Paragon Minerals Corporation provided an update on the 2010 diamond drilling program and down-hole Pulse EM geophysical surveys completed on its 100%-owned South Tally Pond volcanogenic massive sulphide ("VMS") project in central Newfoundland. The project is located adjacent to Teck Resources Duck Pond copper-zinc mine, where Paragon holds a significant land position covering 21,400 hectares of this producing volcanic belt. Highlights of the current program include:

- Infill drill hole LM10-43 intersected 30.10 metres of 9.30% zinc, 2.28% lead, 0.91% copper, 60.37 g/t silver and 1.41 g/t gold including 17.05 metres of 14.80% zinc, 3.56% lead, 1.40% copper, 80.90 g/t silver, 1.35 g/t gold.

- Down-hole geophysics outlined a strong off-hole conductor (in 3 holes) extending 300 metres north of previously completed drillhole LM08-19 (section 104+50N). Drill testing of this target area is underway.

- Down-hole geophysics indicates a strong off-hole conductor to the south of previously completed drillhole LM07-13.

- The Lemarchant massive sulphide mineralization remains open for expansion within the area of the current drilling and along strike to the north and south.

Paragon has now completed four infill drillholes in 2010, totaling 1,326 metres at the Lemarchant Prospect. The four drillholes were completed on section 102+50N (1 drillhole) and 103+50N (3 drillholes) and provide 50-metre infill drillholes between previously completed 100-metre spaced drillholes. The reported core length intervals are interpreted to be near to true width of the intervals. A summary of significant drill intercepts and a drillhole location map are attached.

Drillhole LM10-43 (Section 102+50N) was located midway between drillholes LM07-14 and LM07-15 and intersected semi-massive to massive polymetallic sulphide mineralization over 30.10 metres grading 9.30% zinc, 2.28% lead, 0.91% copper, 60.37 g/t silver and 1.41 g/t gold. The mineralization is hosted in a thick barite-rich felsic volcanic sequence and includes a higher grade interval of 17.05 metres of higher grade massive sulphide grading 14.80% zinc, 3.56% lead, 1.40% copper, 80.90 g/t silver and 1.35 g/t gold. The massive sulphide mineralization is underlain by intensely chlorite-silica altered felsic volcanic rocks containing stringer and disseminated sulphides including pyrite, sphalerite and chalcopyrite over a 16-metre thickness (assay results pending).

Drillhole LM10-41 (Section 103+50N), was located 50 metres south of LM07-17 and intersected strongly chlorite-silica altered felsic volcanic rocks containing stringer and disseminated sulphides including pyrite, sphalerite and chalcopyrite over 4.0 metres thickness (assay results pending). The mineralized zone appears to have been cut-off by a fault located along or near the overlying pyritic mudstone horizon and by a mineralized felsic dyke down hole. Drilling 90 metres down-dip of LM10-41 (drillhole LM10-42) intersected mainly mafic volcanic rocks and lesser mineralized felsic volcanic rocks (assay results pending). Drilling 60 metres up-dip of LM10-41 (drillhole LM10-44) intersected stringer and disseminated sulphides including pyrite, sphalerite and chalcopyrite in moderately silica-chlorite altered felsic volcanic rocks over a 54.4 metre thickness (assay results pending).

"We are very encouraged by semi-massive to massive sulphide zone intersected in drillhole LM10-43. It shows a significant increase in thickness between two 100-metre spaced drillholes and marks one of the best holes on the property to date" stated Michael J. Vande Guchte, President and CEO of Paragon Minerals. "We believe there is still a lot of room for additional massive sulphides to be present within the confines of the current drilling and along strike to the north and south as indicated by the down-hole geophysics".

Drilling is continuing at the Lemarchant Prospect and will test the conductors outlined in the recently completed down-hole geophysical survey. The off-hole conductors are all located in areas that have not been tested by previous drilling.