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To: LoneClone who wrote (20791)	6/3/2008 10:36:52 PM
From: LoneClone	Read Replies (1) \| Respond to of 194678

Paramount Gold and Silver Corp. Reports Drill Results From its San Miguel Vein in Mexico Tuesday June 3, 1:30 pm ET ca.us.biz.yahoo.com CHIHUAHUA, MEXICO--(MARKET WIRE)--Jun 3, 2008 -- Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News)(WKN: A0HGKQ) reports assay results from drill holes SM-25 through SM-33 in the San Miguel target area in the northwest portion of the project. This series of first pass exploratory holes was drilled to the northwest of 'Clavo 99' on the newly acquired Elyca concession and the Empalme concession. Many of these holes intersected significant mineralization which will be followed up by additional drilling. Drill holes SM-25, 26, 27 and 28 were step-out holes immediately to the northwest of 'Clavo 99' with highlights as follows: SM-25 0.91m @ 1.78 g/t Au, 9.0 g/t Ag, 1.96 g/t Au Eq. SM-27 0.82m @ 0.03 g/t Au, 241 g/t Ag, 4.85 g/t Au Eq. Drill holes SM-29, 30 and 31 were drilled on the Empalme concession. SM-29 was drilled near old workings 750 meters northwest along strike from SM-27. SM-30 and 31 were drilled 600 meters northwest of SM-27. Most had grades worthy of follow-up exploration. SM-29 0.77m @ 0.09 g/t Au, 141 g/t Ag, 2.91 g/t Au Eq. SM-30 0.58m @ 2.49 g/t Au, 13.0 g/t Ag, 2.75 g/t Au Eq. Drill holes SM-32 and 33 were drilled 200 meters northwest of the inferred boundary of 'Clavo 99' and deeper than the series SM-25 to SM-28. Intercepts were somewhat less narrow and grades were better than the shallower holes, suggesting that there may be further improvement with depth. Additional drilling will be done in this area. SM-32 0.90m @ 5.60 g/t Au, 15 g/t Ag, 5.90 g/t Au Eq. SM-33 1.64m @ 6.20 g/t Au, 47.5 g/t Ag, 7.13 g/t Au Eq. Highlights of these assay results are seen in the table below (visit www.paramountgold.com for further assay details, map of project showing the location of the San Miguel Zone, a map of the southern part of the Zone itself, and a longitudinal section of the vein structure): -------------------------------------------------------------------------- Gold Equiv. True (Ag:Ag Gold Hole From To Interval Width Gold Silver equals 50) Equiv. -------------------------------------------------------------------------- Number (m) (m) (m) (m) (g/t) (g/t) (g/t) (g x m) -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-25 126.0 127.0 1.0 0.91 1.78 9 1.96 1.78 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-26 19.0 30.7 11.7 8.96 0.08 36 0.80 7.15 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-27 17.0 18.0 1.0 0.82 0.03 241 4.85 3.98 -------------------------------------------------------------------------- 30.0 31.7 1.7 1.39 0.31 140 3.11 4.32 -------------------------------------------------------------------------- 144.6 145.0 0.4 0.33 5.18 14 5.46 1.80 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-28 68.8 88.5 19.7 16.13 0.68 5 0.78 12.57 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-29 32.3 33.3 1.0 0.77 0.09 141 2.91 2.24 -------------------------------------------------------------------------- 68.5 71.4 2.9 2.22 1.79 12 2.03 4.51 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-30 83.0 87.6 4.6 2.64 1.02 5 1.12 2.96 -------------------------------------------------------------------------- 105.0 106.0 1.0 0.57 2.49 13 2.75 1.57 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-31 No Major Intercepts -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-32 94.3 97.2 2.9 2.38 2.62 13 2.88 6.84 -------------------------------------------------------------------------- 159.0 160.0 1.0 0.82 2.17 5 2.27 1.86 -------------------------------------------------------------------------- 172.9 174.0 1.1 0.90 5.60 15 5.90 5.31 -------------------------------------------------------------------------- -------------------------------------------------------------------------- SM-33 136.0 138.0 2.0 1.64 0.08 97 2.02 3.31 -------------------------------------------------------------------------- 147.4 148.9 1.5 1.23 0.15 176 3.67 4.51 -------------------------------------------------------------------------- 159.2 166.5 7.3 5.98 2.17 29 2.74 16.38 -------------------------------------------------------------------------- incl. 164.5 166.5 2.0 1.64 6.20 48 7.13 11.69 -------------------------------------------------------------------------- -------------------------------------------------------------------------- -------------------------------------------------------------------------- Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "This group of drill holes was designed to test areas of old workings along strike to the northwest on a first pass basis. We are excited that most holes cut interesting mineralization. Results from holes SM-32 and 33 suggest that further drilling may extend 'Clavo 99' toward them." Tara Gold Resources Inc. has elected not to participate in the Elyca concession and pursuant to the joint venture, Tara Gold has a 10% interest in the Elyca concession. 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). About Paramount 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 Guazapares Mining District, part of the Sierra Madre Occidental gold-silver belt of Mexico. Paramount Gold and Silver Corp. is the operator of the San Miguel project, which is a joint venture with Tara Gold Resources Corp. (Other OTC:TRGD.PK - News) (30%) who is required to contribute 30% of exploration costs to maintain their interest. Paramount recently signed an LOI announcing a Strategic Alliance with Mexoro Minerals (Other OTC:MXOM.OB - News). "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: Contacts: Paramount Gold and Silver Corp. Larry Segerstrom, COO 613-226-9881 Chris Halkai, Corporate Relations 866-481-2233 613-226-9881 Source: Paramount Gold and Silver Corp.