Client Press

Titan 24 geophysical survey to commence in mid-June, drilling to follow

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2008) - Paragon Minerals Corporation ("Paragon") (TSX VENTURE:PGR) is pleased to provide an update on the first phase of a 10,000-metre diamond drill program at the Lemarchant Prospect on the South Tally Pond property. A total of thirteen drill holes (4,217 metres; LM08-19 to 31) were completed on the property between February 7 and April 10, 2008. Drilling was halted in mid-April due to the spring thaw conditions and is scheduled to resume in July following the completion of a Titan 24 Deep Earth Imaging geophysical survey.

Paragon has contracted Quantec Geoscience Ltd. to perform a geophysical survey using the Titan 24 Deep Earth Imaging system in the Lemarchant Prospect area in June. The Titan 24 Deep Earth Imaging system is considered to be the most advanced electrical earth imaging technology available. Measuring parameters of DC (resistivity), IP (chargeability) and MT (magnetotelluric resistivity), the Titan 24 measures to depths of 750 metres with IP and to depths of more than 1.5 kilometres with MT data. These depths and multi-parameter data make the system one of the best tools available for obtaining subsurface information related to geologic structure and for the direct detection of mineral deposits.

The completed winter drill program was designed to test the on strike and dip extensions to the precious metal-rich massive sulphide mineralization intersected by Paragon in four drillholes last year, where massive sulphides grading up to 9.46% zinc, 2.13% lead, 0.81% copper, 73.44 g/t silver, 1.85 g/t gold were intersected over 14.6 metres (see Paragon News Release dated January 18, 2008).

Drilling to the north and west of the massive sulphides intersected last year has outlined a thick sequence of highly altered and mineralized felsic volcanic rocks. The felsic stratigraphy is intensely altered (chlorite-sericite-silica) and contains up to 25% disseminated to stringer sulphides (pyrite, sphalerite, chalcopyrite and galena). Assay results indicated broad, up to 50 metres wide zones of anomalous to highly anomalous zinc-lead-copper-silver-gold mineralization and interpreted to represent footwall zone mineralization. Two of the drillholes (LM08-28 and 29) intersected up to 9.4 metre thick intervals of semi-massive to massive pyrite-pyrrhotite-magnetite mineralization with anomalous gold mineralization.

Current interpretation suggests that the direction or vector to higher temperature copper-rich massive sulphide mineralization and the potential centre (vent) of the VMS mineralizing system is to the west. The most westerly drillhole (LM08-29; 629 metres) intersected a thick sequence of heavily chlorite-altered felsic volcanic rocks with a notable increase in disseminated chalcopyrite (copper sulphide) contents. Drilling has provided a better understanding of the proximal felsic volcanic stratigraphy and dramatic rock facies changes observed in drill core, all of which has been moderately folded. The extent of the felsic volcanic rocks to the west and at depth show excellent potential for hosting additional massive sulphide mineralization.

"We are very encouraged with the results of the drilling completed to date. The presence of thick accumulations of high grade massive sulphides, vent proximal geology, very intense hydrothermal alteration and significant stringer base metal mineralization are excellent indicators of a large VMS system," stated Michael Vande Guchte, President & CEO of Paragon Minerals Corporation. "We believe that utilizing the Titan 24 geophysical survey at this stage will help target and prioritize the next round of drilling at the Lemarchant Prospect." The Titan 24 survey is scheduled to begin mid-June and will be followed by up to 5,800 metres of drilling beginning in July.

The South Tally Pond Project is located in the same volcanic belt and has strong similarities to the rocks that host Teck-Cominco's Duck Pond Mine. Paragon has a significant land position covering 32,450 hectares immediately southwest of the Duck Pond Mine. The project is under option from Altius Resources Inc., whereby Paragon can earn a 100% interest in the property.

Results and maps are available on the Company website at www.paragonminerals.com

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