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Paramount Gold and Silver Corp. Complete Second Phase Exploration at the Andrea Project in Chihuahua, Mexico

Posted on: Wednesday, 28 May 2008, 09:00 CDT

Paramount Gold and Silver Corp. (TSX: PZG)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) has completed the second phase, helicopter-supported sampling of the 84,000 hectare Andrea Project. Samples have been shipped to ALS Chemex Labs for assay.

The first pass stream sediment sampling in 2007 of the drainage basins revealed 25 anomalous areas including the Marimara copper anomaly. Additional follow up samples near the Cieneguita Mine (Strategic Alliance with Mexoro Minerals MXOM.OB) (assays released May 21, 2008) are planned. In those anomalous drainages a total of 60 more closely spaced stream sediment samples and 21 rock samples were collected as part of this second pass sampling.

Geologic reconnaissance was also conducted in each area and hydrothermally altered rocks, quartz veining and small prospecting pits were observed and mapped in several of these areas. Compilation and reporting of field data is in progress. The results of this next phase of exploration are expected to highlight several areas worthy of detailed investigation. Drill targeting is planned for later in 2008.

Maps showing the locations of the 25 anomalous drainage basins are posted the Paramount website (www.paramountgold.com).

Bill Reed, VP Exploration, commented, "The assay results from this second and more detailed round of geologic reconnaissance will prove useful in targeting for drill testing. We are very excited about the prospects for Andrea, particularly in light of the recent sale of the neighboring porphyry copper deposit (Mexico's largest under mineralized copper-zinc-moly resource) of Tyler Resources Inc. to Jinchuan Resources Ltd. in March 2008."

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 recently signed a Strategic Alliance with Mexoro Minerals (OTC: MXOM.OB).

"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. Bill Reed VP Exploration 866-481-2233 / 613-226-9881  Paramount Gold and Silver Corp. Chris Halkai Corporate Relations 866-481-2233 / 613-226-9881  

SOURCE: Paramount Gold and Silver Corp.

Source: MARKET WIRE

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