PGS Paget Minerals Corp.

Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today provided
an update on the reconnaissance program conducted on the 100% Paget-owned Mess
Creek and More Creek targets, which are located in the western sector of the
52,000 hectare Ball Creek Project claim block in the Iskut Region, northwestern
BC. In the eastern sector of the claim holdings, approximately 14,000 hectares
of the 52,000 hectare Ball Creek claim block have been optioned to Blue Gold
Mining (TSX VENTURE:BGX) (see press release dated June 26, 2012).


David F. Volkert, President and CEO of Paget, stated, "Concurrent with the
integrated 2012 drilling program implemented and supervised by Blue Gold Mining
(TSX VENTURE:BGX) on the Main and Rainbow gold-copper porphyry targets, Paget
completed additional evaluation of archived exploration data and carried out new
sampling on the 100% Paget owned Mess Creek and More Creek gold-copper porphyry
targets within the Ball Creek Project outside of the Blue Gold option area. At
both locations, 2012 field work provided additional evidence of promising
gold-copper mineralization and drill targets for future field seasons."


Mess Creek is located 10 kilometers southeast of the Schaft Creek porphyry
copper-gold deposit (Copper Fox Metals). Syenite intrusives outcrop sporadically
over an area of approximately 2 x 1 kilometers and contain iron-carbonate
alteration and gold-copper-mineralization. Historic and current surface rock
chip samples range up to 0.3 to 3.5 g/t gold and 0.4 to 0.8% copper and soil
samples range up to 0.62 g/t gold and 100 to 2200ppm copper. A second zone of
altered and mineralized syenite located 500 meters to the east contains values
ranging up to 0.5 to 10.1 g/t gold over a width of approximately 200 meters.
Alteration and mineralization are structurally-controlled along dominant
north-south trends, possibly as parallel structures to the regional Mess Creek
fault that forms a wide drainage immediately to the west of the mineralized
area.


Drilling completed in the areas noted above from the late-80s, 2006 and 2007
reported intercepts of 40m @ 1.13 g/t gold, 3m @ 1.25 g/t gold and 0.19% copper,
159m @ 0.14 g/t gold and 242m @ 0.16 g/t gold. None of these historic intercepts
have been adequately followed up. Paget's 2012 surface rock sampling and grid
soil sampling over the mineralized areas provides direction for additional
exploration, including possible drilling in 2013.


At More Creek, gold-copper mineralized and iron-carbonate altered syenite
intrusives outcrop over an area of approximately 800m x 500m. Historic and
current rock-chip assays range anomalous to 0.9 g/t gold providing a future
drill target. No historic drilling has been completed.


Additional reconnaissance of the Valley, Rojo Grande and HP epithermal
gold-silver targets is planned for 2013.


BALL CREEK PROJECT OVERVIEW

The Ball Creek Project covers 524 km2 central to the renowned Golden Triangle
mineral region in the Iskut area of northwest British Columbia (the "Golden
Triangle"). This region is host to the large disseminated copper-gold
porphyry-style deposits of Galore Greek (Teck/NovaGold) and Red Chris (Imperial
Metals), the precious metal-enriched VMS-style Eskay Creek deposit (Barrick),
and the high-grade epithermal gold at the Valley of the Kings Zone at the
Brucejack project (Pretium Resources).


Despite its prolific mineral endowment, the Golden Triangle has remained
relatively underexplored in the past due to a lack of infrastructure and
fractural ownership. This scenario changed in 2009 when the British Columbia and
Canadian federal government approved the construction of the Northwest
Transmission Line ("NTL"), a 344 km, 287 kV high-voltage power line that will
run through the region (slated for completion in 2014). The Ball Creek project
is located only 38 kilometres north of the planned NTL power substation at the
community of Bob Quinn, and eight kilometres west of Highway 37 and the adjacent
Burrage air strip, making it one of the most accessible properties in the
region. Infrastructure and logistics are considered to be ideally suited to
support any future mining operation in this area.


The Ball Creek Project hosts five highly prospective gold-copper porphyry
targets (Main, Cliff, Rainbow, Mess Creek, More Creek) and four epithermal
gold-silver targets (Ridge, Valley, HP, Rojo Grande). Blue Gold completed a
drilling and geophysical program at the Main and Rainbow porphyry targets in
2012 (see press releases dated 27 September and 11 October 2012).


To view a regional location map of the Ball Creek Project, please click:
http://www.pagetminerals.com/i/maps/BallCreek/Ball-Creek-Project-Overview.jpg 


To view a detailed target map of the Ball Creek Project, please click:
http://www.pagetminerals.com/i/maps/BallCreek/mainzone_map.jpg


About Paget Minerals Corp.

Paget Minerals Corporation is a publicly traded resource company focused on
mineral exploration and the advancement of the company's priority Ball Creek
Project in British Columbia. The company hosts a 52,442-hectare, contiguous
mineral tenure package in the Golden Triangle - Iskut Mineral District located
just 8km west of Highway 37 and only 36km northwest of the new Northwest
Transmission Line Substation at Bob Quinn and neighbors three major mine
development projects in the Golden Triangle -- Galore Creek, Schaft Creek and
Red Chris. In 2012, Paget has focused its BC exploration program on the Ball
Creek Project, as well as advancing its exploration in Mexico. Paget also
maintains its equity position in Trident Gold Corp. exploring for gold in
Colombia. David Volkert, President and CEO, serves as the Qualified Person under
the definitions of NI 43-101. 


On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, President & CEO

FOR FURTHER INFORMATION PLEASE CONTACT: 
Paget Minerals Corp.
David Volkert
President & CEO
(778) 327-4449
(778) 330-5492 (FAX)
www.pagetminerals.com

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