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

Paramount Gold and Silver Corp.

April 30, 2008 14:00 ET

Paramount Gold and Silver Corp. Announces Drill Results That Extends 'Clavo 99' to a Depth of 250 Meters at its San Miguel Project

CHIHUAHUA, MEXICO--(Marketwire - April 30, 2008) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) is pleased to announce assay results from drill hole SM-34 in the San Miguel Vein. Drill hole SM-34 was drilled 50 meters below hole SM-15 to test the depth extent of 'Clavo 99'.

Hole SM-34 established that the high grade mineralization in 'Clavo 99' extends to a depth of at least 250 meters below the surface and remains open at depth. Additional drilling is in progress to continue expanding 'Clavo 99' at depth and laterally to the north and south.

In SM-34, the highest grade interval contained 0.49 meters of 10.00 g/t Au and 27 g/t Ag. This was within a 4.93 meter vein containing 2.17 g/t Au and 17 g/t Ag.

Highlights of these assay results are seen in the table below. Visit www.paramountgold.com for assay details and location maps.



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Hole From To Interval True Gold Silver Gold Grade
Width Equiv.(i) Thickness
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Number (m) (m) (m) (m) (g/t) (g/t) (g/t) (grams Au
Equiv. x
meters)
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SM-34 157.80 188.00 30.20 18.60 0.26 19.00 0.63 11.72
including: 0.34 0.63 223.00 5.09 1.72
188.00 196.00 8.00 4.93 2.17 17.00 2.51 12.37
including: 0.49 10.00 27.00 10.54 5.19
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average:157.80 196.00 38.20 23.53 0.66 18.58 1.02 24.09
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(i) Note: Ag/Au ratio = 50 (used to calculate Gold Equivalent)


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.

"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.

The Toronto Stock Exchange has not reviewed and therefore does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Paramount Gold and Silver Corp.
    Larry Segerstrom, COO
    613-226-9881
    or
    Chris Halkai
    Corporate Relations
    866-481-2233
    613-226-9881