Paragon Minerals Corp. reported that Paragon has entered into an option agreement to acquire a 100% interest in the Gold Star property in north-western Ontario. The property consists of 29 claims (323 units) and is located in the Archean-aged Sturgeon Lake Gold Belt near the community of Savant Lake, Ontario approximately 230 kilometres northwest of Thunder Bay, Ontario, Canada. Paragon completed a field investigation of the property in October where sampling confirmed the high-grade gold occurrences. The Gold Star property is underlain by Archean-aged mafic and felsic volcanic rocks (greenstone) that are cut by later intrusive rocks related to the Lewis Lake granites to the west and/or the Sturgeon Narrows intrusive complex to the southeast. The gold-bearing quartz veins are hosted within north-northeast trending shear zones that are well developed at lithological boundaries. Late folding and structural disruption of the shear zones and primary gold mineralization show the potential for remobilization and concentration of gold within later structures; a feature common to many high-grade gold environments. The property area was initially explored in the early 1900's which led to the discovery of numerous high-grade, gold-bearing quartz vein systems in shear zones.

Paragon Minerals Corp. reported unaudited earnings results for the third quarter and nine months ended June 30, 2009. For the quarter, the company reported loss before other items of CAD 99,291 and net income of CAD 325,589 or CAD 0.01 per basic and diluted share compared to loss before other items of CAD 218,042 and net income of CAD 13,140 for the same period of last year. The company reported cash used in operating activities of CAD 31,390 compared to CAD 193,515 for the same period of last year. For the six months, the company reported loss before other items of CAD 439,232 and net income of CAD 52,821, compared to loss before other items of CAD 819,479 and net loss of CAD 376,188 or CAD 0.02 per basic and diluted share for the same period of last year. The company reported cash used in operating activities of CAD 305,524, compared to CAD 577,314 for the same period of last year.

Paragon Minerals Corp. to provided updates on fieldwork at its 100%-owned South Tally Pond Project. 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 at these prospects (18 holes, 3,872 metres) intersected massive sulphide mineralization with significant assays of 1.41% copper over 6.0 metres and 10.1% zinc over 4.0 metres. Under terms of the agreement, GFE 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 will be the operator during the earn-in period. Paragon remains committed to advancing its 100%-owned South Tally Pond VMS Project and JBP Linear Gold Project as well as evaluating new exploration opportunities. At the South Tally Pond Project, where Paragon has made a significant base metal discovery at the Lemarchant Prospect, a recently completed field program focused on the follow-up of numerous short strike-length, untested airborne EM anomalies located elsewhere on the property (see news release dated February 25, 2009). Many of these EM anomalies are located in favourable, altered felsic volcanic stratigraphy.