June 13th

Paramount Gold and Silver Corp. Extends Clavo 99 to a Width of 650 Meters With 5.85 Meters Grading 6.06 g/t Au

Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) reports assay results from drill holes SM-42, 43 and 44 in southeastern part of the San Miguel Vein. Drill hole SM-42 intersected the vein 80 meters to the southeast and 50 meters above recently reported SM-39. Hole SM-43 pierced the vein 80 meters to the south and at the same elevation as SM-42. SM-44 intercepted the vein 100 meters directly below SM-43, and is 180 meters southeast of SM-39.

These new assay results have extended \'Clavo 99\' to a known width of at least 650 meters and demonstrated continuity of mineralization from the surface to a depth of nearly 400 meters. Hole SM-42 had a significant vein intercept of 5.85 meters (true width) grading 6.06 g/t Au and 16.1 g/t Ag. It also contained 0.93% Pb and 2.56% Zn, not shown in the table. The best intercept from SM-43 was 1.67 meters at 2.74 g/t /Au and 20.5 g/t Ag. Finally, SM-44 had several intercepts including 0.43 meters at 5.59 g/t Au and 3,070 g/t Ag as part of a wider, not quite so high grade intercept.

Highlights of these assay results are seen in the table below (visit www.paramountgold.com for further assay details, map of project showing the location of the San Miguel Zone, map of the southern part of the Zone itself, and a longitudinal section of the vein structure):

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                                     True                     Gold    Gold
Hole      From       To  Interval   Width   Gold   Silver   Equiv.  Equiv.
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#           (m)      (m)       (m)     (m)  (g/t)    (g/t)   (g/t)  (g x m)
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SM-42    195.7    204.8       9.1    5.85   6.06     16.1    6.38    37.32
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incl.    199.0    200.6       1.6    1.03   9.15     19.0    9.53     9.82
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SM-43    163.0    180.7      17.7   11.36   0.89     30.0    1.49    16.93
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incl.    168.6    169.6       1.0    0.64   1.56     30.0    2.16     1.38
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incl.    173.6    176.2       2.6    1.67   2.74     20.5    3.15     5.26
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incl.    178.2    180.7       2.5    1.61   1.62     15.9    1.94     3.12
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SM-44    104.1    236.2     132.1   59.97   0.33     55.0    1.43    85.76
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incl.    118.0    122.9       4.9    2.22   1.77    954.0   20.85    46.38
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incl.   121.95    122.9      0.95    0.43   5.59   3070.0   66.99    28.89
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incl.    145.0    154.0       9.0    4.09   1.17     13.0    1.43     5.84
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incl.    233.6    236.2       2.6    1.18   4.06     42.0    4.90     5.78
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Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, \"The Clavo 99 zone just keeps going and going to the southeast and continues to show very good grades and thicknesses. We have now turned our attention to exploring the extent of the clavo on the northwest side. The vein intercepts appear to be good from examining the core from the newest holes.\"

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).

About Paramount

Paramount Gold is a precious metals mining exploration company presently in the early stages of an extensive exploration program at their San Miguel project in the Guazapares Mining District, part of the Sierra Madre Occidental gold-silver belt of Mexico. Paramount Gold and Silver Corp. is the operator of the San Miguel project, which is a joint venture with Tara Gold Resources Corp. (OTC:TRGD.PK) (30%) who is required to contribute 30% of exploration costs to maintain their interest. Paramount recently signed an LOI announcing a Strategic Alliance with Mexoro Minerals (OTC:MXOM.OB).

\"Safe-Harbor\" Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company may not be realized. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company\'s ability to control, and that actual results may differ materially.

SOURCE: Paramount Gold and Silver Corp.

Paramount Gold and Silver Corp. Larry Segerstrom, COO Chris Halkai, Corporate Relations 866-481-2233 613-226-9881 www.paramountgold.com