12thMarch  2015  

Paragon  Resources  PLC  ("Paragon"  or  the  "Company")   UPDATE  

"The  Company  announced  on  22  September  2014  that  it  was  progressing  with  the  acquisition  of  a  high  grade  rare  earth  ("REE")  project  in  central  Madagascar  owned  by  MRE  Mining  (Mauritius)  Limited.    Whilst  it  has  taken  longer  than  anticipated  we  are  making  good  progress.    The  delay  has  been  due  to  the  process  of  carrying  out  all  the  necessary  due  diligence,  geological,  legal  and  accounting,  in  Madagascar.    This  is  now  virtually  complete  and  we  have  received  a  draft  external  expert's  report  on  the  project.  We  are  in  the  process  of  completing  the  necessary  documentation  for  the  fund  raising  and  proposed  admission  of  the  Company's  ordinary  shares  to  trading  on  AIM.      We  hope  that  this  will  be  
completed  shortly.    Existing  shareholders  will  receive  full  details  alongside  the  notice  of  the  Annual  General  Meeting.    Our  intention  is  to  complete  this  as  soon  as  possible.  
We  have  completed  the  audit  of  Paragon  Resources  plc  for  the  year  to  
31st  May  2014  and  the  Interims  to  30th  November  2014  (both  these  
financial  statements  are  now  posted  on  the  Paragon  website).  "

ENDS  
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