OTTAWA, CANADA -- (Marketwire) -- 10/07/08 -- Paramount Gold and Silver Corp. (TSX: PZG)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) has engaged Delve Consultants to prepare a new NI 43-101 Technical Report at its San Miguel Project, in Chihuahua, Mexico. The report will be based on all drilling to date in the San Miguel and La Union zones, including Clavo 99 and Clavo 66, based on the excellent drilling results reported during the past few months. This will be a first pass estimate, intended to demonstrate the tons, grade and gold-equivalent ounces potentially present.

From the recent drill intercepts Paramount envisions that both of these zones can quickly be converted to measured and indicated reserves by infill and step-out drilling and metallurgical testing. That would put these two deposits on a fast track toward production.