Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

April 25, 2008 09:00 ET

Paramount Adds a Second Core Drill Rig at its San Miguel Project

CHIHUAHUA, MEXICO--(Marketwire - April 25, 2008) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) announces that it has added a second core drill rig at its San Miguel project in Mexico, bringing the total number of drill rigs to 3 at the project. This new rig supplied by Layne Drilling will be used to expand the resource at 'Clavo 99' both along strike and at depth.

This new rig will expedite the current 50,000 meter drill program and expand the resource of our new 'Clavo 99' discovery.

Paramount is also pleased to announce that the assay lead times have been reduced drastically due to the expansion of the ALS Chemex facilities in Vancouver.

About Paramount

Paramount Gold is a precious metals mining exploration company presently in the early stages of an extensive exploration program at their San Miguel project in the Guazapares Mining District, part of the Sierra Madre Occidental gold-silver belt of Mexico. Paramount Gold and Silver Corp. is the operator of the San Miguel project, which is a joint venture with Tara Gold Resources Corp. (OTC: TRGD.PK) (30%) who is required to contribute 30% of exploration costs to maintain their interest.

"Safe-Harbor" Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company may not be realized. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially.

The Toronto Stock Exchange has not reviewed and therefore does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Paramount Gold and Silver Corp.
    Larry Segerstrom, COO
    Paramount Gold and Silver Corp.
    Chris Halkai, Corporate Relations