VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2012) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") is pleased to announce that the first four drill holes from the 2012 core drilling program on the Ball Creek Project (the "Project") in northwestern British Columbia successfully intersected strong, deeply-rooted and widespread gold and copper porphyry-style alteration and mineralization to depths up to 650 metres that remains open in all directions.

David F. Volkert, President and CEO of Paget, stated, "The goals of the integrated 2012 program implemented and supervised by Blue Gold Mining (TSX VENTURE:BGX) were twofold: to drill deeper into the roots of the Main Gold-Copper Porphyry system than in previous campaigns, and to drill outside the current aerial extent of surface alteration and mineralization. Results to date are very promising and indicate potential for both large tonnage and significant grade. Within the Blue Gold JV area, which covers 14,000 hectares, there are currently four genetically related gold-rich porphyry targets with more that remain 100% Paget over the remainder of the 52,000-hectare Ball Creek claim block."

Central to the Blue Gold JV area is the Main Gold-Copper Porphyry, with surface geochemistry covering an area that is over 1,400 metres in length and up to 500 metres in width. The Main Porphyry formed the primary focus for the 2012 exploration program with 3,505 metres of drilling completed in nine holes on two NE-trending corridors defined by moderate IP chargeability and previous drilling.

Results from the southern end of Main include:

Hole BC12-47 was drilled to a depth of 650.8 metres and returned:

• 0.28 g/t gold and 0.11% copper over 454.9 metres starting from surface and including:
  0.70 g/t gold and 0.26% copper over 36.3 metres
• 0.20 g/t gold and 0.13% copper over 30.0 metres at the bottom of the hole

Hole BC12-48 drilled 100 meters, southwest of BC12-47 returned:

• 0.40 g/t gold and 0.08% copper over 293.6 metres including:
  0.85 g/t gold and 0.09% copper over 44.2 metres

Results from the northern end of Main, approximately 1,000 meters northeast of holes BC12-47 and BC12-48, include:

Hole BC12-49 returned:

• 0.29 g/t gold and 0.19% copper over 118.8 metres including:
  0.48 g/t gold and 0.30% copper over 47.8 metres starting from surface

Hole BC12-51 drilled from the same pad as BC12-49 returned:

• 0.18 g/t gold and 0.11% copper over 180.7 metres

For a complete table of 2012 drill results, please click:
http://www.pagetminerals.com/i/pdf/BallCreekDrillResults1209.pdf

To view a map of 2012 drilling at Main Zone, please click:
http://www.pagetminerals.com/i/pdf/BallCreekDrillMap1209.pdf

To view cross sections of holes at Main Zone, please click:
http://www.pagetminerals.com/i/pdf/BallCreekCrossSections1209.pdf

The Ball Creek project may be the next in a series of large gold-copper porphyry deposits that characterize this region of northern BC. Ball Creek, located 8 kilometres from road, air strip and power needs, is ideally suited for development.

Further details of Blue Gold's summer 2012 exploration program are set out in Blue Gold's news release dated 27 September 2012. Results of the multi-faceted program are now being integrated into comprehensive geological and exploration models and the remaining results are forthcoming.

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 will focus its BC exploration program on the Ball Creek Project, as well as advancing 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