Amendment to Warrant Term

TSX Venture Exchange Symbol: PGR     
Shares Issued: 52,999,254

VANCOUVER, Jan. 27, 2012 /CNW/ - Paragon Minerals Corporation (TSX-V: PGR; "Company") wishes to report that the Company has applied to extend the term of the 1,428,772 warrants exercisable at $0.24 per share from February 17, 2012 to August 17, 2013.  The amendment to the warrants is subject to TSXV approval.

PARAGON MINERALS CORPORATION

"Michael Vande Guchte"

_______________________________
President & CEO

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

For additional information please contact Michael Vande Guchte [phone] or visit the company website at www.paragonminerals.com