the news:Press Release Source: Paramount Gold Mining Corp.
Paramount Gold Extends Zone 800 Meters with 213 g/t Silver across 13.8 Meters and 133.4 g/t Silver across 44.85 Meters at Their San Miguel Project, Mexico
Thursday December 14, 7:00 am ET
CHIHUAHUA, Mexico--(BUSINESS WIRE)--Paramount Gold Mining Corp. (OTC:PGDP - News; Frankfurt:P6G - News; WKN:A0HGKQ), is pleased to release the most recently reported assays from its ongoing drill program at the San Miguel Project near Temoris, Chihuahua, Mexico. The following results are the first nine drill holes completed in the San Antonio area that is just north of the San Luis zone. The nine drill holes at San Antonio are step outs to the north and extend the drill tested zone approximately 800 meters in that direction.
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These are the first drill holes north of the San Luis zone where discovery hole (SL-02, 4.0 meters of 35.5 g/t gold and 17.0 g/t silver) was reported August 2nd 2006 and represent an important discovery of a northerly continuation of the silver/gold zone identified on surface.
Drill hole SA-01 hit three separate intersects of high grade silver, 1.15 meters (28.60 to 29.75) of 346.0 g/t silver and 0.44% zinc, 0.90 meters (36.50 to 37.40) of 643.0 g/t silver and 25.8 meters (47.65 to 73.45) of 194 g/t silver. The three intersects averaged 133.4 g/t silver across 44.85 meters (28.60 to 73.45). SA-05 intersected 13.8 meters (19.8 to 33.6) of 213 g/t silver. Drill hole SA-08 and SA-09 are the furthest step outs to the north thus far, approximately 800 meters north of SL-07 (5.2M of 38.7 g/t silver) and SL-06 (9.0M of 161.4 g/t silver), the two most northerly drill holes in the San Luis area. The best intersect reported at drill hole SA-07 was 2.3 meters of 123 g/t silver with 0.33% lead and 0.48% zinc. SA-08 had 3 significant intersects, the best was 2.5 meters of 212 g/t silver, 0.34% lead and 0.44% zinc.
Bill Reed, Manager of Exploration for Mexico, said, "Six of the nine drill holes at San Antonio have good intersects where we have continued drilling four additional holes and are stepping out farther to the north. More importantly, this has extended the total strike length about 800 meters to the north. Our drill and trench results at La Union, San Jose, San Luis and San Antonio, have now identified a continuous mineralized zone over a considerable length of approximately 3.2 kilometers (3,200 meters) and it remains open in all directions."
San Antonio Zone Highlights
SA-01 cut 44.85 meters from 28.6 to 73.45 meters averaging 133.4 g/t
silver including:
1.15 meters from 28.6 to 29.75 meters of 346.0 g/t silver and
0.44% zinc, and 0.90 meters from 36.50 to 37.40 meters of 643.0
g/t silver, and 25.8 meters from 47.65 to 73.45 meters of 194
g/t silver
SA-03 cut 3.5 meters from 48.5 to 52.0 meters of 135.0 g/t silver with
0.16% zinc
SA-05 cut 13.8 meters from 19.8 to 33.6 meters of 213 g/t silver with
0.20% zinc
SA-07 cut 2.3 meters from 93.7 to 96.0 meters of 123 g/t silver with
0.33% lead and 0.48% zinc and 4.8 meters form 86.7 to 91.5
meters of 78 g/t silver with 0.30% lead and 0.53% zinc
SA-08 cut 2.5 meters from 14.0 to 16.5 meters of 212 g/t silver with
0.34% lead and 0.44% zinc and 12.8 meters from 66.5 to 79.3
meters of 84 g/t silver with 0.38% lead and 0.78% zinc and 5.1
meters from 91.2 to 96.3 meters of 107 g/t silver with 0.35%
lead and 0.90% zinc
SA-09 cut 6.1 meters from 21.6 to 27.7 meters of 149 g/t silver with
0.20% lead and 0.28% zinc and 10.1 meters from 40.9 to 51.0
meters of 94 g/t silver with 0.18% lead and 0.28% zinc and 5.7
meters from 93.2 to 98.9 meters of 152 g/t silver with 0.32%
lead and 0.69% zinc
Drill Hole Locations
A drill hole and trench location map can be found at Paramount's web site www.paramountgold.com.
SA-05 is a step out of approximately 330 meters to the north of SL-06 (9.0M of 161.4 g/t silver) - see Oct 12, 2006 news release
SA-03 steps out a further 105 meters north of SA-05
SA-01 steps out a further 225 meters north of SA-05
SA-07 and SA-08 are approx. 600 meters north of SA-05 and are the northern most holes thus far
SA-09 is about 75 meters south of SA-08
SA-06 is about 35 meters west of SA-03
SA-04 is about 80 meters east of SA-03
SA-02 is about 120 meters north-northeast of SA-01
Quality Control Person
Paramount takes detail photos of the entire core before it is cut to half core which is assayed at ALS Chemex's Vancouver laboratory. As part of quality assurance, quality control (QAQC), a blank (sterile) sample is submitted every 20th sample. Later, pulps from a number of intervals will be renumbered and pulps from known standards will be inserted between them in numerical order. These will then be submitted for reanalysis. The results will then be compared to the original values reported, and the known values of the inserted standards. Half-core samples have been retained on site for verification and reference purposes.
C.W. (Bill) Reed, B. Sc. Mineralogy, is acting as qualified person and has prepared the detail and review with respect to this news release.
Drill From To Width Gold Silver Gold Lead Zinc
Hole (m) (m) (m) (g/t) (g/t) Equivalent (%) (%)
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SA-01 28.60 29.75 1.15 0.00 346.00 5.77 0.23 0.44
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36.50 37.40 0.90 0.00 643.00 10.72 0.08 0.12
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47.65 73.45 25.80 0.00 194.00 3.23 0.05 0.11
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73.45 74.90 1.45 0.00 34.00 0.57 0.02 0.14
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79.40 92.40 13.00 0.00 30.00 0.50 0.18 0.29
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94.40 97.40 3.00 0.00 30.00 0.50 0.06 0.16
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104.00 106.00 2.00 0.00 79.00 1.31 0.26 0.24
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Average 28.60 73.45 44.85 0.00 133.37 2.22 0.04 0.08
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SA - 02 0.00 10.40 10.40 0.00 15.00 0.25 0.07 0.25
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36.00 49.80 13.80 0.00 11.00 0.18 0.05 0.20
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49.80 72.50 22.70 0.00 34.00 0.57 0.17 0.46
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72.50 74.80 2.30 0.00 22.00 0.37 0.21 0.51
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81.00 86.00 5.00 0.00 16.00 0.27 0.16 0.38
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SA - 03 15.60 18.45 2.85 0.00 23.00 0.39 0.07 0.23
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36.00 41.80 5.80 0.00 29.00 0.48 0.06 0.14
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48.50 52.00 3.50 0.03 135.00 2.27 0.03 0.16
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58.00 68.80 10.80 0.00 11.00 0.18 0.02 0.15
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71.60 75.20 3.60 0.01 37.00 0.62 0.04 0.15
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SA - 04 0.00 10.50 10.50 0.00 21.00 0.34 0.02 0.08
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39.50 45.50 6.00 0.00 21.00 0.34 0.04 0.13
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SA - 05 7.20 19.80 12.60 0.00 15.00 0.25 0.03 0.11
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19.80 33.60 13.80 0.01 213.00 3.56 0.09 0.20
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33.60 40.60 7.00 0.01 15.00 0.25 0.08 0.20
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52.50 67.80 15.30 0.00 48.00 0.79 0.10 0.48
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SA - 06 34.00 42.70 8.70 0.00 15.00 0.25 0.13 0.32
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SA - 07 31.60 33.60 2.00 0.00 33.00 0.45 0.30 0.25
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86.70 91.50 4.80 0.00 78.00 1.32 0.30 0.53
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93.70 96.00 2.30 0.00 123.00 2.06 0.33 0.48
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118.50 125.90 7.40 0.00 32.00 0.53 0.14 0.43
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154.30 157.70 3.40 0.00 46.00 0.77 0.09 0.21
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SA - 08 14.00 16.50 2.50 0.00 212.00 3.54 0.34 0.44
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16.50 27.20 10.70 0.00 16.00 0.26 0.09 0.21
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60.50 66.50 6.00 0.00 12.00 0.20 0.08 0.26
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66.50 79.30 12.80 0.00 84.00 1.41 0.38 0.78
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79.30 91.20 11.90 0.00 16.00 0.27 0.40 0.27
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91.20 96.30 5.10 0.00 107.00 1.78 0.35 0.90
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96.30 105.80 9.50 0.00 27.00 0.45 0.50 0.45
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146.00 160.50 14.50 0.00 33.00 0.55 0.09 0.24
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160.50 166.00 5.50 0.00 18.00 0.31 0.03 0.10
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Average 66.50 96.30 29.80 0.00 61.00 1.01 0.29 0.65
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SA - 09 0.00 21.60 21.60 0.00 11.00 0.19 0.05 0.16
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21.60 27.70 6.10 0.00 149.00 2.49 0.20 0.28
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27.70 40.90 13.20 0.00 24.00 0.40 0.10 0.19
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40.90 51.00 10.10 0.00 94.00 1.57 0.18 0.28
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51.00 61.00 10.00 0.00 35.00 0.57 0.09 0.24
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93.20 98.90 5.70 0.00 152.00 2.53 0.32 0.69
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102.90 111.00 8.10 0.00 58.00 0.96 0.19 0.34
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Average 21.60 61.00 39.40 0.00 64.00 1.07 0.13 0.24
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Average 93.20 111.00 17.80 0.00 75.00 1.26 0.21 0.42
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About San Miguel
San Miguel is currently comprised of 16 concessions covering an estimated +7 kms strike of silver and gold mineralization. It is located in Chihuahua, Mexico and lies in the Guazapares mining district, part of the gold-silver belt of the Sierra Madre Occidental. Paramount signed an agreement in August 2005 with Amermin S.A. de CV, a subsidiary of Tara Gold Resources, to acquire a 70% interest in the San Miguel project.
About Paramount Gold
Paramount Gold Mining Corp. is a precious metals exploration and development company. It is management's objective to grow Paramount into a significant gold and precious metals producer by developing the San Miguel and Linda projects in Mexico and Peru, and the Andean Gold Alliance with TeckCominco in South America and by acquiring other advanced-stage projects and/or producing mines in the most prolific precious metal districts in the world. The Company trades on the OTC market under the symbol "PGDP" and on the Frankfurt Exchange under the symbol "P6G". For more information, please visit the Company's web site at: www.paramountgold.com (now available in the following languages: English, German, French, Spanish, and Mandarin).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Contact:
For Paramount Gold Mining Corp.
Investor Relations, 613-226-9881
Toll-free: 866-481-2233
Source: Paramount Gold Mining Corp.