[Marinir] {Disarmed} Paramount Gold and Silver: More High-Grade Drill Results

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Paramount Gold and Silver Reports More High-Grade Drill Results 

from its San Miguel Project in Mexico 

Paramount Gold and Silver Corp. (NYSE/TSX: PZG) (Frankfurt: WKN: A0HGKQ) 
("Paramount") today reported more high-grade gold and silver values from 
six holes recently drilled at its 100%-owned San Miguel Project in 
northwestern Mexico. These six holes from the ongoing resource 
delineation program at the San Miguel Vein target all returned excellent 
intercepts including 10.8 meters grading 8.33 g/T of gold and 32.5 g/T 
of silver. 

Paramount is currently using three core drills to explore new targets 
and to in-fill the two kilometer long San Miguel Vein, the nearly one 
kilometer long Don Ese North Vein and the growing silver-rich San 
Antonio bulk tonnage area. 

Paramount CEO Christopher Crupi commented, "we expect these results to 
expand the size and increase the grade of the San Miguel Vein resource. 
Over the next four months, we plan to report new resource estimates for 
all of the San Miguel deposits. We believe the new overall resource 
totals for the San Miguel Project will reflect the outstanding success 
of our drilling programs over the last year." 

Results for the six holes are as follow: 

Hole # Area Total Length 

(m) From 

(m) To 

(m) Length 

(m) Gold 

(g/t) Silver 

(g/t) 

SM-11-079 San Miguel Vein 386.95 199.65 204.10 4.45 1.32 588.15 

250.65 253.65 3.00 4.67 145.12 

255.80 257.35 1.55 2.14 162.00 

258.85 261.90 3.05 6.57 487.36 

263.50 273.55 10.05 3.45 45.84 

including 263.50 267.65 4.15 7.17 103.18 

276.70 287.55 10.85 8.33 32.55 

325.10 333.95 8.85 0.55 8.43 

SM-11-080 San Miguel Vein 298.70 102.15 106.55 4.40 2.51 594.40 

148.65 152.30 3.65 0.56 4.80 

208.70 213.50 4.80 0.39 12.07 

214.70 227.10 12.40 0.95 14.51 

233.90 236.95 3.05 1.22 27.44 

SM-11-083 San Miguel Vein 368.85 207.90 218.55 10.65 0.45 140.96 

231.40 243.70 12.30 4.16 398.46 

including 233.15 239.25 6.10 6.92 640.69 

275.35 283.55 8.20 2.38 24.64 

including 280.50 283.55 3.05 3.72 27.86 

312.45 318.10 5.65 1.84 6.51 

319.85 324.90 5.05 0.30 6.14 

325.50 329.90 4.40 1.03 10.11 

331.90 336.35 4.45 0.84 41.04 

SM-11-084 San Miguel Vein 231.25 183.45 199.95 16.50 0.63 7.66 

including 187.15 191.55 4.40 1.00 5.55 

213.90 220.70 6.80 5.45 18.47 

including 216.40 220.05 3.65 9.74 32.51 

SM-11-085 San Miguel Vein 353.15 208.45 213.60 5.15 0.18 25.25 

266.50 284.70 18.20 1.98 23.37 

including 274.30 278.90 4.60 5.69 49.94 

SM-11-086 San Miguel Vein 225.50 104.50 111.70 7.20 0.04 80.19 

116.75 145.50 28.75 0.65 47.56 

including 129.50 133.20 3.70 1.77 153.59 

including 139.00 142.90 3.90 1.73 133.82 

147.20 154.80 7.60 0.39 1.73 

168.00 172.00 4.00 1.03 7.01 

See updated map of San Miguel http://paramountgold.com/_gui/SM-Vein.jpg 

http://paramountgold.com/_gui/SM-Vein.jpg 

The orientation of these drill holes was designed to intercept the 
structural feature at right angles so as to provide a close 
approximation to true width. 

On the San Miguel Vein, 27 drill holes have been completed during the 
2011 campaign, totaling 7,169 meters. Results have been released for 20 
holes including the six noted above. Assays are pending for seven more 
holes. An additional five holes totaling 1,305 meters are planned to 
complete drilling on this target for 2011. 

Paramount has commissioned Mine Development Associates (MDA, www.mda.com 

http://www.mda.com 

) of Reno, Nevada to update the resource estimates on the San Miguel 
Project. MDA is expected to complete the modeling and resource estimates 
for the three deposits on the La Union Vein structure (San Jose, San 
Luis and La Union) and the silver-rich San Antonio bulk tonnage zone in 
December 2011. These are the remaining deposits not updated by MDA in 
April 2011. With this update, Paramount will have modeled all the San 
Miguel deposits to industry standards required for mine planning. The 
other deposits currently being drilled (San Miguel, San Francisco and 
Don Ese) will also be re-estimated in early 2012. Updated models for all 
of San Miguel`s deposits will then be incorporated into a Preliminary 
Economic Assessment (PEA) planned for next year to evaluate mining 
scenarios, mining rates and process alternatives and define a path to a 
Preliminary Feasibility Study which would report reserves. In addition, 
the Company is continuing to explore the potential of its large property 
position and is prioritizing numerous untested targets. 

Exploration activities at San Miguel are being conducted by Paramount 
Gold de Mexico S.A de C.V personnel under the supervision of Glen van 
Treek, Exploration Vice President of the Company and Bill Threlkeld, a 
Qualified Person as defined by National Instrument 43-101, who have both 
reviewed and approved this press release. An ongoing quality 
control/quality assurance protocol is being employed during the program 
including blank, duplicate and reference standards in every batch of 
assays. Cross check analyses are being conducted at a second external 
laboratory on 10% of the samples. Samples are being assayed at ALS 
Chemex, Vancouver, B.C., using fire assay atomic absorption methods for 
gold and aqua regia digestion ICP methods for other elements. 

About Paramount Gold 

Paramount Gold is a U.S. based exploration and development company with 
multi-million ounce advanced stage precious metals projects in Nevada 
(Sleeper) and northern Mexico (San Miguel). Fully funded exploration 
programs are now in progress at these two projects; expected to generate 
substantial additional value for our shareholders. Engineering studies 
are also scheduled for completion in 2012 to define a development path 
and economic valuation for each project. 

The San Miguel Project consists of 188,000 hectares (465,000 acres) in 
the Palmarejo District of northwest Mexico, making Paramount the largest 
claim holder in this rapidly growing precious metals mining camp. The 
current work program at San Miguel is consistent with Paramount's 
strategy of expanding and upgrading known, large-scale precious metal 
occurrences in established mining camps, defining their economic 
potential and then partnering them with nearby producers. 

The San Miguel Project is ideally situated near established, low cost 
production where the infrastructure already exists for early, 
cost-effective exploitation. 

Paramount also owns 100% of the Sleeper Gold Project which is emerging 
as one of Nevada?s largest new undeveloped gold resources, containing an 
in situ measured and indicated resource of 2.6 million ounces of gold 
and 25.3 million ounces of silver and an additional inferred resource of 
1.1 million ounces of gold and 8.2 million ounces of silver (see table 
http://www.paramountgold.com/Resources/Index.asp 

http://www.paramountgold.com/Resources/Index.asp 

). 

Cautionary Note to U.S. Investors Concerning Estimates of Indicated and 
Inferred Resources 

This news release uses the terms "measured and indicated resources" and 
"inferred resources". We advise U.S. investors that while these terms 
are defined in, and permitted by, Canadian regulations, these terms are 
not defined terms under SEC Industry Guide 7 and not normally permitted 
to be used in reports and registration statements filed with the SEC. 
"Inferred resources" have a great amount of uncertainty as to their 
existence, and great uncertainty as to their economic and legal 
feasibility. It cannot be assumed that all or any part of an inferred 
mineral resource will ever be upgraded to a higher category. Under 
Canadian rules, estimates of inferred mineral resources may not form the 
basis of a feasibility study or prefeasibility studies, except in rare 
cases. The SEC normally only permits issuers to report mineralization 
that does not constitute SEC Industry Guide 7 compliant "reserves", as 
in-place tonnage and grade without reference to unit measures. U.S. 
investors are cautioned not to assume that any part or all of mineral 
deposits in this category will ever be converted into reserves. U.S. 
investors are cautioned not to assume that any part or all of an 
inferred resource exists or is economically or legally minable 

Safe Harbor for Forward-Looking Statements: 

This release and related documents may include "forward-looking 
statements" including, but not limited to, statements related to the 
interpretation of drilling results and potential mineralization, future 
exploration work at the San Miguel Project and the expected results of 
this work. Forward-looking statements are statements that are not 
historical fact and are subject to a variety of risks and uncertainties 
which could cause actual events to differ materially from those 
reflected in the forward-looking statements including fluctuations in 
the price of gold, inability to complete drill programs on time and on 
budget, and future financing ability. Paramount?s future expectations, 
beliefs, goals, plans or prospects constitute forward-looking statements 
within the meaning of the United States Private Securities Litigation 
Reform Act of 1995 and other applicable securities laws. Words such as 
"believes," "plans," "anticipates," "expects," "estimates" and similar 
expressions should also be considered to be forward-looking statements. 
There are a number of important factors that could cause actual results 
or events to differ materially from those indicated by such 
forward-looking statements, including, but not limited to: uncertainties 
involving interpretation of drilling results, environmental matters, 
lack of ability to obtain required permitting, equipment breakdown or 
disruptions, and the other factors described in Paramount?s Annual 
Report on Form 10-K for the year ended June 30, 2011 and its most recent 
quarterly reports filed with the SEC. 

Except as required by applicable law, Paramount disclaims any intention 
or obligation to update any forward-looking statements as a result of 
developments occurring after the date of this document. 

Paramount Gold and Silver Corp. 

Glen Van Treek, VP Exploration 

Chris Theodossiou, Investor Relations 

866-481-2233 

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