June 23rd

Paramount Announces Assay Results Under the Strategic Alliance With Mexoro From the Cieneguita Mine Including 59.5 Meters of 1.31 g/t Gold and 60.38 g/t Silver

- Paramount Gold and Silver Corp. (AMEX: PZG) (TSX: PZG) (FRANKFURT: P6G)(WKN: A0HGKQ) announces assay results from their strategic alliance with Mexoro Minerals (OTC: MXOM.OB). The assays are from three additional holes from the Cieneguita project, located in Chihuahua, Mexico. Drill holes CI-21 to CI-24 were part of the recently completed drill project at Cieneguita, consisting of 31 core holes totaling 7,166 meters. The Company has also included the complete assay results for hole CI-21 (partially reported results from CI-21 in a press release dated May 21, 2008 included 74 meters of 1.72 g/t gold and 119.77 g/t silver). Partial results from Hole CI-22 stopped in mineralization, including a 5 meter mineralized interval of 1.17 g/t Au and 157 g/t Ag (intercepted at the end of the hole). In addition, the complete assay results from CI-21 included 111.50 meters of 1.24 g/t Au, 99.59 g/t Ag, 0.45% Pb and 0.73% Zn, and 74 meters of 1.72 g/t Au and 119.77 g/t Ag. Hole CI-24 yielded 59.50 meters of 1.31 g/t Au and 60.38 g/t Ag. Hole CI-23 did not encounter economic mineralization.

The Summary of these assay results are seen in the table below (visit http://www.paramountgold.com/projects/san_miguel_maps.asp for a map showing the locations of holes CI-01 to CI-31).

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Hole ID     From      To      Interval      Au         Ag       Pb      Zn
              (m)     (m)           (m)   (g/t)      (g/t)      (%)     (%)
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CI-21      42.50   154.0        111.50    1.24      99.59     0.45    0.73
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Including  42.50  116.50         74.00    1.72     119.77     0.49    0.79
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CI-22        0.0   89.50         89.50    0.57      50.98     0.10    0.17
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Including  15.00   30.00         15.00    1.03      59.58
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Including  21.00   27.00          6.00    1.68      75.07     0.40    0.81
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Including  77.00   89.50         12.50    0.84      79.96
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Including  84.50   89.50          5.00    1.17     157.03
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CI-24        0.0   59.50         59.50    1.31      60.38
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Including  12.50   42.05         29.55    1.65      90.90
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Including  15.50   29.00         13.50    1.70     161.81
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Including  47.85   52.00          4.15    1.32      38.55     0.50    1.25
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(i) True widths are not known at this time

In a press release dated May 21, 2008, Hole CI-21 was collared to the south of Pit 2 in a southeast direction. This drill hole was designed to test anomalous and high grade gold values obtained from surface samples taken during the mapping process carried out in 2007. The results indicate an expansion of both the near surface oxide mineralization and the deeper sulfide gold-silver (+lead-zinc) mineralization. Gold, silver and base metals mineralization intersected in drill hole CI-21 may represent a new hydrothermal mineralization center at the southwest portion of the Cieneguita system that could significantly increase the potential of the project. ALS Chemex is responsible for the assay results of these drill holes and assay results from CI-26 to CI-31, which are still pending.

Barry Quiroz, VP Exploration for Mexoro, comments, \"We are very pleased to see these extensions of the mineralization, and the consistency in grades provides evidence of large bulk tonnage precious metals (A-A?1/2 base metals) deposit.\"

Paramount and Mexoro have agreed to extend the deadline to close the transaction to July 21, 2008 and Paramount has advanced to Mexoro an additional $370,000 under the terms of a new secured convertible debenture.

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%). Paramount recently signed a Strategic Alliance with Mexoro Minerals (OTC: MXOM.OB).

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).

\"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.

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

SOURCE: Paramount Gold and Silver Corp.