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

Paramount Gold and Silver Corp.

July 08, 2009 10:08 ET

Paramount Gold and Silver Corp Signs Definitive Agreement to Expand its San Miguel Project

OTTAWA, CANADA--(Marketwire - July 8, 2009) - Paramount Gold and Silver Corp. (TSX:PZG)(NYSE:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) has signed definitive agreements to acquire the Guazapares project located in southwestern Chihuahua, Mexico from Mexoro Minerals Ltd. (OTCBB:MXOM) for a purchase price of $3.7 million.

The Guazapares project comprises 12 claims surrounding Paramount's San Miguel discovery which can be seen in the map at the following link http://www.paramountgold.com/projects/images/temoris2.jpg. The first payment will be released from escrow when certain conditions are met. An additional payment is due to Mexoro if, within 36 months the project is put into commercial production or the project is sold by Paramount.

Paramount CEO, Christopher Crupi stated, "We are extremely excited with the acquisition of these concessions immediately surrounding our flagship San Miguel project. With drilling expected to commence soon, our team will have many new targets at the Guazapares project and we expect that this will add to our growing resource and resource potential."

The following is a link to the updated land status map of Paramount highlighting the new concessions http://www.paramountgold.com/projects/images/temoris3.jpg

Contact Information

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