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Paramount Gold Reports Assay Results of 2.1 Meters of 6.7 g/t Gol
and 632 g/t Silver Including 0.7 Meters of 17.8 g/t


CHIHUAHUA, MEXICO -- (MARKET WIRE) -- 10/04/07 -- Paramount Gold and Silver Cor
. (TSX: PZG)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) is pleased to announce the
ssay results from thirteen drill holes and one trench in the San Antonio/El Carm
n area at its San Miguel project in the Guazapares Mining District, Mexico. Thes
results indicate the presence of a new high grade gold-silver structure.



Drill holes SA-41 to SA-43 are step out holes to the west of the San Antonio min
ralized structure, and SA-44 and SA-45 are infill drill holes in the stockwork m
neralization between the San Antonio and El Carmen structures. Hole SA-46 was dr
lled to test the down-dip extension of part of the San Antonio structure. Holes
A-47, SA-48, SA-49, SA-50, and SA-51 were drilled to test the on-strike continui
y of various segments of the San Antonio-El Carmen mineralized zone. SA-52 and S
-53 were drilled to test a new zone, El Carmen North. Trench TSA-23 was done to
est the continuity of the El Carmen mineralized structure in the north.





Highlights of assays results (see table at www.paramountgold.com for further det
ils and maps):



TSA-23 cut 8.0 meters of 290 g/t silver



SA-41 intercepted 3.8 meters (2.11 meters of true width) of 110 g/t silver



SA-45 had intercepts of:



1. 4.6 meters (3.07 meters of true width) of 175 g/t silver



2. 6.1 meters (4.07 meters of true width) of 191 g/t silver



3. 0.85 meters (0.61 meters of true width) of 600 g/t silver



4. 4.2 meters (2.6 meters of true width) of 227 g/t silver



SA-47 intercepted 2.6 meters (1.73 meters of true width) of 212 g/t silver



SA-48 had intercepts of 3.0 meters (1.50 meters of true width) of 101 g/t silver
and 2.0 meters (1.44 meters of true width) of 154 g/t silver



SA-51 intercepted 7.0 meters (5.44 meters of true width) of 191 g/t silver



SA-52 intercepted 2.85 meters (2.06 meters of true width) of 6.70 g/t gold and 6
2 g/t silver, including 0.85 meters (0.72 meters of true width) of 17.75 g/t gol
and 1,600 g/t silver



SA-53 intercepted 2.00 meters (1.78 meters of true width) of 2.13 g/t gold and 2
3 g/t silver



Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "The result
of trench TSA-23 and drill holes SA-41 to SA-51 show the continuity of the mine
alization through most of the San Antonio/El Carmen zone. The zone is open along
strike and down dip.



Holes SA-52 and SA-53 discovered a new gold-rich structure in the El Carmen Nort
zone, about 120 meters north of hole SA-48. This new structure is open on-strik
and down-dip."



Follow-up drilling is planned, to:



1) Expand the San Antonio/El Carmen zone and delineate high grade bodies within
t, and



2) Further test the new El Carmen North structure to determine the extent of the
bonanza gold-silver grades.



Quality Control



Paramount takes detailed photos of the entire core before it is cut by saw to ha
f 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 prog
am of periodically introducing certified standards, blanks and duplicates into t
e sample stream. Half-core samples are being retained on site for verification a
d reference purposes.



C.W. (Bill) Reed, B. Sc. Mineralogy, registered geologist, is the qualified pers
n with respect to this news release.



Paramount Gold is listed on the AMEX and TSX under the symbol PZG and on the Fra
kfurt Stock Exchange under the symbol P6G (WKN: A0HGKQ). Paramount Gold is a pre
ious metals mining exploration company, presently in the early stages of an exte
sive exploration program at their San Miguel project, located in the Guazapares
ining District of Mexico, part of the Sierra Madre Occidental gold-silver belt.
aramount has completed over 21,000 meters of drilling on the project, totaling 1
2 drill holes, with results pending on 32 of these holes. In early 2007, Paramou
t began a 50,000 meter drill program, of which 14,000 meters have been completed
to date. In March 2007, Paramount completed a $21.8 million financing which is b
ing utilized to develop their San Miguel project and other opportunities.



"Safe-Harbor" Statement: This press release contains forward-looking informatio
within the meaning of Section 21E of the Securities Exchange Act of 1934. All s
atements that are not statements of historical fact regarding the intent, belief
or current expectations of the Company may not be realized. Investors are cautio
ed that any such forward-looking statements are not guarantees of future perform
nce and involve risks and uncertainties, many of which are beyond the Company's
bility to control, and that actual results may differ materially.



Contacts:
Paramount Gold and Silver Corp.
Charles William Reed
VP Exploration, Mexico
520-907-9986

Paramount Gold and Silver Corp.
Chris Halkai
Corporate Relations
613-226-9881 or Toll-free: 1-866-481-2231




*** end of story ***

[V51]

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[V51]

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2,53 $


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