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Paragon Minerals Corporation

Wednesday, November 7th, 2007

Paragon Minerals Corporation is pleased to report that it has intersected further precious metalrich massive sulphide mineralization in its third, 100-metre step-out at the Lemarchant copper-zinc prospect located in central Newfoundland, 20 kilometres southwest of Teck-Cominco Limited’s Duck Pond copper-zinc mine. Drilling has now intersected base metal massive sulphide mineralization over a 300 metre strike length and is open along strike.
Drillhole LM07-17, located 100 metres north and 90 metres west of LM07-15 (see News Release dated October 19), intersected semi-massive to massive polymetallic sulphide mineralization over 14.6 metres. The zinc-lead-copper sulphide mineralization is similar to, and appears to represent the continuation of the massive sulphide mineralization intersected in LM07-15. Mineralization includes 8.1 metres of high-grade zinc-lead-copper rich massive sulphides grading 21.04% zinc, 4.26% lead, 0.72% copper, 76.05 g/t silver and 0.65 g/t gold and is hosted in a thick barite-rich felsic volcanic sequence. The massive sulphide mineralization is underlain by intensely altered felsic volcanic rocks containing stringer and disseminated sulphides including pyrite, sphalerite and chalcopyrite over 8.9 metres thickness.
A second hole on this section, LM07-16 intersected a 40.5-metre thick sequence of strongly altered felsic volcanic rocks with up to 20% disseminated to stringer pyrite containing anomalous base metal (assays up to 2.50 % zinc and 0.62% copper over 0.5 metres) and precious metals (5.93 g/t gold and 59.6 g/t silver over 0.5 metres). This second intercept occurs in similar felsic stratigraphy approximately 100 metres down-dip of LM07-17.
Significant available assay results include:
Hole, From(m), To(m), Interval(m), Zinc(%), Lead(%), Copper(%), Silver(g/t), Gold(g/t)
LM07-13 164.50 169.55 5.05 7.49 0.07 0.77 40.29 1.21
LM07-14 203.50 208.90 5.40 5.26 1.52 1.06 92.56 0.85
LM07-15 219.00 233.60 14.60 9.46 2.13 0.81 73.44 1.85
LM07-16 281.20 320.00 38.80 Anomalous base and precious metals
LM07-17 236.00 259.50 23.50 8.55 1.63 0.35 33.46 0.49
236.00 250.60 14.60 12.38 2.61 0.45 50.32 0.74
242.50 250.60 8.10 21.04 4.26 0.72 76.05 0.65
(Notes: LM07-13, 14, 15 reported on previously – see News Release dated October 19 for further details; Reported core length intervals in LM07-17 is interpreted as 85-90% true thickness)
“We are very excited to have intersected massive sulphide mineralization in this third step-out” said Mike Vande Guchte, President & CEO of Paragon Minerals Corporation “We’ve traced the mineralization over 300 metres and it remains open. It is early days, but we are getting a better geological understanding with each new drill hole and the significant metal potential at the Lemarchant Prospect”. The Company has now completed 2,372 metres of diamond drilling in five holes on the property and is planning for an aggressive drill program as soon as practicable.
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