Paragon Minerals Corporation: Drilling Underway at the Golden Promise JV Gold Project
10 Febbraio 2010 - 6:30PM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) is pleased to
announce that joint-venture partner Crosshair Exploration &
Mining Corp. (TSX: CXX)(NYSE Amex: CXZ) has commenced drilling at
the Golden Promise JV Gold Project in central Newfoundland. The
program will focus on the Jaclyn Main Zone and will consist of
approximately 6,200 metres of drilling in 30 holes. Eighteen
drillholes are 50 metre-spaced "step-out" holes aimed at extending
the Jaclyn Main Zone eastward for 300 metres to a total strike
length of 1200 metres. The remaining holes are proposed to further
test the potential of the paralleling Jaclyn North Zone and provide
metallurgical samples of the high-grade near-surface portion of the
Jaclyn Main Zone.
Crosshair and Paragon also plan to conduct a surface bulk
sampling program on completion of the drill program at the Jaclyn
Main Zone. The bulk sample is aimed at providing a more
representative gold grade for the Jaclyn Main Zone resource, where
assay results from diamond drilling alone may not be an effective
means of reliably determining grade in high-nugget effect gold
systems. Studies of other high-nugget effect gold deposits indicate
that assays from surface diamond drill holes may understate the
actual in-situ gold grade in such deposits.
"We are very pleased to see the drilling get underway again at
Golden Promise," said Michael Vande Guchte, President and CEO of
Paragon. "The drill program and planned bulk sampling program
should go a long way to further evaluating the gold potential of
the project." The exploration programs will be 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.
Paragon Minerals Corporation is a Canadian-based mineral
exploration company listed on the TSX Venture Exchange. Paragon and
its exploration partners are focused on gold and base metal
exploration projects in eastern Canada. Further details on the
properties can be found on the Company website at
www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael J. 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.
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 regulatory
approvals, 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.
Shares Issued: 31,373,409
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Paragon Minerals Corporation Michael Vande Guchte
President & CEO (604) 629-2353 Paragon Minerals Corporation
Bill Cavalluzzo VP Investor Relations (604) 629-2353
www.paragonminerals.com
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