Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp.

May 19, 2009 09:00 ET

Paramount Gold and Silver Corp. Expands its San Miguel Project through Acquisition of Key Mining Concessions in its District Consolidation Strategy

OTTAWA, CANADA--(Marketwire - May 19, 2009) - Paramount Gold and Silver Corp. ("Paramount") (NYSE Amex:PZG)(TSX:PZG)(Frankfurt:P6G)(WKN:A0HGKQ) has signed a letter of agreement with Mexoro Minerals Ltd (OTCBB: MXOM)(FRANKFURT:OYA1) to acquire all its legal and beneficial interest to 12 mining concessions adjacent to Paramount's San Miguel Project resource areas in Chihuahua, Mexico as seen in the map at the following link

The purchase price is $3.7 million and all underlying property payments are to be deferred for 36 months and further, if Paramount or its assets are sold within this period an additional payment will be made to the vendors. The transaction is subject to due diligence and other conditions and is expected to close within 90 days.

"We are excited about securing the ground immediately surrounding our flagship San Miguel Project" stated Paramount CEO, Christopher Crupi. "These concessions will be part of an extensive drill program that is expected to commence shortly and will enhance the geologic potential of San Miguel and its current 2.6 million ounce gold equivalent resource."

The following is a link to the updated land status map of Paramount highlighting the new concessions

Contact Information

  • Paramount Gold and Silver Corp.
    Christopher Crupi, CEO
    Chris Theodossiou, Investor Relations
    866-481-2233 / 613-226-9881