Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

January 15, 2010 08:00 ET

Paramount Gold and Silver Announces Exercise of Warrants and Changes to its Board of Directors

OTTAWA, ONTARIO--(Marketwire - Jan. 15, 2010) - Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G) (the "Company") announces that the MineralFields Group has exercised warrants to purchase a total of 3,636,362 shares of common stock in the capital of the Company at a price per share of $1.25 for gross proceeds of C$4,454,525. The shares are not registered and thus currently restricted from trading. The Company plans to use the funds for the ongoing exploration of the San Miguel Project and area and general working capital.

The Company is also pleased to announce the election of Robert Dinning, CA as Chairman of the Board and Christopher Reynolds, CGA as the Chair of the Company's audit committee, replacing Mr. Dinning in that role. Mr. Dinning has been an independent director of the Company since March 2008 and is a Chartered Accountant with an extensive background in corporate finance in the mining industry. "With the growing size and scope of the Company, we felt it was appropriate to separate the functions of Chairman from those of the CEO to provide for more effective corporate governance," said Paramount CEO Christopher Crupi.

Mr. Reynolds was recently elected as an independent director of the Company. A Certified General Accountant with 20 years of mining industry and public accounting experience, he is currently the Vice President, Finance and Chief Financial Officer of Norsemont Mining Inc., a TSX listed corporation. He previously served as Senior Vice President, CFO and Secretary of SouthernEra Diamonds Inc. and has held various finance and accounting positions at Southern Platinum Corp., TVX Gold Inc., Inmet Mining Corporation and PricewaterhouseCoopers. He also served as a director of Arizona Star Resource Corp.

The Company also formed a Corporate Governance Committee comprised of the independent directors of the board.

Contact Information

  • Paramount Gold and Silver Corp.
    Christopher Crupi, CEO
    866-481-2233 / 613-226-9881
    Paramount Gold and Silver Corp.
    Chris Theodossiou, Investor Relations
    866-481-2233 / 613-226-9881