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Paramount Gold and Silver Corp. Report Gold and Silver Assays From the Montecristo Zone at Their San Miguel Project

Posted on: Tuesday, 1 April 2008, 15:00 CDT

Paramount Gold and Silver Corp. (TSX: PZG)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) announces assay results from 12 drill holes in the Montecristo Zone of its San Miguel project, in the Guazapares Mining District, Mexico. These holes (LV 15-17, 19-23, and 25-28) were drilled in the southeastern margin of the Montecristo Zone (see location map at www.paramountgold.com).

This first pass of drilling of the southeastern margin of the Montecristo Zone was designed to test areas of old mine workings and significant surface geochemistry. The Montecristo Zone contains bulk-tonnage, gold-silver targets associated with a rhyodacite dome complex. Gold and silver occur there largely as veinlets and disseminations in the silicified and brecciated margins of the intrusive bodies of the dome complex. This silicified breccia is cut by higher grade veins.

Highlights of the results from this southeastern margin of the Montecristo include: 2.63 meters of 6.82 g/t of gold equivalent, 6.07 meters of 2.36 g/t of gold equivalent, and 18.61 meters of 0.85 g/t of gold equivalent.

Highlights of these assay results are as follows: (go to www.paramountgold.com for further assay details and drill maps)

 ----------------------------------------------------------------------- ---                                         True                          Gold Hole      From       To    Interval    Width     Gold    Silver   Equiv.(i) --------------------------------------------------------------------------                                               (grams/   (grams/    (grams/ Number (meters) (meters)    (meters) (meters)     ton)      ton)       ton) -------------------------------------------------------------------------- LV-15    31.70    33.50        1.80     1.56     0.26    175.00       3.76 -------------------------------------------------------------------------- LV-19    53.70    78.00       24.30    18.61     0.09     37.54       0.85 -------------------------------------------------------------------------- LV-20    39.00    46.90        7.90     6.47     0.19     66.00       1.51 -------------------------------------------------------------------------- LV-21    33.30    40.00        6.70     6.07     0.00    118.00       2.36 --------------------------------------------------------------------------          52.10    55.00        2.90     2.63     0.04    339.00       6.82 -------------------------------------------------------------------------- LV-22    84.00    91.00        7.00     6.07     0.19     56.57       1.32 -------------------------------------------------------------------------- LV-23   126.00   155.00       29.00    22.21     0.46      4.00       0.54 --------------------------------------------------------------------------                          including:     3.06     1.32      0.00       1.32 --------------------------------------------------------------------------         205.30   206.10        0.80     0.51     3.31    106.00       5.43 -------------------------------------------------------------------------- LV-25    81.00    83.00        2.00     1.53     0.31    136.00       3.03 -------------------------------------------------------------------------- LV-26    26.70    32.35        5.65     4.89     0.00     89.00       1.78 --------------------------------------------------------------------------                          including:     0.95     0.00    209.00       4.18 --------------------------------------------------------------------------          71.70    78.40        6.70     5.80     0.10     53.00       1.16 -------------------------------------------------------------------------- 

These drill holes, in combination with holes SC-01 to -11 (released March 18, 2008), show that the Montecristo Zone is more than one kilometer in strike length. In addition, these results together with those from LV-01 to 10 (reported on October 22, 2007), and LV-11 to 14, 18 and 24 (reported on November 6, 2007) indicate that much of the distance along strike and between the Montecristo and San Antonio Zones is mineralized.

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "These latest drill results, as well as those from holes SC-01 to 11, are being combined with the interpretations from our structural and geophysical analysis to develop more drill targets in the Montecristo Zone. We believe that the Zone has significant potential for both bulk tonnage and higher grade mineralization."

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. (OTC: TRGD.PK) (30%) who is required to contribute 30% of exploration costs to maintain their interest.

"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.

The Toronto Stock Exchange has not reviewed and therefore does not accept responsibility for the adequacy or accuracy of this release.

 Contacts: Paramount Gold and Silver Corp. Larry Segerstrom, COO 613-226-9881  Paramount Gold and Silver Corp. Chris Halkai, Corporate Relations 613-226-9881 866-481-2233  

SOURCE: Paramount Gold and Silver Corp.

Source: MARKET WIRE

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