Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

May 12, 2008 04:00 ET

Paramount Gold and Silver Update of their Strategic Alliance with Mexoro Minerals

OTTAWA, CANADA--(Marketwire - May 12, 2008) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) has advanced the initial $500,000 pursuant to its strategic alliance with Mexoro Minerals (OTCBB:MXOM)(FRANKFURT:OYA1). This initial advance is intended to fund Mexoro's ongoing drill program. The secured convertible debenture bears interest at a rate of 8% per annum for a term of one year. Paramount will have the option to convert the debt into units as part of the overall financing. Paramount will retain the first right of refusal on all future financings of Mexoro for a period of four years.

About Paramount

Paramount Gold is a precious metals mining exploration company presently in the early stages of an extensive exploration program at their San Miguel project in the Guazapares Mining District, part of the Sierra Madre Occidental gold-silver belt of Mexico. Paramount Gold and Silver Corp. is the operator of the San Miguel project, which is a joint venture with Tara Gold Resources Corp. (OTC:TRGD.PK) (30%) who is required to contribute 30% of exploration costs to maintain their interest.

"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, CEO
    Paramount Gold and Silver Corp.
    Chris Halkai
    Corporate Relations
    Toll-free: 1-866-481-2231