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

Paramount Gold and Silver Corp.

October 14, 2008 09:30 ET

Paramount Gold and Silver Corp. Reports High Grade Gold Assays at Clavo 66

CHIHUAHUA, MEXICO--(Marketwire - Oct. 14, 2008) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) reports assays from hole LU-19 drilled at a shallow level of Clavo 66 to test continuity between the surface and relatively deeper intercepts of significant gold mineralization. Drill hole LU-19 has expanded the resource by intercepting a hanging wall structure grading 3.27 g/t gold and 133 g/t silver across a true thickness of 6.75 meters. The main targeted structure contained a 0.85 meter (true width) intercept of 12.56 g/t gold.



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

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Grade
Thick-
ness
Gold Gold
Inter- True Equiv. Equiv.
Hole From To val Width Gold Silver (i) (i) Pb Zn
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Number (m) (m) (m) (m) (g/t) (g/t) (g/t) (g x m) % %
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LU-19 53.35 60.10 6.75 6.60 3.27 133.0 5.93 39.15 2.87 2.77
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60.10 66.00 5.90 5.77 0.25 4.0 0.32 1.85 0.04 0.01
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82.90 83.75 0.85 0.83 12.55 13.0 12.81 10.65 1.21 0.11
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83.75 100.00 16.25 15.89 0.26 1.0 0.28 4.45 0.01 0.02
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121.00 122.00 1.00 0.98 2.98 2.0 3.02 2.95 0.01 0.01
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(i) Calculated at Ag/Au = 50


Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "Continued good results at Clavo 66 support Paramount's decision to proceed with prefeasibility studies."

Drill hole SJ-14 was one of three holes drilled to test a geophysical anomaly below surface mineralization. Surface mapping and earlier drilling indicated that the mineralized zone generally dips east. However, there are some veins at the surface that also dip west, towards a strong geophysical anomaly. As with drill hole SJ-13, this hole confirmed that minor veining dips west. The geophysical anomaly appears to be owing to the steep side of a shallow intrusion that underlies the San Jose area to the immediate east at a much higher level than where it was intersected in this hole and drill hole SJ-13.

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, Investor Relations
    866-481-2233 / 613-226-9881