Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

October 04, 2007 09:15 ET

Paramount Gold Reports Assay Results of 2.1 Meters of 6.7 g/t Gold and 632 g/t Silver Including 0.7 Meters of 17.8 g/t Gold and 1,600 g/t Silver

CHIHUAHUA, MEXICO--(Marketwire - Oct. 4, 2007) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) is pleased to announce the assay results from thirteen drill holes and one trench in the San Antonio/El Carmen area at its San Miguel project in the Guazapares Mining District, Mexico. These results indicate the presence of a new high grade gold-silver structure.

Drill holes SA-41 to SA-43 are step out holes to the west of the San Antonio mineralized structure, and SA-44 and SA-45 are infill drill holes in the stockwork mineralization between the San Antonio and El Carmen structures. Hole SA-46 was drilled to test the down-dip extension of part of the San Antonio structure. Holes SA-47, SA-48, SA-49, SA-50, and SA-51 were drilled to test the on-strike continuity of various segments of the San Antonio-El Carmen mineralized zone. SA-52 and SA-53 were drilled to test a new zone, El Carmen North. Trench TSA-23 was done to test the continuity of the El Carmen mineralized structure in the north.

Highlights of assays results (see table at for further details and maps):

TSA-23 cut 8.0 meters of 290 g/t silver

SA-41 intercepted 3.8 meters (2.11 meters of true width) of 110 g/t silver

SA-45 had intercepts of:

1. 4.6 meters (3.07 meters of true width) of 175 g/t silver

2. 6.1 meters (4.07 meters of true width) of 191 g/t silver

3. 0.85 meters (0.61 meters of true width) of 600 g/t silver

4. 4.2 meters (2.6 meters of true width) of 227 g/t silver

SA-47 intercepted 2.6 meters (1.73 meters of true width) of 212 g/t silver

SA-48 had intercepts of 3.0 meters (1.50 meters of true width) of 101 g/t silver, and 2.0 meters (1.44 meters of true width) of 154 g/t silver

SA-51 intercepted 7.0 meters (5.44 meters of true width) of 191 g/t silver

SA-52 intercepted 2.85 meters (2.06 meters of true width) of 6.70 g/t gold and 632 g/t silver, including 0.85 meters (0.72 meters of true width) of 17.75 g/t gold and 1,600 g/t silver

SA-53 intercepted 2.00 meters (1.78 meters of true width) of 2.13 g/t gold and 273 g/t silver

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "The results of trench TSA-23 and drill holes SA-41 to SA-51 show the continuity of the mineralization through most of the San Antonio/El Carmen zone. The zone is open along strike and down dip.

Holes SA-52 and SA-53 discovered a new gold-rich structure in the El Carmen North zone, about 120 meters north of hole SA-48. This new structure is open on-strike and down-dip."

Follow-up drilling is planned, to:

1) Expand the San Antonio/El Carmen zone and delineate high grade bodies within it, and

2) Further test the new El Carmen North structure to determine the extent of the bonanza gold-silver grades.

Quality Control

Paramount takes detailed photos of the entire core before it is cut by saw to half core which is assayed at ALS Chemex's Vancouver laboratory. As part of quality assurance, quality control (QA/QC), Paramount has put into place a detailed program of periodically introducing certified standards, blanks and duplicates into the sample stream. Half-core samples are being retained on site for verification and reference purposes.

C.W. (Bill) Reed, B. Sc. Mineralogy, registered geologist, is the qualified person with respect to this news release.

Paramount Gold is listed on the AMEX and TSX under the symbol PZG and on the Frankfurt Stock Exchange under the symbol P6G (WKN: A0HGKQ). Paramount Gold is a precious metals mining exploration company, presently in the early stages of an extensive exploration program at their San Miguel project, located in the Guazapares Mining District of Mexico, part of the Sierra Madre Occidental gold-silver belt. Paramount has completed over 21,000 meters of drilling on the project, totaling 132 drill holes, with results pending on 32 of these holes. In early 2007, Paramount began a 50,000 meter drill program, of which 14,000 meters have been completed to date. In March 2007, Paramount completed a $21.8 million financing which is being utilized to develop their San Miguel project and other opportunities.

"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.

Contact Information

  • Paramount Gold and Silver Corp.
    Charles William Reed
    VP Exploration, Mexico
    Paramount Gold and Silver Corp.
    Chris Halkai
    Corporate Relations
    613-226-9881 or Toll-free: 1-866-481-2231