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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: GoldBull no bug here who wrote (4168)1/4/2006 5:59:50 PM
From: chummer  Read Replies (2) of 78410
 
Paramount Gold Closes Above-Market Financing

2006-01-04 16:14 ET - News Release

OTTAWA -- (Business Wire) -- Jan. 4, 2006
Company Website: paramountgold.com

Paramount Gold Mining Corp. (OTC:PGDP)(FWB:P6G) is
pleased to report that it has closed a US$500,000 financing of
restricted stock at US$3.20 per share. There are no warrants attached
and no finder fees were paid.
Chris Crupi, President and CFO, commented, "We are very pleased to
close a financing at a premium to the current market price of our
stock. We have received tremendous interest from the investment
community given the spectacular results we announced at San Miguel in
Mexico, and the news of our recent acquisition of the La Blanca
property next to San Miguel containing a drill-indicated resource of
29 million ounces of silver. An existing shareholder, Alpha Capital in
London, decided to invest $500,000 at a premium as we have agreed to
grant them the right to participate in future financings, which they
place a significant value on."
Paramount will use the funds to commence drill programs at their
San Miguel and newly-acquired La Blanca projects in Mexico, and their
Linda project in Peru (a partnership with Minera ABX Exploraciones, a
subsidiary of Barrick Gold (NYSE:ABX), now the world's largest gold
company. The Company is currently in the process of securing the
required permits, and plans to begin drilling in February 2006.
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