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

Paramount Gold and Silver Corp.

May 09, 2008 04:00 ET

Paramount Gold and Silver Corp. Acquires Mining Concession Extending its San Miguel Vein in Mexico

CHIHUAHUA, MEXICO--(Marketwire - May 9, 2008) - Paramount Gold and Silver Corp. (AMEX:PZG)(TSX:PZG.TO) (FRANKFURT:P6G)(WKN:A0HGKQ) recently acquired a new mining concession at its San Miguel project in Mexico. Elyca hosts the on-strike extension of its newly discovered 'Clavo 99'.

Elyca fills in the gap between Paramount's San Miguel and Empalme concessions providing approximately 2,000 meters of continuous on-strike potential. Recent press releases (drill table below) described the high-grade intercepts at 'Clavo 99' in the northwestern portion of the San Miguel project. The strongly mineralized vein continues to the northwest onto Elyca, which is expected to contain extensions of the mineralization described in those press releases.

Paramount intends to continue drilling of the strongly mineralized San Miguel vein and 'Clavo 99' onto the Elyca concession and through to Empalme.

Please visit http://www.paramountgold.com/projects/san_miguel_maps.asp to view a map of the Elyca concession. Adjacent to Elyca are the following highlights of assay results from the San Miguel Vein:




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Hole # True Width Au Ag Au Eq.(i)
(m) (g/t) (g/t) (g/t)
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SM-01 9.00 2.99 149 5.97
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SM-02 11.15 0.47 220 4.87
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SM-13 4.82 1.22 78 2.78
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SM-24 10.39 3.52 60 4.72
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(i)Ag:Au ratio equals 50


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).

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. Pursuant to area of mutual interest, Tara Gold has until May 30, 2008 to opt-in by paying its proportionate share of the acquisition costs.

"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
    613-226-9881
    or
    Paramount Gold and Silver Corp.
    Chris Halkai
    Corporate Relations
    Toll-free: 1-866-481-2231
    613-226-9881