Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") announced
today the drill results from the first-ever drilling on the Santa Cruz Target
within the San Ricardo Gold-Silver Project. Paget has an option to earn up to
60% of the 38,100-hectare Project located within the prolific porphyry and
epithermal gold-silver-copper belt of northern Sonora State, Mexico, from
Sundance Minerals Ltd. ("Sundance") (see press release dated 11 September 2012).


David F. Volkert, President and CEO of Paget, stated, "Drilling concentrated on
a 200-meter section of the 2 kilometer-long Santa Cruz fault / vein target as an
initial follow-up to underground channel sampling that assayed up to 4.5 meters
(true width) @ 28.9g/t gold and on the sub-parallel Mina Antigua and Intermedia
veins. Mineralization drilled to date is shallow oxide gold contained within
faulted and broken quartz veins and shallow sulfide silver in chalcedonic
breccia (high-level of an epithermal system)."


Drill results received are listed in the following table. 



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HOLE             FROM (m)      TO (m) TRUE WIDTH (m)    Au (g/t)    Ag (g/t)
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Santa Cruz and Intermedia Veins (gold)                                      
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SR12-1                NSI                                                   
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SR12-2                NSI                                                   
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SR12-3                NSI                                                   
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SR12-4               31.8        34.4            2.3        23.1            
----------------------------------------------------------------------------
including            31.8        33.2            1.1        39.0            
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SR12-5               30.4        33.0            2.5        3.67            
----------------------------------------------------------------------------
including            30.4        31.5            1.1        7.29            
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SR12-6               30.6        31.7            1.1        13.4            
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SR12-7                 51          53            1.1        0.42            
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and                    59          64            2.9        0.42            
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SR12-8                 23          33            7.6        1.84            
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including              26          29            2.3        3.77            
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SR12-9                 59          64            2.7        0.24            
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and                    68          69            0.6        1.55            
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bottoms                71          72            0.6        0.48            
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SR12-10                50          59            7.2        0.38            
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SR12-11                27          30            2.7        1.73            
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Including              28          29            0.9        4.02            
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SR12-14               NSI                     Re-drill of SR12-1            
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Mina Antigua Vein (gold-silver)                                             
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SR12-12                27          34            5.6        0.42        51.7
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SR12-13                28          33            4.5        0.39       100.4
----------------------------------------------------------------------------
Including              31          32            0.9        0.83       378.0
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NSI=No significant intervals                                                



Mr. Volkert continued, "Additional gold targets within the San Ricardo Project
include the southern extension of the vein systems noted above, where rock-chip
sampling from vein outcrops, iron-oxide alteration and old pits assayed
anomalous to greater than 10.0g/t gold and 70g/t silver. In the northern
extensions of the vein systems, initial sampling assayed anomalous to 2.4g/t
gold and 56 g/t silver. Paget and Sundance are planning the next phase of
drilling at Santa Cruz targeting high-grade underground sample results (up to
3.8 meters @ 14.4g/t gold), and further exploration of other targets." (Click
here for project maps and sections:
http://www.pagetminerals.com/i/pdf/2012-12-04_NRM.pdf)


THE PROJECT 

The San Ricardo Gold-Silver Project area covers a total of 38,100 hectares in
northern Sonora State. The region hosts large Cu-Mo porphyry deposits, including
Cananea and Creston, among others, and a number of epithermal gold-silver
deposits, including the San Francisco (Timmins Gold), Mercedes (Yamana Gold) and
Santa Elena (SilverCrest Mines). Excellent road access and infrastructure
provide for year-round exploration. (Click here for regional location map:
http://www.pagetminerals.com/i/maps/SR-Location-Map.jpg)


Preliminary reconnaissance within the Project identified multiple high-grade
gold targets as well as areas with bulk tonnage potential at the Santa Cruz
Target and focused on four known sub-parallel, high-grade veins and areas of
stockwork mineralization. The area contains numerous historic mine workings and
historic small-scale leach gold production. 


Gold mineralization on the Santa Cruz Target occurs as granite-hosted,
highly-faulted quartz veins and some stockwork with both high-grade underground
and lower grade open-pit potential. Paget and Sundance completed detailed
mapping as well as collecting 730 samples, including underground channel,
surface rock chip and trench channel samples. Underground sampling along 300m of
the minimum two kilometer-long Santa Cruz vein returned individual results from
1.0m @ 0.29g/t to 2.0m @ 46.4g/t gold. 


The weighted gold-grade averages (oxide gold mineralization) and average true
widths of multiple saw-cut channel sampling on 8 different, shallow underground
levels of the Santa Cruz Target are listed in the following table.
Mineralization remains open along strike and at depth.




----------------------------------------------------------------------------
STRIKE LENGTH ALONG TUNNEL (m)            TRUE WIDTH (m)            Au (g/t)
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14                                                   1.5                 1.9
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23                                                   2.5                 5.5
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54                                                   2.4                 5.8
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15                                                   2.6                 7.1
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33                                                   2.0                10.8
----------------------------------------------------------------------------
12                                                   2.0                11.2
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10                                                   2.4                12.7
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18                                                   2.9                22.9
----------------------------------------------------------------------------



The Santa Cruz, Intermedia and Mina Antigua vein structures also host local
stockwork zones. Trench and surface rock-chip sampling results within this
mineralized area average 0.72g/t gold. The Project is accessed by all-weather
roads and the topography within the stockwork trench area and the immediate
high-grade underground workings is favorable for possible inclusion of
high-grade veins in a pit outline. Significantly, silver values range from
anomalous to 452g/t.


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 focused its BC exploration program on the Ball Creek
Project and advanced 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 F. Volkert
President & CEO
778 327 4449
778 330 5492 (FAX)
www.pagetminerals.com
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