PGS Paget Minerals Corp.

Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") announced
today the termination of the option agreement held by Blue Gold Mining Corp. (a
wholly-owned subsidiary of True Gold Mining Inc.) on a portion of Paget's
100%-owned, 52,442-hectare Ball Creek Gold-Copper Project (the "Project") in
northwestern British Columbia.


David F. Volkert, President and CEO of Paget, stated "By mutual agreement with
True Gold Mining, Paget has consolidated the Ball Creek claim block encompassing
nine gold-copper porphyry and gold-silver epithermal targets, each of which
present excellent exploration upside. The Ball Creek Project may be the next in
what are a series of large gold-copper porphyry deposits that characterize this
region of northwestern BC. True Gold, which is focused on advancing its Karma
Gold Project in Burkina Faso, West Africa, will remain a significant shareholder
in Paget Minerals."


The Ball Creek Project is ideally located eight kilometres from a paved highway
and air strip and thirty-six kilometers from power. Results of the exploration
programs completed on the project to date have been integrated into
comprehensive geological and exploration models and accumulated exploration
credits have resulted in eliminating Paget's holding costs for the core claims
at Ball Creek until 31 December 2022. Paget has received expressions of interest
to jointly advance Ball Creek and consolidation of the claim block now allows
the Company to pursue these opportunities and continue drilling on untested
ground adjacent to the drill holes where the most recent drilling program showed
good copper-gold values over substantial core lengths."


Drilling on the Main gold-copper porphyry target in 2012 was highlighted by Hole
BC12-54 that drilled to a depth of 310.1 metres and returned 0.44 g/t gold and
0.15% copper over its entire length including 0.50 g/t gold and 0.24% copper
over 102.0 metres (see news release dated October 11, 2012). Mineralization in
Hole BC12-54 is open to the southwest on trend to the Cliff copper-gold porphyry
target where stockwork veining coincident with a magnetic low measuring 1,700 x
400 meters assays up to 0.74% copper and 0.15 g/t gold.


For a complete table of 2012 drill results, please click:

http://www.pagetminerals.com/i/pdf/Summary_Intervals_2012-10-09.pdf

To view maps and cross sections of 2012 drilling at Main Zone, please click:

http://www.pagetminerals.com/i/pdf/1-main-target-geol-NR-oct12.pdf

The termination of the Option Agreement is conditional on Paget issuing to Blue
Gold 500,000 common shares of Paget as consideration for the termination of the
Option Agreement. The transaction is subject to acceptance by the TSX-V.


The Ball Creek claim block is subject to a 2% Net Smelter Returns Royalty in
favour of Pembrook Mining Corp. ("Pembrook"), one-half of which can bought by
Paget for $1,000,000, and two payments of $2,000,000 each, the first upon
definition of an NI 43-101 compliant indicated and inferred mineral resource of
not less than 1,000,000 ounces of gold or gold-equivalent and the second on
completion of a positive feasibility study.


About Paget Minerals Corp.

Paget Minerals Corporation is a publicly traded resource company focused on
mineral exploration and the advancement of its Ball Creek Project in British
Columbia, as well as the San Ricardo Project in Sonora, Mexico. Ball Creek
comprises 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.
Ball Creek neighbors three major mine development projects in the region --
Galore Creek, Schaft Creek and Red Chris. Paget is also continuing its San
Ricardo Project and 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. 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

Neither 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 PLEASE CONTACT: 
Paget Minerals Corp.
David Volkert
President & CEO
(778) 327-4449
www.pagetminerals.com

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