Paragon and Crosshair Report Initial Gold Recoveries of 98% From Jaclyn Main Deposit

  Paragon Minerals Corporation (TSX VENTURE: PGR) is pleased to report excellent gold recoveries from preliminary metallurgical test work from the Golden Promise JV Gold Project, located in central Newfoundland, Canada. Paragon's joint venture partner, Crosshair Exploration & Mining Corp. (NYSE Amex: CXZ; TSX: CXX) has received initial metallurgical results from six historic drillholes at the Jaclyn Main Deposit indicating gold recoveries up to 98%.

A composite sample of gold-bearing quartz vein from six previously completed drillholes was submitted to SGS Mineral Services of Vancouver, BC ("SGS") for preliminary metallurgical testing including gravity concentration, flotation and determination of the cyanide leaching characteristics. Thirty-four (34) samples from the drillholes were composited to provide one, 34.4 kilogram sample with a head grade that assayed 4.50 g/t gold as compared to the weighted average assay grade based on the individual samples of 4.18 g/t gold. The results indicate that the gold in the quartz vein zone can be effectively recovered using gravity concentration in combination with flotation or leaching, or by direct leaching. Gravity concentration recovers 85% of the gold at 120 microns and the remaining gold in the gravity tails can be recovered either by flotation after regrinding (96% recovery at 110 microns) or by cyanide leaching (94% recovery in 72 hours at 70 microns). The gold can also be recovered by direct leaching of the whole rock sample at 70 micron grind over a 72 hour period resulting in 98% gold recovery.

"We are very encouraged by the initial gold recovery characteristics of the Jaclyn Main Deposit," said Michael Vande Guchte, President and CEO of Paragon. "Additional metallurgical testing on recently completed holes will provide additional extraction and recovery data prior to the planned bulk sample program." Drill core samples from 12 infill holes completed earlier this year in the central part of the Jaclyn Main Deposit are currently with SGS for similar metallurgical test work.

Following a detailed review of the exploration data and metallurgical results, Crosshair and Paragon plan to conduct a surface bulk sampling program. The bulk sample is aimed at providing a more representative gold grade, testing structural and grade continuity and mining/milling characteristics for the Jaclyn Main Deposit. The 2010 programs are being funded by Crosshair as part of the 2009 Joint Venture Agreement (see Paragon News Release dated April 9, 2009). Paragon retains a 40% interest in the Golden Promise JV Gold Project.

About Paragon Minerals Corporation

Paragon Minerals Corporation is a Canadian-based mineral exploration company focused on gold and base-metal exploration in eastern Canada. Paragon's flagship base metal project is the 100%-owned South Tally Pond VMS project where it has made a significant precious metal-rich massive sulphide discovery in a proven mining district in central Newfoundland. Paragon is also exploring an exceptional portfolio of gold properties through both company and partner-funded exploration. For more information on Paragon and its properties, please visit the company website at www.paragonminerals.com.

PARAGON MINERALS CORPORATION

Michael J. Vande Guchte, President & CEO

Qualified Person and QA/QC - Exploration work on the Golden Promise JV Project is being carried out by Barry Sparkes, Consulting Geologist to Crosshair and supervised by Stewart Wallis, P.Geo., a member of the Professional Engineers and Geoscientists of BC, the President and CEO of Crosshair and a Qualified Person as defined by NI 43-101. Mr. Wallis has verified that the assay results presented above have been accurately summarized from the official assay certificates provided to Crosshair. Hoe Teh, P.Eng. is the Qualified Person supervising the metallurgical test work.

The metallurgical testwork was completed on a combination of previously drilled quartered HQ- and NQ-diameter drill core from the central and near-surface section of the Jaclyn Main Zone (drillholes GP02-01, 05, 06, 11, 17 and GP03-24). The drill core was stored in the secured core storage facility in Badger, NL. A total of 34 individual samples of drill core from six holes were composited to form one sample weighing 34.4 kilograms. The composite sample was crushed to -10 mesh then blended and split into individual charges for the various metallurgical tests. The head sample was assayed for gold using screen metallics analysis.

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 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.

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Contacts: Paragon Minerals Corporation Michael Vande Guchte President & CEO [phone] www.paragonminerals.com