PGS Paget Minerals Corp.

Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today
announced that its option partner Rare Earth Industries Ltd. (TSX VENTURE:RND)
("RND") has reported on its first tranche of assay results from the Phase I
exploration program on the Mount Bisson Rare Earth Element Project in British
Columbia (see RND press release dated August 22, 2011). Notable results include
3 samples which assayed over 10% Total Rare Earth Oxides ("TREO"), and 11
samples which assayed from 5.43% to 10.86% TREO. Significant results of the
bedrock sampling program are presented below that focused on the Central Zone
where Paget previously documented a total REE value of 8.64% (equivalent to
10.14% TREO). RND (formerly "Seymour Ventures") holds an option to acquire a 60%
interest in the project from Paget. See Paget news releases of August 25 and
November 18, 2010 for more details.


David Volkert, President and CEO, stated, "The total REE values reported by RND
at Mount Bisson are significant in light of the grades reported by other rare
earth minerals explorers in Canada. We are encouraged by the progress RND is
making and look forward to results from the Phase II exploration in September."


RND reports that Phase I results have achieved the following:



--  Delineation of a 100 by 500 metre zone of high grade REE mineralization
    in allanite-rich veins, which range from 1.51% to 10.86% total REO
    (Central Zone), that remains open along strike; 
--  Verification of high grade total REO value obtained by Paget in 2010,
    by replicate sampling by RND's QP (10.14% vs. 9.98%) 

                                  TREO+Y2O3      LREO   HREO+Y2O3      Y2O3
Sample #       Sample Type            (wt.%)    (wt.%)      (wt.%)    (wt.%)
---------------------------------------------------------------------------
L651820        grab                    7.73      7.77        0.11      0.04
L651822        grab                   10.31     10.23        0.08      0.03
L651823        grab                   10.08      9.99        0.09      0.03
L651824        grab                    1.52      1.49        0.03      0.01
L651825        grab                    3.48      3.44        0.05      0.02
L651908        grab                    1.48      1.45        0.03      0.01
L651910        grab                    8.21      8.15        0.06      0.02
L651911        grab                   10.86     10.71        0.16      0.05
L651912        grab                    8.48      8.35        0.13      0.04
L651913        grab                    7.10      6.92        0.08      0.03
I637251(i)     grab                    9.98      9.93        0.08      0.03
I651253(i)     chips over 50 cm        5.43      5.35        0.08      0.03
I651254(i)     chips over 75 cm        7.26      7.16        0.10      0.03
I651255(i)     grab                    6.90      6.90        0.14      0.05
---------------------------------------------------------------------------
(i) Samples I637251 to I637255 collected by the QP on a June 28 visitation 
    to the Central Zone.                                                   



Based upon favourable results in the discovery of 7 new rare earth element-rich
veins, RND reports that they will initiate Phase II exploration in September in
order to obtain more detailed information on the full extent of the
mineralization and its structural controls. Phase II will consist of additional
rock chip and bulk rock channel sampling to collect larger sample volumes. It
will focus on expanding the occurrence zones and gathering of additional data to
design an initial stage drilling program. Phase II is expected to take
approximately three weeks to complete, with further results expected in October
of this year.


Pursuant to the option agreement dated November 16, 2010, RND paid $62,500 and
issued 100,000 common shares of RND to Paget upon receipt of regulatory
approvals. An additional $62,500 will be payable to Paget on the first, second
and third anniversaries of the option, together with an additional 100,000,
150,000 and 200,000 common shares of RND, respectively.


RND will be required to fund a $1,050,000 work program over 3 years on the
properties. Paget will retain a 100% interest in the properties until all of the
above payments, work programs and share issuances are completed. In the event
that RND exercises the option, a 60/40 joint venture is deemed to be created to
further develop the properties, with each party contributing to their pro-rata
portion of approved exploration programs. If either party decides not to
contribute to the joint venture and is diluted down to a 10% interest, their
interest will convert to a 2% Net Smelter Royalty (NSR), 1% of which may be
purchased at the other party's option for $1,000,000.


About Paget Minerals Corp.

Paget Minerals Corp. is a British Columbia company focused on mineral
exploration and the advancement of a diverse range of precious metal and copper
projects in British Columbia, Mexico and Colombia, all under active exploration
with principal projects in B.C. including Ball Creek, Chist Creek, Icy Lake, Fae
and Slam.


About Rare Earth Industries Ltd.

Rare Earth Industries Ltd ("RND") is a mineral exploration company with the
objective of building an industrial enterprise focused on the high-value
processing and separations of rare earth elements and rare metals. RND is
publicly traded on the TSX Venture Exchange under the symbol RND. For more
information, visit www.rareearthindustries.com.


On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, President & CEO

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