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Paramount Gold and Silver Corp. Announces Assay Results From the San Miguel Project Drilling Program

Posted on: Tuesday, 6 November 2007, 15:00 CST

Paramount Gold and Silver Corp. (TSX: PZG.TO)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) is pleased to announce that it has received assay results from an additional seven drill holes in the La Veronica area of its San Miguel project in the Guazapares Mining District, Mexico. These holes represent step-out drilling to the northwest along the La Veronica vein system. They extend the tested strike length of the veins for an additional 350 meters from that reported most recently. As is the case with the rest of the La Veronica structure, analysis of the geology and the precious metal distribution in these new drill holes will lead to follow-up drilling down-dip and lateral to the higher grade areas.

Highlights of these assay results are (see table at www.paramountgold.com for further details and maps):

 ----------------------------------------------------------- Hole   True Width        Gold      Silver   Gold Equivalent Number     Meters   grams/ton   grams/ton         grams/ton ----------------------------------------------------------- LV-11        0.87        0.71      114.00              2.61 ----------------------------------------------------------- LV-12        1.64        0.00      189.00              3.15 ----------------------------------------------------------- LV-13       13.00        0.05       65.00              1.13 ----------------------------------------------------------- LV-14        4.33        0.08      165.00              2.83 ----------------------------------------------------------- LV-18        1.53        0.00      128.00              2.13 ----------------------------------------------------------- LV-24        3.03        0.73       70.00              1.91 ----------------------------------------------------------- 

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "This new 350 meter extension of the La Veronica vein to the northwest helps us to remain confident of the discovery potential in this area. An additional 11 holes are pending assay from the La Veronica vein. We await the results of our project-wide geophysical program which will help to define further drill targets in the San Miguel project."

Paramount Gold also awaits assay results from the nearby Montecristo area.

Drilling continues with 2 core rigs on the project.

Quality Control

Paramount takes detailed 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 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, located in the Guazapares Mining District of Mexico, part of the Sierra Madre Occidental gold-silver belt. Paramount has completed over 20,000 meters of drilling in its current 50,000 metre program. Results are pending on the last 34 drill holes. In March 2007, Paramount completed a $21.8 million financing which is being utilized to develop their San Miguel project 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.

 Contacts: Paramount Gold and Silver Corp. Larry Segerstrom, MSc.(geo), MBA Chief Operating Officer 623-703-0969  Chris Halkai Corporate Relations Toll-free: 1-866-481-2231 613-226-9881  

SOURCE: Paramount Gold and Silver Corp.

Source: MARKET WIRE

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