Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

October 17, 2007 08:45 ET

Paramount Gold and Silver Corp. Announces Further Drill Results From the San Miguel Project Including 891 g/t Silver Over 2.0 Meters

CHIHUAHUA, MEXICO--(Marketwire - Oct. 17, 2007) - Paramount Gold and Silver Corp. (AMEX:PZG)(TSX:PZG)(Frankfurt:P6G)(WKN:A0HGKQ) is pleased to announce the assay results from 12 drill holes in the San Antonio/El Carmen area at its San Miguel project in the Guazapares Mining District, Mexico. These results indicate continuity within the San Antonio - El Carmen vein system and confirm the existence of stockwork mineralization west of the main San Antonio structure.

Drill hole SA-29 was designed to test the on-strike continuity of the El Carmen mineralized structure to the north and Hole SA-30 was an infill hole in the south end of San Antonio structure. Holes SA-31 to SA-36 were drilled to test the northwest extension of the San Luis structure, a parallel vein system southwest of the San Antonio zone. SA-37 and SA-38 were planned to test the southeast extension of the San Antonio structure. SA-39 and SA-40 were drilled to test the stockwork mineralization west of the San Antonio mineralized structure.

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "The results of drill holes SA-29 to SA-40 continue to demonstrate the continuity of the mineralization within the San Antonio/El Carmen mineralized zone. The zone appears to persist along strike and down-dip."

Exploration drilling continues in the Montecristo and San Miguel areas using two core drills working 24 hours per day. Paramount has also completed a round of drilling at the La Veronica zone and assay results should be released in the near future.

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

SA-29 intercepted 9.4 meters (7.20 meters of true width) of 135 g/t silver

SA-31 intercepted 7.5 meters (5.75 meters of true width) of 132 g/t silver

SA-32 intercepted 0.9 meters (0.69 meters of true width) of 0.26 g/t gold and 692 g/t silver

SA-37 had intercepts of 13.0 meters (8.36 meters of true width) of 128 g/t silver, and 0.8 meters (0.51 meters of true width) of 861 g/t silver

SA-38 had intercepts of 3.75 meters (2.41 meters of true width) of 239 g/t silver, and 0.8 meters (0.51 meters of true width) of 932 g/t silver

SA-40 intercepted 2.0 meters (1.11 meters of true width) of 891 g/t silver

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
    Toll-free: 1-866-481-2231