Paramount announces assay results under the strategic alliance with mexoro

Tag : otc base

- Paramount Gold and Silver Corp. (AMEX: PZG) (TSX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) announces assay results from theirstrategic alliance with Mexoro Minerals (OTC: MXOM.OB). The assaysare from three additional holes from the Cieneguita project,located in Chihuahua, Mexico. Drill holes CI-21 to CI-24 were partof the recently completed drill project at Cieneguita, consistingof 31 core holes totaling 7,166 meters. The Company has alsoincluded the complete assay results for hole CI-21 (partiallyreported results from CI-21 in a press release dated May 21, 2008included 74 meters of 1.72 g/t gold and 119.77 g/t silver).
Partial results from Hole CI-22 stopped in mineralization,including a 5 meter mineralized interval of 1.17 g/t Au and 157 g/tAg (intercepted at the end of the hole). In addition, the completeassay results from CI-21 included 111.50 meters of 1.24 g/t Au,99.59 g/t Ag, 0.45% Pb and 0.73% Zn, and 74 meters of 1.72 g/t Auand 119.77 g/t Ag. Hole CI-24 yielded 59.50 meters of 1.31 g/t Auand 60.38 g/t Ag. Hole CI-23 did not encounter economicmineralization.
The Summary of these assay results are seen in the table below(visit http://www.paramountgold.com/projects/san_miguel_maps.asp for a map showing the locations of holes CI-01 to CI-31).
In a press release dated May 21, 2008, Hole CI-21 was collared tothe south of Pit 2 in a southeast direction. This drill hole wasdesigned to test anomalous and high grade gold values obtained fromsurface samples taken during the mapping process carried out in2007. The results indicate an expansion of both the near surfaceoxide mineralization and the deeper sulfide gold-silver(+lead-zinc) mineralization. Gold, silver and base metalsmineralization intersected in drill hole CI-21 may represent a newhydrothermal mineralization center at the southwest portion of theCieneguita system that could significantly increase the potentialof the project. ALS Chemex is responsible for the assay results ofthese drill holes and assay results from CI-26 to CI-31, which arestill pending.
Barry Quiroz, VP Exploration for Mexoro, comments, "We are verypleased to see these extensions of the mineralization, and theconsistency in grades provides evidence of large bulk tonnageprecious metals (ï¿1/2 base metals) deposit."
Paramount and Mexoro have agreed to extend the deadline to closethe transaction to July 21, 2008 and Paramount has advanced toMexoro an additional $370,000 under the terms of a new securedconvertible debenture.
About Paramount
Paramount Gold is a precious metals mining exploration companypresently in the early stages of an extensive exploration programat their San Miguel project in the Guazapares Mining District, partof the Sierra Madre Occidental gold-silver belt of Mexico.Paramount Gold and Silver Corp. is the operator of the San Miguelproject, which is a joint venture with Tara Gold Resources Corp.(OTC: TRGD.PK) (30%). Paramount recently signed a StrategicAlliance with Mexoro Minerals (OTC: MXOM.OB).
The qualified person who has reviewed this news release is Dana C.Durgin, M. Sc. Economic Geology. He is a Certified ProfessionalGeologist (CPG #10364) with the American Institute of ProfessionalGeologists, and a Registered Professional Geologist in Wyoming(PG-2886).
"Safe-Harbor" Statement: This press release containsforward-looking information within the meaning of Section 21E ofthe Securities Exchange Act of 1934. All statements that are notstatements of historical fact regarding the intent, belief orcurrent expectations of the Company may not be realized. Investorsare cautioned that any such forward-looking statements are notguarantees of future performance and involve risks anduncertainties, many of which are beyond the Company's ability tocontrol, and that actual results may differ materially.