PGR Paragon Minerals Corp.

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Paragon Minerals Corporation (TSX VENTURE:PGR) (the "Company") announces a
non-brokered private placement of up to 1,607,142 non-flow-through units ("NFT
Unit") at a purchase price of $0.14 per NFT Unit and 4,687,500 flow-through Unit
("FT Unit") at a purchase price of $0.16 per FT Unit for gross proceeds of
$975,000.


Each NFT Unit will consist of one common share of the Company and one common
share purchase warrant with a term of 24 months from the date of closing. Each
warrant will entitle the holder to acquire one additional common share of the
Company at an exercise price of $0.21 per common share in year one and $0.26 per
common share in year two.


Each FT Unit will consist of one flow-through common share of the Company and
one-half of one common share purchase warrant with a term of 24 months from the
date of closing. Each whole warrant will entitle the holder to acquire one
additional non-flow-through common share of the Company at an exercise price of
$0.23 per common share in year one and $0.29 per common share in year two.


The net proceeds from the financing will be used for exploration expenses on the
Company's key properties, and as general working capital. The gross proceeds
from the flow-through shares will be incurred as Canadian exploration expenses,
as defined in the Income Tax Act of Canada, and renounced to the subscribers
with an effective date of December 31, 2009.


This private placement is subject to acceptance for filing by the TSX Venture
Exchange and all securities are subject to a hold period of four months from the
closing date of the private placement. A finder's fee of cash and/or warrants
will be paid to Limited Market Dealer Inc. for the portion of the private
placement subscribed to by MineralFields.


Paragon Minerals Corporation is a Canadian-based mineral exploration company
listed on the TSX Venture Exchange. The Company is focused on base and precious
metal exploration in Newfoundland & Labrador and Ontario. Details on the Company
can be found on the website at www.paragonminerals.com.


PARAGON MINERALS CORPORATION

Michael J. Vande Guchte, President & CEO

Note: The securities offered have not been registered under the U.S. Securities
Act of 1993, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any State in which such offer, solicitation or sale would be unlawful.


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.

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