News Release| Press Release | Source:
Paramount Gold and Silver Corp. |
Paramount Gold and Silver Exploration Program Update
Wednesday January 2, 3:30 am ET
OTTAWA, CANADA--(MARKET WIRE)--Jan 2, 2008 -- Paramount Gold and Silver Corp. (Toronto:
PZG.TO -
News)(AMEX:
PZG -
News)(Frankfurt:
P6G.F -
News)(WKN: A0HGKQ) is pleased to announce its 2008 exploration
plans.
In early 2007, Paramount released its first NI 43-101 Resource
Estimate, which established an inferred resource of 35 Million
ounces of silver equivalent. This report was based on the
results of 39 drill holes from the San Antonio Zone, at
the San Miguel project, during our 2006 exploration program.
At its flagship San Miguel project, Paramount has completed
an additional 100 drill holes for a total of approximately
24,000 meters in 2007. In 2007, Paramount closed US$25 Million
in private placement financings in order to fund its ongoing
exploration and development programs.
The San Miguel project has been divided into four areas,
each with different geology, and thus, with a different
development strategy, including San Antonio (initial resource
estimate), San Luis Mine (former bonanza-grade gold producer),
Montecristo (bulk tonnage target), and San Miguel.
Paramount has commenced a comprehensive geophysical program
(IP-resistivity) in the region, in order to better understand
and target the mineralization at depth.
Paramount completed early reconnaissance work at its wholly
owned 86,300 hectare Andrea concession, including its own
satellite image analysis and a thorough sampling of sediment
from 371 drainage basins. The results of this identified
several gold and silver targets, and a porphyry copper target.
Plans for 2008
Paramount intends to complete an update to its initial resource
estimate, incorporating the 100 drill holes completed in
2007, and the 30 holes pending assay. Paramount's drill
program will target deeper mineralized zones using intelligence
obtained by geophysics and detailed structural analysis.
Paramount will commence a program to explore and drill the
high grade, formerly producing San Luis Mine. Three new
target areas have been identified in its San Miguel project,
and Paramount will conduct initial evaluation and follow
up drilling on these targets. Paramount intends to conduct
geologic mapping and surface sampling with a view to establish
drill targets in our joint venture with Garibaldi Resources.
In late 2008, Paramount will commence a scoping study as
it approaches mine development.
Paramount is building its project portfolio through the
addition of precious metals projects in Mexico and South
America, and is also considering strategic corporate initiatives
in Mexico with other exploration/development companies.
Analyst Site Visits
In December 2007, Paramount was the host to a group analyst
site visit, and the first independent research report has
been released by Beacon Rock Research (www.beaconrockresearch.com).
The report can be viewed in its entirety at https://www.beaconrockresearch.com/files/PZG.Spec.07.12.26.pdf
Paramount will be hosting three analyst group tours in the
first quarter of 2008.