Paramount Gold Mining Corp.

Paramount Gold Mining Corp.

August 24, 2007 17:00 ET

Paramount Gold Exploration Update: South America

OTTAWA, CANADA--(Marketwire - Aug. 24, 2007) - Paramount Gold Mining Corp. (AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) reports the following update on its activities in the Andean Gold Alliance (AGA) in South America. aramount has evaluated all of the prospects under the AGA and all targets were eliminated except for the Santos gold property in Peru. Paramount completed six drill holes at the Santos property, and after the evaluation of results, the property was returned to Teck Cominco.

Paramount has dropped the Cotaruse property in Peru and is now focusing primarily on its core assets and large holdings in Mexico. The South American exploration team is now spending a significant amount of their time in Mexico working on the San Miguel project, and are currently on the 1st phase of exploration on the adjacent Andrea concession. Paramount's South American team is also continuing to evaluate projects in South America for potential acquisitions.

At San Miguel, the exploration team has been increased by 10 additional people to accommodate the increase in exploration and drilling.

Christopher Crupi, CEO, stated, "I believe it is in our shareholders best interests that we focus our resources and accelerate our exploration program on our San Miguel project in Mexico, which has the potential of a world class discovery."

About Paramount Gold

Paramount Gold is listed on the AMEX 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 in the Sierra Madre, Temoris mining district of Mexico. Paramount has completed 15,000 meters of drilling, totaling 98 drill holes on the project with results pending on the last 25 of these holes. In early 2007, Paramount began a 50,000 meter drill program, of which 8,000 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

  • Christopher Crupi, President
    Toll-free: 1-866-481-223
    Chris Halkai, Corporate Relations
    Toll-free: 1-866-481-223