Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

October 09, 2007 16:15 ET

Paramount Gold and Silver Corp. Adds Mining Engineer, Geologist, and Metallurgist to Their Experienced Team at the San Miguel Project

OTTAWA, ONTARIO--(Marketwire - Oct. 9, 2007) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) is pleased to announce that Dr. Denis Norton and Alastair H. Summers have been engaged to help advance the San Miguel Project in Temoris, Chihuahua, Mexico. Paramount has also engaged Quantec Geophysics to conduct an IP - resistivity survey; and Herbert Osborne, a Metallurgical Engineer.

Commenting on the appointments, Christopher Crupi, President and CEO, stated, "Paramount is committed to building a strong, experienced and results-oriented team of mining professionals as we continue to experience significant growth. We believe that our highly skilled and deeply experienced technical team is a tremendous asset as we build the San Miguel Project into a significant deposit."

Mr. Summers has over 47 years of experience of mine construction, mine management, and mine engineering. Mr. Summers will be responsible for commencing scoping work on a pre-feasibility study. From March 1990 to May 2001, Mr. Summers was the VP & General Manager of Minera Hecla de Mexico, where he was responsible for the design, construction, operation and reclamation of the highly successful La Choya open pit, heap leach gold mine. Mr. Summers also identified and sponsored the acquisition and development of the San Sebastian underground silver-gold mine and Velardena mill. Mr. Summers earned a B.A. Sc. Mining Engineering from the University of British Columbia. He is a Registered Professional Engineer, Colorado, and a Registered Professional Geologist, Idaho.

Dr. Norton received his B.A. in Geology from the University of Buffalo in 1960 and a PhD in Geochemistry from U.C. Riverside in 1964. He had early experience as a stope miner at Butte, Montana, and was Chief Geochemist for Kennecott Exploration Services for a number of years. Between 1973 and 1996 Dr. Norton was Professor of Geology at the University of Arizona. Since retiring from research and teaching at the U. of Arizona, Dr. Norton has been engaged in a private consulting practice.

Herbert Osborne graduated from the Colorado School of Mines in 1961 and will be primarily responsible for providing metallurgical consulting to Paramount. Mr. Osborne has 47 years of experience working in Mexico, Central America and the United States as a consultant, and with New Jersey Zinc and Goldfields.

The geophysical survey, which commenced in September, has been designed to test the entire 8 kilometer length of the San Miguel mineralized system. The survey will take several months to complete and will provide information to vector deeper drilling in areas with known mineralization and will define new targets in areas that have not been previously drilled. The geophysical survey results will be combined with a property wide detailed 1:5000 scale geologic map, a detailed litho-geochemical study, and a 3-dimensional model of the geology and mineralization at the mineralized zones, San Antonio, San Luis, San Jose and La Union. The 3D model is being compiled using Vulcan mapping software.

Paramount will be attending the upcoming Veracruz International Mining Congress and Exhibit from October 10th -13th, 2007, and the Toronto Resource Investment Conference from October 21st -22nd, 2007. Paramount will also be visiting analysts and fund managers in Vancouver from October 31, 2007 to November 2, 2007.

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.
    Christopher Crupi
    613-226-9881 or Toll-free: 1-866-481-2231
    Paramount Gold and Silver Corp.
    Chris Halkai
    Corporate Relations
    613-226-9881 or Toll-free: 1-866-481-2231