Paragon Minerals Corporation Completes Drilling at South Tally Pond VMS project

Resource Estimate & Metallurgical Testing Underway on Lemarchant Prospect

VANCOUVER, Oct. 6, 2011 /CNW/ - Paragon Minerals Corporation (TSX-V: PGR; "Paragon") is pleased to provide a further update on exploration activities and results on the 100%-controlled South Tally Pond volcanogenic massive sulphide (VMS) project in central Newfoundland. The South Tally Pond VMS project is located adjacent to the producing Duck Pond Cu-Zn Mine/Mill complex operated by Teck Resources Limited. With the 2011 drill program at the Lemarchant prospect now completed, Paragon is preparing an initial National Instrument 43-101 resource estimate and preliminary metallurgical studies on the Main massive sulphide zone at the Lemarchant Prospect.

A total of 74 drillholes, totaling 24,277 metres has now been completed at the Lemarchant prospect. The 2011 drill program (24 drillholes + 2 drillhole extensions) has further outlined and expanded the Lemarchant Main Zone massive sulphide mineralization intersected from section 101N to 104N. The Lemarchant Main Zone extends over 300 metres, remains open up-dip and to the south, and is interpreted to continue down-dip in the fault displaced lower felsic block. The massive sulphide mineralization has been intersected at vertical depths of 150 to 220 metres below surface.

"Drilling this year at Lemarchant has encountered significant thicknesses of base metal massive sulphides with some very significant high-grade precious metal contents." said Michael Vande Guchte, President and CEO of Paragon Minerals Corporation. "The grade of the mineralization at Lemarchant is very good and management believes the Lemarchant Prospect is a sizeable VMS system that remains open for expansion. We look forward to completing the initial 43-101 resource estimate on the Lemarchant Main Zone this year".

Highlights of the 2011 drilling program have returned numerous significant assay results including 1.61% Cu, 11.83% Zn, 3.27% Pb, and 528.31 g/t Ag and 3.13 g/t Au over 10.3 metres and 1.65% Cu, 12.74% Zn, 3.27% Pb, and 185.75 g/t Ag and 10.13 g/t Au over 7.0 metres (see news release dated August 25 and September 15, 2011).

Assay results for the last four drillholes (LM11-69 to LM11-72) intersected stringer to semi-massive sulphide mineralization with the best drill intercept grading 0.47% Cu, 5.02% Zn, 0.48% Pb, and 12.82 g/t Ag over 3.7 metres (LM11-72; Section 101+25N). Two of these drillholes (LM11-70 and LM11-71; Section 104+50N) intersected strongly altered felsic volcanic rocks with anomalous base metal mineralization along the projected Lemarchant thrust fault. The fault is interpreted to have displaced the mineralization down-dip. Additional details of the drilling and assay results are available on the Paragon website.


About Paragon Minerals Corporation

Paragon Minerals Corporation is a Canadian-based mineral exploration company focused on gold and base-metal exploration in Newfoundland and northwest Ontario. Paragon's flagship project is the 100%-controlled South Tally Pond VMS project where it is advancing a significant precious metal-rich massive sulphide discovery located in a producing base metal mining district in central Newfoundland. Paragon is also exploring an exceptional portfolio of gold properties through partner-funded and company-funded exploration programs. For more information, please visit the company 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 contents of this news release. Reported drillhole intervals are core length and interpreted to be near true width. Samples were analyzed for Au (1/2 assay ton), Ag, Cu, Pb and Zn at Eastern Analytical Labs in Springdale, NL from sawn NQ-sized half core sections. Data quality is monitored through the insertion of control samples consisting of one prepared base and precious metal standard and one blank sample for every 20 samples of diamond drill core. Control samples conformed to the accepted contained grades of base and precious metals. Sample pulps were shipped to ALS Chemex in North Vancouver, BC for analysis for 33-element ICP analysis on all samples and for further check assays of significant base and precious metal bearing samples.


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.

"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."



For further information:

Investor Relations: Miranda McCarthy (604) 629-2353 or Wanda Cutler (416) 303-6460