Paramount Gold and Silver Corp. Reports Drill Results at Clavo 99 and Advises New Resource Estimate to be Completed by End of November

• Press Release
• Source: Paramount Gold and Silver Corp.
• On 10:18 am EST, Wednesday November 19, 2008

CHIHUAHUA, MEXICO--(MARKET WIRE)--Nov 19, 2008 -- Paramount Gold and Silver Corp. (Toronto:PZG.TO - News)(AMEX:PZG - News)(Frankfurt:P6G.F - News) reports assay results from five drill holes in the San Miguel vein, approximately 400 meters northwest of Clavo 99. These were drilled as step-out holes from attractive intercepts in holes SM-33, 49, 52 and 55.

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SM-55 was a good hole with two intercepts of 2.2 g/t Au Eq across 5.4 and 8.4 meters. Intercepts in holes SM-56 to -59 were generally one meter, with a few intercepts up to two meters in thickness with one intercept of 5.9 grams per ton.

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

 

-------------------------------------------------------------------------
                                                                    Grade
                                                                Thickness
Hole    From      To   Interval   True   Gold   Silver   Gold        Gold
                                 Width                Equiv.(i) Equiv.(i)
-------------------------------------------------------------------------
#         (m)     (m)     (m)     (m)    (g/t)  (g/t)    (g/t)    (g x m)
-------------------------------------------------------------------------
SM-55   82.00   91.25   9.25    8.38     0.69   77.0     2.23      18.69
-------------------------------------------------------------------------
       115.00  121.00   6.00    5.44     2.17    3.0     2.22      12.07
-------------------------------------------------------------------------

SM-56  109.55  127.60  18.05   10.36     0.07   36.0     0.79       8.18
-------------------------------------------------------------------------

SM-57   25.30   24.40   1.10    0.38     1.21   15.2     1.51       0.57
-------------------------------------------------------------------------
       105.70  108.00   2.30    0.78     3.43  122.7     5.88       4.58
-------------------------------------------------------------------------

SM-58  201.00  206.00   5.00    2.12     1.73    6.0     1.86       3.94
-------------------------------------------------------------------------
       211.10  217.00   5.90    2.50     1.02    3.0     1.07       2.67
-------------------------------------------------------------------------
       221.00  224.00   3.00    1.27     1.10    7.0     1.23       1.56
-------------------------------------------------------------------------
       227.00  230.00   3.00    1.27     1.20    3.0     1.27       1.61
-------------------------------------------------------------------------

SM-59  183.00  186.00   3.00    0.78     0.36    3.0     0.42       0.32
-------------------------------------------------------------------------
       302.20  305.00   2.80    0.73     0.30    6.0     0.41       0.30
-------------------------------------------------------------------------

(i) Calculated at Ag/Au equals 50

The intercepts in nearby SM-33 (2.46m @ 5.26 g/t AuEq) and several other holes in the Elyca area remain quite attractive as a possible extension of the Clavo 99 zone. Many of the drill holes between SM-55 and Clavo 99 have sufficient gold-equivalent grade to be potentially mineable. This area has the potential to add significantly to the resource contained within Clavo 99.

Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "the assay results from these five holes have helped to define the northwestern boundary of higher grade mineralization in the central Elyca area. Ongoing exploration will determine if there are higher grades at depth below these holes, or to the northwest along strike in the Empalme area."

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