PGS Paget Minerals Corp.

Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") today
announced that the TSX Venture Exchange has accepted the previously announced
option agreement to acquire the Ball Creek Copper-Gold-Molybdenum-Silver
(Cu-Au-Mo-Ag) property in Northwestern British Columbia from Pembrook Mining
Corp. ("Pembrook"). (See news release of April 14th, 2011).


The Ball Creek property comprises 144 claims, covers over 47,200 hectares in the
Iskut Copper-Gold Belt of Northwestern B.C. and is central to three major mine
development projects: Galore Creek (NovaGold/Teck Resources), Red Chris
(Imperial Metals) and Schaft Creek (Copper Fox). Previous exploration has
identified a number of highly prospective porphyry and epithermal targets
situated within the large claim block, including four porphyry Cu-Au-Mo-Ag
systems (Ball Creek, Mess Creek, North More and North Rainbow), and four
epithermal Gold-Silver systems (Lower Rainbow, Upper Rainbow, Rojo Grande and
HP). The Ball Creek porphyry is located 8 kilometres west of the new Highway 37
Northwest Transmission Line making it the most accessible porphyry system in the
Iskut region.


The Option Agreement requires a minimum C$3,000,000 spending commitment over a
maximum period of 48 months, which Paget intends to use to follow-up historical
mapping, sampling and drilling and establish and complete new drilling programs
focused on developing a resource. In addition, Paget will issue 5,000,000 shares
to Pembrook. After exercise of the option, Paget will be obligated to make a
payment of C$2,000,000 to Pembrook upon completion of a NI 43-101 compliant
technical report defining a minimum one million ounce gold or gold equivalent
indicated and inferred mineral resource; and pay a final C$2,000,000 to Pembrook
upon completion of a positive feasibility study. Pembrook will retain a 2% Net
Smelter Royalty, half of which may be purchased by Paget at any time for
C$1,000,000. Pembrook is a non-arms-length party to Paget by virtue of its 15.4%
present shareholding in Paget, and one common director. Upon issuance of the
5,000,000 shares, Pembrook's interest would increase to 20.5%.


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 Pembrook Mining Corp.

Pembrook Mining Corp. is a private company focused on mineral exploration in
Peru and Mexico.


On Behalf of the Board of Paget Minerals Corp., 

David F. Volkert, President & CEO

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