature common to many high-grade gold environments.

The property area was initially explored in the early 1900's which led to
the discovery of numerous high-grade, gold-bearing quartz vein systems in
shear zones. The area saw very little further work until the 1970's and
1980's when intermittent exploration work was carried out including
ground geophysics and limited diamond drilling. Highlights of this
historical assessment work at key prospects include:

- 4.66 oz/ton gold and 0.66% copper from select grab samples at the
Y-Island gold prospect;

- 4.62 oz/ton gold over 0.5 feet in
drillhole completed at the Davidson-Carr gold prospect with 0.12 oz/ton
gold over 5.5 feet in the associated shear zone; and

- 0.87 oz/ton gold over 4 feet in one of two diamond drillholes completed
at the Powell gold prospect.

To acquire a 100% interest in the property, Paragon must make total cash
payments of $95,000 and issue 200,000 common shares of Paragon to the
property vendor over a three year period. The property vendor will retain
a 1.5% net smelter royalty, of which 50% can be purchased by Paragon at
any time for $750,000. The option agreement is subject to the approval of
the TSX Venture Exchange.

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 Canada.
Further details on the Gold Star property will be made available on the
Company website at www.paragonminerals.com.

To see the map accompanying this release, please visit the following
link: http://media3.marketwire.com/docs/ParagonMap111209.pdf

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, Exploration Manager for Paragon. Mr.
Copeland reviewed and approved the technical contents of this news
release. Historical results were obtained from published assessment
reports available in the public domain. Rock samples collected by Paragon
were delivered to ALS Chemex (an independent testing laboratory) in
Thunder Bay, Ontario for sample preparation. Sample pulps were shipped to
ALS Chemex in North Vancouver, BC for gold analysis (metallic screen fire
assay method with atomic absorption finish). Where samples assayed
greater than 100 g/t gold, the sample was re-assayed with gravimetric
method. Twenty-seven element ICP analysis was completed on all samples.
External blanks and standards were not inserted into the sample stream,
internal standards reported by ALS Chemex indicate the data is of
acceptable quality and the sample results correspond well with gold
observed in the samples. Duplicate analyses of the sample pulps
reasonably reproduced the original sample grades. Gold concentrations are
reported in grams per metric tonne and have been converted and reported
in troy ounces/short ton.

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.

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

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