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

Paramount Gold and Silver Corp.

November 19, 2008 10:18 ET

Paramount Gold and Silver Corp. Reports Drill Results at Clavo 99 and Advises New Resource Estimate to be Completed by End of November

CHIHUAHUA, MEXICO--(Marketwire - Nov. 19, 2008) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G) reports assay results from five drill holes in the San Miguel vein, approximately 400 meters northwest of Clavo 99. These were drilled as step-out holes from attractive intercepts in holes SM-33, 49, 52 and 55.

SM-55 was a good hole with two intercepts of 2.2 g/t Au Eq across 5.4 and 8.4 meters. Intercepts in holes SM-56 to -59 were generally one meter, with a few intercepts up to two meters in thickness with one intercept of 5.9 grams per ton.

Highlights are below (visit www.paramountgold.com for further details).



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Grade
Thickness
Hole From To Interval True Gold Silver Gold Gold
Width Equiv.(i) Equiv.(i)
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# (m) (m) (m) (m) (g/t) (g/t) (g/t) (g x m)
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SM-55 82.00 91.25 9.25 8.38 0.69 77.0 2.23 18.69
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115.00 121.00 6.00 5.44 2.17 3.0 2.22 12.07
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SM-56 109.55 127.60 18.05 10.36 0.07 36.0 0.79 8.18
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SM-57 25.30 24.40 1.10 0.38 1.21 15.2 1.51 0.57
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105.70 108.00 2.30 0.78 3.43 122.7 5.88 4.58
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SM-58 201.00 206.00 5.00 2.12 1.73 6.0 1.86 3.94
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211.10 217.00 5.90 2.50 1.02 3.0 1.07 2.67
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221.00 224.00 3.00 1.27 1.10 7.0 1.23 1.56
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227.00 230.00 3.00 1.27 1.20 3.0 1.27 1.61
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SM-59 183.00 186.00 3.00 0.78 0.36 3.0 0.42 0.32
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302.20 305.00 2.80 0.73 0.30 6.0 0.41 0.30
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(i) Calculated at Ag/Au equals 50


The intercepts in nearby SM-33 (2.46m @ 5.26 g/t AuEq) and several other holes in the Elyca area remain quite attractive as a possible extension of the Clavo 99 zone. Many of the drill holes between SM-55 and Clavo 99 have sufficient gold-equivalent grade to be potentially mineable. This area has the potential to add significantly to the resource contained within Clavo 99.

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "the assay results from these five holes have helped to define the northwestern boundary of higher grade mineralization in the central Elyca area. Ongoing exploration will determine if there are higher grades at depth below these holes, or to the northwest along strike in the Empalme area."

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).

Paramount Gold and Silver Corp. is the operator and 100% owner of the San Miguel Project.

Contact Information

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