Paragon and GFE Capital Complete Drilling at Winterhill VMS Project

Paragon Minerals Corporation (TSX VENTURE:PGR) ("Paragon") reports that
exploration partner GFE Capital Corp. (TSX VENTURE:GFC) ("GFE Capital") has
completed a 300-metre diamond drillhole on the Winterhill VMS Project in
south-central Newfoundland, Canada. 


Drillhole WH10-19 successfully tested the centre of a 700-metre long, priority
airborne EM conductor and coincident ground EM conductor located below a small
lake on the property. Drilling intersected a thick, strongly altered sequence of
felsic volcanic rocks which contained intervals of well-bedded to banded
semi-massive to massive pyrite mineralization measuring 3.8 metres (128.9-132.7
metres), 2.0 metres (183.3-185.3 metres) and 1.85 metres (199.45-201.3 metres)
in thickness. Anomalous zinc is associated with the pyrite mineralization. The
host altered felsic volcanic rocks are overlain by unaltered "hangingwall" mafic
volcanic rocks. 


"The drilling has confirmed that the 700-metre long conductive trend is due to
VMS-style massive sulphide mineralization in bedrock below the lake" said
Michael Vande Guchte, President & CEO of Paragon. "The presence of intense
hydrothermally altered felsic volcanic rocks containing bedded massive
sulphides, coupled with the sparsely tested nature of the conductor, is
encouraging for aggressive follow-up exploration in this VMS mineralizing
system".


The Winterhill massive sulphide mineralization is hosted within
Neoproterozoic-aged volcanic rocks similar to those of the Arabian-Nubian Shield
which host numerous large tonnage and high-grade VMS deposits. The property
covers a 3.5-kilometre long zone of altered felsic volcanic and calcareous
sedimentary rocks that host a number of base metal prospects including
Winterhill, Winterhill East and Winterhill West. Previous drilling by Noranda at
these prospects (18 holes, 3,872 metres) intersected massive sulphide
mineralization with assays of 1.41% copper over 6.0 metres and 10.1% zinc over
4.0 metres.


Under terms of the Winterhill option agreement, GFE Capital may earn a 70%
interest in the property by funding $700,000 in exploration expenditures over a
four year period ($100,000 firm in first year) and making cash payments of
$60,000 to Paragon. Paragon is the operator during the option earn-in period. 


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 is
exploring an exceptional portfolio of gold and base metal properties through
company-funded 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 Vande Guchte, President & CEO

Qualified Person - David A. Copeland, M.Sc., P.Geo., Exploration Manager for
Paragon Minerals Corporation is a Qualified Person as defined by NI43-101 and
has reviewed and approved the technical contents of this news release. Assaying
for this program was carried out on split BQTW core by Eastern Analytical of
Springdale, NL with check assays, ICP and XRF analyses performed by ALS Chemex
of North Vancouver, BC. Industry certified standards and blanks were also
inserted into the sample stream as part of QA/QC.


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. Except as required by securities laws, 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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