Paget Minerals Corp. Announces Closing of Flow-Through Private Placement

Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget") today announced that it has
completed its previously announced non-brokered flow-through private placement
for aggregate gross proceeds of $199,999.98.


Under the private placement, Paget issued 1,111,111 flow-through shares at a
price of $0.18 per share to two insiders of Paget. Pursuant to Multilateral
Instrument 61-101 ("MI 61-101"), such participation by insiders constitutes a
related party transaction. The private placement is exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101, as
neither the fair market value of the flow-through shares issued to nor the
consideration paid by such insiders exceeded 25% of Paget's market
capitalization. A material change report in respect of the private placement
will be filed on SEDAR in accordance with applicable securities law. The filing
of the material change report less than 21 days before the closing date of the
private placement is necessary in order to complete the private placement in a
timely manner.


The flow-through shares issued pursuant to this private placement are subject to
a hold period of four months and one day, expiring January 25, 2013.


The net proceeds received by Paget will be used for exploration at Paget's Ball
Creek Project located in northwestern British Columbia's Golden Triangle region.


About Paget Minerals Corp.

Paget Minerals Corp. 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

Paget Minerals Corp. (TSXV:PGS)
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