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Message: Drilling Results From its San Miguel Project

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Drilling Results From its San Miguel Project

posted on Nov 26, 08 12:06PM

November 26, 2008

Paramount Gold and Silver Corp. Reports Drilling Results From its San Miguel Project

CHIHUAHUA, MEXICO--(Marketwire - Nov. 26, 2008) - Paramount Gold and Silver Corp. (TSX:PZG) (NYSE.A:PZG) (FRANKFURT:P6G, WKN: A0HGKQ) has received the assays from recently completed drill holes in the northern portion of its San Antonio resource area. These holes were drilled to test the northern extensions of the San Antonio vein system and to follow up an interesting gold intercept.

Holes SA-57 and 59 were drilled from east to west across the northern part of the San Antonio vein system. SA-57 intersected three gold-silver vein-breccias and SA-59 intersected a single 3.4 meter vein structure.

Holes SA-56 and 58 were drilled eastward into the El Carmen North structure. SA-56 was drilled below SA-53, which had better gold grades than is common in the San Antonio area. SA-56 had three intercepts with good gold and silver grades; it appears to be the same structure as intersected in the earlier SA-53. SA-58 intersected only a thin gold-silver vein with modest grades.

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

----------------------------------------------------------------------
Hole      From     To  Inter-  True  Gold   Silver  Gold         Grade
                         val  Width                Equiv.(i) Thickness
                                                                  Gold
                                                                 Equiv.(i)
----------------------------------------------------------------------
Number      (m)    (m)   (m)      (m) (g/t)   (g/t) (t/t)       (g x m)
----------------------------------------------------------------------
SA - 53  29.00  31.00   2.00    1.78  2.13  273.00  6.68         11.89
----------------------------------------------------------------------
         31.00  34.00   3.00    2.17  0.12   18.00  0.30          0.65
----------------------------------------------------------------------
         72.00  73.00   1.00    0.67  0.22    0.00  0.22          0.15
----------------------------------------------------------------------
        103.40 104.20   0.80    0.53  0.17    0.00  0.17          0.09
----------------------------------------------------------------------
        108.70 109.55   0.85    0.47  0.16    0.00  0.16          0.08
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-56    10.00  11.95   1.95    1.46  0.17   137.2  2.91          4.25
----------------------------------------------------------------------
        130.90 138.00   7.10    5.33  0.15    54.6  1.24          6.62
----------------------------------------------------------------------
        150.80 157.00   6.20    4.65  0.23   143.2  3.09         14.39
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-57     0.00   5.20   5.20    3.99  0.03    46.7  0.96          3.83
----------------------------------------------------------------------
          9.00  11.00   2.00    1.54  0.01   103.5  2.08          3.20
----------------------------------------------------------------------
         13.00  14.00   1.00    0.77  0.02   108.0  2.18          1.68
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-58    63.00  64.20   1.20    0.69  0.08   113.0  2.34          1.61
----------------------------------------------------------------------
----------------------------------------------------------------------
SA-59     0.00   5.90   5.90    3.39  0.11    43.3  0.98          3.32
----------------------------------------------------------------------
----------------------------------------------------------------------

(i) Calculated at Ag/Au equals 50

In general, this group of drill holes confirmed that the good silver grades in the San Antonio vein-breccias extend to the stream at the north end of the zone. Additional drilling is planned in an effort to trace northward other mineralized structures to the west of SA-57, and perhaps north of the stream, west of SA-58. It also demonstrated that the good gold grades in the veins in SA-53 continue down-dip. Additional trenching followed by drilling is needed to trace that structure to the north.

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "The stream valley at the north end of San Antonio appears to occupy a fault zone. South of the fault, the San Antonio mineralization continues right up to the fault as expected. Additional planned drilling is expected to increase the San Antonio resource up to that fault and further to the west."

Paramount will meet investors at its booth at the San Francisco Gold show November 30 and December 1.

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