PGR Paragon Minerals Corp.

Paragon Minerals Corporation (TSX VENTURE: PGR) ("Paragon") and exploration partner, Golden Dory Resources Corp. (TSX VENTURE: GDR) ("Golden Dory") are pleased to report the remaining assays results from the 14 hole, 3,016-metre drill program on the Huxter Lane Gold Project in central Newfoundland, Canada. The drill program successfully extended the Mosquito Hill gold mineralization by 150 metres up-dip and 250 metres down-dip of the existing NI 43-101 compliant gold resource.

The Mosquito Hill Deposit is a large, near surface, outcropping, bulk tonnage gold target that has now been tested by 60 broad-spaced drillholes. The deposit has a NI 43-101 compliant resource which includes an indicated resource of 4.47 million tonnes averaging 0.526 g/t Au for 75,600 ounces gold and inferred resource of 32.9 million tonnes averaging 0.461 g/t Au for 488,800 ounces gold (see Paragon news release dated March 4, 2010). Over 90% of the resource estimate occurs at depths shallower than 200 metres below surface. The mineralized zone remains open for expansion along strike and down dip.

"We are very pleased with the continued expansion of the gold mineralization at the Mosquito Hill Deposit" stated Michael Vande Guchte, President & CEO of Paragon. "The sixty drillholes completed to date have outlined a significant, near surface gold-bearing zone that remains open for further expansion". A revised NI 43-101-compliant resource calculation is being prepared by Golden Dory.

Assay highlights of the 2010 spring-summer drill program include:

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                                        Hole                    Core
                   Azimuth       Dip  Length    From      To  Length   Gold
Drillhole Number  (degrees) (degrees)     (m)     (m)     (m)     (m)  (g/t)
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HX10-47                340       -55  181.50   77.00  145.00   68.00   0.78
        including                              78.00  108.00   30.00   1.02
        including                              83.00   87.00    4.00   2.18
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HX10-48                340       -45  214.50   97.41  128.00   30.59   0.64
        including                             121.87  128.00    6.13   1.16
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HX10-49                340       -45  192.10   92.00  124.00   32.00   0.54
        including                             118.00  124.00    6.00   1.03
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HX10-50                070       -45  276.00   68.58   80.00   11.42   0.56
        including                              75.32   80.00    4.68   1.02
                                               91.00  201.00  110.00   0.50
        including                              91.00  101.00   10.00   1.52
        and                                   120.00  130.87   10.87   1.13
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HX10-51                340       -45  111.30   34.75   42.47    7.72   1.16
        including                              39.00   42.00    3.00   2.54
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HX10-52                074       -45  208.20   72.50  155.00   82.50   0.56
        including                             102.00  148.00   46.00   0.70
        and                                   102.00  120.00   18.00   1.01
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HX10-53                070       -45  228.70   54.30   65.20   10.90   0.60
                                              149.10  209.70   60.60   0.74
        including                             165.50  191.35   25.85   1.05
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HX10-54                070       -45  119.50   47.95   69.25   21.30   0.36
        including                              47.95   55.60    7.65   0.51
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HX10-55                070       -45  285.10  212.00  274.00   62.00   0.70
        including                             218.00  242.00   24.00   1.00
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HX10-56                070       -45   86.90   42.00   46.13    4.13   0.66
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HX10-57                070       -45   81.70          no significant assays
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HX10-58                250       -45  346.00  210.00  325.04  115.04   0.46
        including                             210.00  220.45   10.45   1.18
        and                                   294.13  320.04   25.91   0.64
        including                             303.18  311.09    7.91   1.10
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HX10-59                265       -70  341.50  261.88  271.04    9.16   1.18
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HX10-60                250       -70  343.00  256.94  261.80    4.86   0.63
        including                             259.69  261.80    2.11   1.44
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(i)Drillholes HX10-47 to HX10-53 reported previously in news release dated
   June 23, 2010

The Huxter Lane project is under option to Golden Dory, whereby Golden Dory can earn a 70% interest in the project by funding a bankable feasibility study. Golden Dory is the project operator. The Huxter Lane project has excellent road access and is located near existing infrastructure including power and skilled labour.

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 both company-funded and partner-funded exploration. Paragon's flagship base metal project is the 100%-owned South Tally Pond VMS project where it has made a significant precious metal-rich massive sulphide discovery near a producing copper-zinc mine in central Newfoundland. For more information on Paragon and its properties, please visit the 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 by Accurassay Laboratories of Thunder Bay, Ontario. NQ drill core was sawn in half and placed in sealed bags and then delivered by Golden Dory personnel to the Accurassay prep facility in Gambo, Newfoundland. The core was assayed by Fire Assay methods with AA finish. Industry certified standards and blanks were also inserted into the sample stream as part of QA/QC. Reported core widths are interpreted to represent at least 80% of true width.

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.

Shares Issued: 32,942,181

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 www.paragonminerals.com