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Paramount Gold and Silver Corp
Symbol C : PZG
Shares Issued 147,546,184
Close 2012-11-09 C$ 2.50
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Paramount drills 3.35 m of 144.29 g/t Ag at San Miguel

2012-11-12 06:22 ET - News Release

Mr. Christopher Crupi reports

PARAMOUNT GOLD AND SILVER DRILLING EXTENDS SILVER-RICH ZONE BY 2 KM AT SAN MIGUEL PROJECT WITH INTERCEPTS UP TO 144 G/T AG

Paramount Gold and Silver Corp. has released results from 18 new core holes drilled in the continuing exploration of its 100-per-cent-owned San Miguel project in northern Mexico. Of the 18 new holes, 15 returned good silver grades including 18 intercepts greater than one ounce of silver per ton. These holes were completed after the San Miguel resource update by MDA (see news release of Sept. 5, 2012) and they are likely to increase the overall size and quality of the project's resource.

Paramount's exploration objective is aggressive expansion of the existing deposits on its San Miguel project with a current focus on the 7.5-kilometre-long Guazapares megastructure. These 18 new holes have successfully filled in the two-kilometre gap in the Guazapares megastructure between the San Antonio and La Veronica resource areas with continuous silver mineralization.

Paramount chief executive officer Christopher Crupi commented: "At San Miguel, progress continues unabated. Once we have found a deposit, it typically expands considerably. Paramount has now demonstrated that the Guazapares megastructure has over 7.5 kilometres of continuous mineralization including zones of high-grade gold and silver. With completion of a preliminary economic assessment expected later this year, we believe San Miguel will stand out as the best undeveloped precious metals project in the Sierra Madre."

                         DRILL RESULTS

Hole No.       Length    From       To     Width      Au      Ag
                  (m)     (m)      (m)       (m)   (g/t)   (g/t)

SA-12-099      210.10   39.30    45.30      6.00       -   46.96
SA-12-100      216.20   75.55    83.75      8.20       -   44.76
                       129.65   133.35      3.70       -   20.91
SA-12-101      206.85                   No significant intervals
SA-12-102      310.85    1.10     4.60      3.50       -   17.41
                        17.75    20.95      3.20       -   39.30
                        32.15    36.15      4.00       -   18.28
                        48.65    54.40      5.75       -   34.68
                        64.40    71.50      7.10       -   31.66
                       127.00   130.00      3.00       -   41.94
                       145.90   153.50      7.60       -   52.71
                       191.50   196.15      4.65       -   22.81
SA-12-103      335.00   13.25    15.35      2.10       -   26.40
                       140.80   143.85      3.05       -   82.59
                       283.95   287.60      3.65   0.290    6.12
SA-12-104      271.20   74.20    75.30      1.10       -  115.00
                       119.65   121.05      1.40       -   28.70
SA-12-106      167.40   14.90    16.40      1.50       -   27.30
                        86.55    88.40      1.85       -   57.70
                       117.40   125.30      7.90       -   24.56
SA-12-105      161.30                   No significant intervals
SA-12-107      173.50    4.55     7.25      2.70       -   20.05
LV-12-035      170.45   62.25    66.85      4.60       -   19.09
                       156.00   158.00      2.00   0.045   94.00
LV-12-036      173.50   22.55    27.10      4.55       -   47.50
                        42.30    51.90      9.60       -   34.91
                        92.65    95.65      3.00       -  111.50
LV-12-038      219.35  110.70   113.65      2.95       -   22.94
LV-12-039      209.80   21.65    23.95      2.30   0.410    5.91
                        75.05    80.85      5.80       -   24.29
                        90.05   103.90     13.85   0.050   26.80
LV-12-037      194.25  133.65   137.00      3.35   0.150  144.29
LV-12-040      219.30   76.20   101.55     25.35       -   10.85
LV-12-041      279.95                   No significant intervals
LV-12-042      274.15  178.45   189.35     10.90       -   34.38
                       205.30   212.20      6.90       -   57.90
LV-12-043      316.10  230.10   231.45      1.35       -   49.30
                       296.30   296.80      0.50   1.320   37.70

National Instrument 43-101 disclosure

Exploration activities at San Miguel are being conducted by Paramount Gold de Mexico SA de CV 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. A continuing quality control/quality assurance protocol is being employed for 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 per cent 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.

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