Paragon and Golden Dory Begin Drilling at Huxter Lane Gold Project

VANCOUVER, Nov. 10, 2011 /CNW/ - Paragon Minerals Corporation (TSX-V: PGR; "Paragon") is pleased to report that exploration partner, Golden Dory Resources Corp. (TSX-V: GDR; "Golden Dory") has started a 2,000 metre drill program at the Huxter Lane gold project in central Newfoundland. Golden Dory is the project operator and can earn up to a 70% interest in the Huxter Lane project by completing a positive feasibility study on the property.

The drill program is designed to expand the National Instrument 43-101 compliant gold resource at the Huxter Lane - Mosquito Hill gold deposit and to test a large, untested geophysical and geochemical gold anomaly located about 1,000 metres to the northwest of the currently defined gold deposit. On completion of the drill program, Golden Dory plans to update the NI43-101 gold resource and complete a preliminary economic assessment.

"Given the positive results after only 60 shallow drillholes, management believes there is excellent potential for a significant gold deposit in this new, emerging gold district in central Newfoundland," stated Michael Vande Guchte, President & CEO of Paragon. "The gold deposit continues to grow in size with each drill program and remains wide open for expansion along strike and down dip".

The Mosquito Hill gold deposit is a near surface, bulk tonnage gold target that contains an indicated resource of 11.18 million tonnes averaging 0.546 g/t gold for 196,257 ounces gold and an inferred resource of 38.76 million tonnes averaging 0.457 g/t gold for 569,496 ounces gold at a cutoff of 0.30 grams per tonne gold (see Paragon Minerals Corporation news release dated September 29, 2010). The deposit remains open for expansion. The NI43-101-compliant resource was prepared by Giroux Consultants Ltd. of Vancouver, BC. No economic assessment or scoping study of the Mosquito Hill gold deposit has yet been performed.


About Paragon Minerals Corporation

Paragon Minerals Corporation is a Canadian-based mineral exploration company focused on gold and base-metal exploration in Newfoundland and 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 this news release. Gary Giroux, P. Eng. of Giroux Consultants Limited of Vancouver, BC is the Qualified Person as defined by NI 43-101 for the NI 43-101 resource estimate prepared for Golden Dory on the Mosquito Hill Gold Deposit. All historical results were obtained from published reports available in the public domain.


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