Paget Minerals Options Ben Moly Property

Paget Minerals Corp. announced that it has entered into an Agreement with TTM Resources Inc. (“TTM”) whereby TTM can acquire a 100% mineral interest in the Ben molybdenum property in the Nechako Basin, central B.C. The property consists of four mineral claims that lie south of and adjacent to TTM’s Chu molybdenum project currently under active exploration by TTM.

Under the terms of the Agreement, Paget will receive 200,000 common shares in the capital of TTM and $32,880 as reimbursement for the total expenses incurred by Paget on the property upon receipt of regulatory approval. TTM is also required to expend up to $500,000, or such lesser amount as both TTM and Paget agree, in work expenditures on the property within a period of 12 months following the initial payment.

If, in the reasonable opinion of TTM, sufficient mineralization has been identified on the Property and commercial production is likely to occur within a period of five years from the date of the Purchase Agreement, Paget will have the right to back-in to the Ben project for a 49% undivided participating interest by paying TTM 49% of its total costs in connection with the property (“Back-In Right”). In the event that Paget exercises the Back-In Right, a joint venture will be deemed to have been formed and the parties will enter into a Joint Venture Agreement.

David Volkert, President & CEO of Paget Minerals, stated, “The agreement with TTM is in line with Paget’s strategy of capitalizing non-core assets allowing Paget to invest funds on our precious metals properties in BC and Quebec.”