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

Paramount Gold and Silver Corp.

December 04, 2007 16:01 ET

Paramount Gold and Silver Identify Gold-Silver and Porphyry Copper Targets on its 86,300-Hectare Andrea Concession

OTTAWA, CANADA--(Marketwire - Dec. 4, 2007) - Paramount Gold Mining Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) is pleased to announce that it has identified several encouraging targets during field follow-up of its detailed stream sediment sampling and imagery analysis programs on its wholly owned Andrea Concession. The 86,300 hectare Andrea concession covers most of the ground between Paramount's San Miguel Project and GoldCorp's El Sauzal gold mine in the Sierra Madre gold-silver belt.

Paramount has completed an extensive stream sediment sampling program over the entire Andrea concession. A total of 308 drainage basins were sampled. Stream sediment and heavy mineral concentrate samples were collected at each site, both of which were analyzed for Au and Ag plus a 34-element ICP package. Approximately 70 % of the analytical results have been received to date. Several drainages with anomalous gold, silver, copper and zinc contents have been identified from these partial results.

In conjunction with the stream sediment program, Paramount completed a hydrothermal alteration mineral mapping study over the same area using in-house Aster satellite imagery analysis. This work has identified several areas with strongly anomalous clay and silica alteration.

Boot and hammer ground follow-up work has begun on these anomalies. Both gold-silver and porphyry copper targets have been identified in the Andrea Concession; for example:

- Mesa Colorada, a gold-silver target: clay-rich and intensely iron-stained soils in an area with reported historic gold/silver mine workings. Around Mesa Colorada is a cluster of drainages that comprise the most intense and largest group of stream sediment gold anomalies found in the Andrea Concession to date. The area is located in a zone of intersection of regional lineaments in the southeastern part of the Concession and is surrounded by a zinc halo in stream sediments.

- Marimara, a porphyry copper target: 120-hectare area of intensely fractured, altered and iron stained rock with 2-5% original pyrite content. The system extends under post-mineral volcanic cover and is located along an E-NE trending drainage that follows a major regional fault zone. The area contains historic mine workings, some of which followed gold-silver quartz veins.

Please visit our website at www.paramountgold.com for up to date maps and photos of the Andrea concession.

Analytical results from rock chip samples and from the remaining stream sediment samples are pending. Ground follow-up work in these and other target areas will evolve as results become available.

Christopher Crupi, CEO, stated, "It is very exciting to see that our integrated program of regional geochemistry, satellite imagery analysis and on-the-ground follow-up work has produced attractive target areas so rapidly. We expect the pending assay results to produce additional high priority targets."

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 Gold

Paramount Gold is listed on the AMEX and TSX under the symbol PZG and on the Frankfurt Stock Exchange under the symbol P6G (WKN: A0HGKQ). 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 Temoris mining district of the Sierra Madre Occidental in Mexico. Paramount has completed over 27,000 meters of core drilling, totaling 155 drill holes on the project, with results pending on the last 27 of these holes. In April 2007, Paramount began a 50,000 meter drill program, of which 20,000 meters have been completed to date. In March 2007, Paramount completed a $21.8 million financing which is being utilized to develop their San Miguel and Andrea projects and other opportunities.

"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.
    Charles William Reed
    VP Exploration
    520-907-9986
    or
    Paramount Gold and Silver Corp.
    Chris Halkai
    Corporate Relations
    Toll-free: 1-866-481-223 or 613-226-9881