Paget Drills 91 Meters at 0.76g/t Gold at the Rainbow Target, Ball Creek Project

Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") today
announced significant drill results from the Rainbow Gold Porphyry Target within
the Ball Creek Project located in the Golden Triangle - Iskut Mineral District,
northwest BC (to view maps visit: http://www.pagetminerals.com/s/Maps.asp). 


Two drill holes (totaling 325.1m), the first holes ever drilled at Rainbow,
collared on the same drill pad intersected:




--  RN-11-01 (-55 degrees): 91m @ 0.76g/t Au, 2.0g/t Ag, 0.05% Cu,
    including: 
    --  22m @ 1.13g/t Au, 3.0g/t Ag, 0.07% Cu 
    --  the entire hole is mineralized from surface to total depth and
        bottoms in 0.48g/t Au 
--  RN-11-02 (vertical): 10m @ 0.39g/t Au, 1.54g/t Ag, 0.03% Cu and 8m @
    0.27g/t Au 



David Volkert, President and CEO, stated, "The Rainbow Porphyry discovery adds
significant dimension to the considerable, overall potential of Paget's priority
Ball Creek Project. Follow-up drilling at Rainbow will be initiated in Summer
2012. A comprehensive overview of all the targets within and exploration plans
for the Ball Creek Project will be reported within the next week."


Steeply-dipping, sheeted and banded quartz veinlets and magnetite veinlets
closely resembling the banded veins that occur at the top of gold porphyries in
Maricunga, Chile, host the mineralization. The high Au:Cu ratio, anomalous Ag,
Zn halo (average 473ppm in Rainbow) and lack of alteration selvages at Rainbow
are also indicative of Maricunga-style mineralization. The banded veining,
hosted in andesite volcanics and volcanic breccias, is found on surface over
only a very small area in a large moraine-filled depression and the drill
intercept in RN-11-01 is much wider than outcropping mineralization. The
intercepts above represent the first holes ever drilled at Rainbow and more
drilling is required and planned. 


About Paget Minerals Corp. 

Paget Minerals Corporation is a publicly traded resource company focused on
mineral exploration and the advancement of the company's priority Ball Creek
Project, in British Columbia. The company hosts a 47,200-hectare, contiguous
mineral tenure package in the Iskut Mineral District located just 8km west of
Highway 37 and only 36km northwest of the new Northwest Transmission Line
Substation at Bob Quinn and neighbors three major mine development projects in
the Golden Triangle - Galore Creek, Shaft Creek and Red Chris. In 2012, Paget
will focus its BC exploration program on the Ball Creek Project, as well as
advancing its exploration in Mexico. Paget also maintains its equity position in
Trident Gold Corp. exploring for gold in Colombia. 


On Behalf of the Board of Paget Minerals Corp., 

David F. Volkert, President & CEO