Paramount Gold Mining Corp.

Paramount Gold Mining Corp.

August 23, 2007 08:30 ET

Paramount Gold Receives Their Environmental Permits; A Second Drill Rig will Commence Drilling in Early September

OTTAWA, CANADA--(Marketwire - Aug. 23, 2007) - Paramount Gold Mining Corp. (AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) is pleased to announce that they have recently received their environmental and soil use permits which will allow them to continue their drill program at their San Miguel project in Mexico.

These permits allow Paramount to employ a second drill rig which will start drilling in early September, and will be operated on a double shift, 24 hour per day basis. The second rig is a track-mounted Atlas Copco CS 1500. This was just built and supplied to Paramount by Layne Drilling, and is the same model as the one currently on the project.

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

  • Larry Segerstrom, COO
    Chris Halkai, Corporate Relations
    Toll-free: 1-866-481-223