Paragon Reports Surface Bulk Sample Contract Signed for Jaclyn Main Deposit
June 24 2010 - 8:15AM
Marketwired
Paragon Minerals Corporation (TSX VENTURE: PGR) reports that joint
venture partner, Crosshair Exploration & Mining Corp. (TSX:
CXX)(NYSE Amex: CXZ) ("Crosshair") has awarded the contract for the
planned surface bulk sample program at the Golden Promise JV Gold
Project in central Newfoundland, Canada to Stantec Consulting Ltd.
("Stantec"). The bulk sampling program is scheduled to begin in
early September 2010.
The Jaclyn Main Deposit contains coarse gold and fine grained
gold within a quartz vein system defined by drilling over a strike
length of 950 metres and to a depth of 415 metres. The vein system
remains open along strike and to depth. Given the coarse nature of
the gold observed in drill core, assay results from the drill core
sampling alone may not be an effective method of reliably
determining gold grades in these types of systems. A bulk sample is
being taken to provide a more reliable estimate of grade, test
structural and grade continuity, and evaluate mining/milling
characteristics.
Stantec will provide planning, design and project management
services to the bulk sample program. They will be preparing an
Environmental Compliance Plan, a cost estimate for the bulk sample
and milling program, a design for the trench to remove
approximately 2,000 to 3,000 tonnes from the vein system, as well
as hiring all the contractors for the removal of the overburden,
blasting of the vein, and removal and trucking of the ore to one of
the nearby mills.
Stantec was founded in 1954 and is a full service consulting
organization with a team of professionals that can assist in all
aspects of a project life cycle's requirements, from planning,
through to design engineering and construction management. Their
team consists of highly trained individuals with the experience,
technical ability and capacity to bring significant value to the
Golden Promise Project. The team members have direct experience
with exploration and mine projects in Newfoundland and Labrador and
have completed similar projects for a range of clients.
The 2010 exploration programs are being funded by Crosshair as
part of the 2009 Joint Venture Agreement (see Paragon News Release
dated April 9, 2009). Paragon retains a 40% interest in the Golden
Promise JV Project.
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'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 in a
proven mining district in central Newfoundland. Paragon is also
exploring an exceptional portfolio of gold properties through
company-funded and partner-funded exploration programs. For more
information on Paragon and its properties, please visit the company
website at www.paragonminerals.com.
PARAGON MINERALS CORPORATION
Michael J. Vande Guchte, President & CEO
Qualified Person - Stewart Wallis, P.Geo., a member of the
Professional Engineers and Geoscientists of BC, the President and
CEO of Crosshair and a Qualified Person as defined by NI 43-101 has
reviewed and approved the technical contents of this news
release.
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. 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
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