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

Paramount Gold and Silver Corp.

March 19, 2009 16:50 ET

Paramount Gold and Silver Corp. Closes Acquisition of the Temoris Project

OTTAWA, CANADA--(Marketwire - March 19, 2009) - Paramount Gold and Silver Corp. (TSX:PZG)(NYSE.A:PZG)(FRANKFURT:P6G) has closed its acquisition of Magnetic Resources Ltd. which holds title to the Temoris Project and the Morelos Project in Chihuahua Mexico. In a concurrent transaction, the acquisition by Paramount Gold and Silver Corp. of the option on the Temoris Project held by Garibaldi Resources Corp. (TSX VENTURE:GGI) has also closed. These transactions were previously announced on February 17, 2009.

The Temoris Project comprises 54,000 hectares of mining concessions adjacent to its San Miguel project and surrounding Coeur's (NYSE:CDE) Palmarejo Project. Paramount Gold and Silver Corp. is now the sole owner of the Temoris Project and together with its San Miguel and Andrea Project, it controls 140,000 hectares of mining concessions in the Guazapares Mining District. Paramount is now preparing an exploration program for its new Temoris Project.

The Morelos property covers a historic mining area about 25 kilometers southeast of Goldcorp's (NYSE: GG) El Sauzal Mine and 30 kilometers south of Mag Silver's (TSX:MAG) Batopilas project. Should Garibaldi exercise its option, Paramount would receive a $2,000,000 cash payment in April 2010 and a 2% NSR. Finally, Paramount also acquires the 2% NSR held by Magnetic Resources over Garibaldi's Iris project near the Pinos Altos and Ocampo mines.

Further, Paramount Gold and Silver Corp. has also now received full title to the San Miguel Project concessions including the last 30% interest which was purchased from Tara Gold Resources Inc. (OTC: TRGD) for all share consideration. Accordingly, the seven million common shares have now been released from escrow and delivered to Tara Gold subject to restrictions and leak out provisions.

Contact Information

  • Paramount Gold and Silver Corp.
    Christopher Crupi
    Chief Executive Officer
    613-226-9881