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Paramount Gold and Silver Corp. Reports High Grade Gold Assays at Clavo 66

Posted on: Monday, 20 October 2008, 09:00 CDT

Paramount Gold and Silver Corp. (TSX: PZG)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) has received assays from hole LU-20 drilled at depth in Clavo 66 to test continuity between existing holes previously intercepting significant gold mineralization. Drill hole LU-20 intercepted a hanging wall structure grading 9.60 g/t Gold across a true thickness of 4.40 meters. Immediately adjacent lower-grade mineralization included 5.04 meters (true width) grading 0.43 g/t gold and 2.00 g/t silver. The main targeted structure contained a 0.60 meter (true width) intercept grading 13.35 g/t gold and 135 g/t silver. The immediately adjacent footwall mineralization contained an average grade of 1.44 g/t Gold across a true width of 4.01 meters.

Highlights are below (visit www.paramountgold.com for further details).

 ----------------------------------------------------------------------- ---- Hole    From       To   Inter-   True   Gold   Sil- Gold  Grade    Pb    Zn                           Val   Width          ver Equiv. Thick-                                                       (i)  ness                                                            Gold                                                           Equiv.                                                              (i) --------------------------------------------------------------------------- Number(Meters)(Meters)(Meters)(Meters)(grams(grams(grams (grams     %     %                                         /ton) /ton) /ton)     x                                                          meters) --------------------------------------------------------------------------- LU-20  116.50  117.80    1.30    0.74   0.44   0.0  0.44   0.33  0.01  0.11 ---------------------------------------------------------------------------        117.80  122.20    4.40    2.52   9.60   8.0  9.76  24.61  0.07  0.17 ---------------------------------------------------------------------------        122.20  131.00    8.80    5.04   0.43   2.0  0.47   2.37  0.01  0.03 ---------------------------------------------------------------------------        131.00  132.30    1.30    0.74   1.48  10.0  1.68   1.25  0.01  0.03 ---------------------------------------------------------------------------        144.60  145.80    1.20    0.69   0.75   2.0  0.79   0.54  0.01  0.03 ---------------------------------------------------------------------------        160.40  161.00    0.60    0.34  13.35 135.0 16.05   5.52 10.10 10.30 ---------------------------------------------------------------------------        161.00  186.00    7.00    4.01   1.44  12.0  1.68   6.74  0.08  0.12 ---------------------------------------------------------------------------        168.00  182.00   14.00    8.02   0.54   1.0  0.56   4.49  0.01  0.02 --------------------------------------------------------------------------- (ii)   251.80  252.80    1.00    0.57  11.90   3.0 11.96   6.85  0.01  0.04 --------------------------------------------------------------------------- (i)  Calculated at Ag/Au equals 50 (ii) Hole ended at 252.8 meters 

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "Continued drilling in Clavo 66, including drill hole LU-20, confirms the continuity of high gold mineralization at Clavo 66. As with drill hole LU-19, significant mineralization was encountered in a hanging wall structure providing another target zone for future drilling. These continued significant results at Clavo 66 support Paramount's decision to move towards feasibility of mine development."

Drill hole SJ-15 was one of three drill holes (SJ 13-15) that were drilled to test a geophysical anomaly below surface mineralization. Surface mapping and earlier drilling indicated that the mineralized zone generally dips east. However, there are some veins at the surface that also dip west, towards a strong geophysical anomaly. As with drill holes SJ-13 and 14, this hole confirmed that minor veining dips west, but thickness and grade were not significant. The geophysical anomaly appears to be owing to the steep side of a shallow intrusion that underlies the San Jose area to the immediate east at a much higher level.

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).

Paramount Gold and Silver Corp. is the operator and 100% owner of the San Miguel Project.

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

SOURCE: Paramount Gold and Silver Corp.

Source: MARKET WIRE

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