Paramount Gold and Silver Corp.
AMEX : PZG
FRANKFURT : WKN:A0HGK
TSX : PZG

Paramount Gold and Silver Corp.

November 26, 2008 10:46 ET

Paramount Gold and Silver Corp. Reports Drilling Results From its San Miguel Project

CHIHUAHUA, MEXICO--(Marketwire - Nov. 26, 2008) - Paramount Gold and Silver Corp. (TSX:PZG) (NYSE.A:PZG) (FRANKFURT:P6G, WKN: A0HGKQ) has received the assays from recently completed drill holes in the northern portion of its San Antonio resource area. These holes were drilled to test the northern extensions of the San Antonio vein system and to follow up an interesting gold intercept.

Holes SA-57 and 59 were drilled from east to west across the northern part of the San Antonio vein system. SA-57 intersected three gold-silver vein-breccias and SA-59 intersected a single 3.4 meter vein structure.

Holes SA-56 and 58 were drilled eastward into the El Carmen North structure. SA-56 was drilled below SA-53, which had better gold grades than is common in the San Antonio area. SA-56 had three intercepts with good gold and silver grades; it appears to be the same structure as intersected in the earlier SA-53. SA-58 intersected only a thin gold-silver vein with modest grades.

Highlights are below (visit www.paramountgold.com for further details).



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Hole From To Inter- True Gold Silver Gold Grade
val Width Equiv.(i) Thickness
Gold
Equiv.(i)
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Number (m) (m) (m) (m) (g/t) (g/t) (t/t) (g x m)
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SA - 53 29.00 31.00 2.00 1.78 2.13 273.00 6.68 11.89
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31.00 34.00 3.00 2.17 0.12 18.00 0.30 0.65
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72.00 73.00 1.00 0.67 0.22 0.00 0.22 0.15
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103.40 104.20 0.80 0.53 0.17 0.00 0.17 0.09
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108.70 109.55 0.85 0.47 0.16 0.00 0.16 0.08
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-56 10.00 11.95 1.95 1.46 0.17 137.2 2.91 4.25
----------------------------------------------------------------------
130.90 138.00 7.10 5.33 0.15 54.6 1.24 6.62
----------------------------------------------------------------------
150.80 157.00 6.20 4.65 0.23 143.2 3.09 14.39
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-57 0.00 5.20 5.20 3.99 0.03 46.7 0.96 3.83
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9.00 11.00 2.00 1.54 0.01 103.5 2.08 3.20
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13.00 14.00 1.00 0.77 0.02 108.0 2.18 1.68
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-58 63.00 64.20 1.20 0.69 0.08 113.0 2.34 1.61
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-59 0.00 5.90 5.90 3.39 0.11 43.3 0.98 3.32
----------------------------------------------------------------------
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(i) Calculated at Ag/Au equals 50


In general, this group of drill holes confirmed that the good silver grades in the San Antonio vein-breccias extend to the stream at the north end of the zone. Additional drilling is planned in an effort to trace northward other mineralized structures to the west of SA-57, and perhaps north of the stream, west of SA-58. It also demonstrated that the good gold grades in the veins in SA-53 continue down-dip. Additional trenching followed by drilling is needed to trace that structure to the north.

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "The stream valley at the north end of San Antonio appears to occupy a fault zone. South of the fault, the San Antonio mineralization continues right up to the fault as expected. Additional planned drilling is expected to increase the San Antonio resource up to that fault and further to the west."

Paramount will meet investors at its booth at the San Francisco Gold show November 30 and December 1.

Quality Control

Paramount takes detailed digital 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.

The qualified person who has reviewed this news release is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886).

Paramount Gold and Silver Corp. is the operator and 100% owner of the San Miguel Project.

Contact Information

  • Paramount Gold and Silver Corp.
    Larry Segerstrom, COO
    Chris Halkai, Corporate Relations
    866-481-2233
    613-226-9881