Palmarejo Silver and Gold Corporation AND GOLD CORPORATION / PRESS RELEASE by 24hgold

PALMAREJO SILVER AND GOLD CORPORATION ANNOUNCES FORMATION OF JOINT
MANAGEMENT COMMITTEE TO OVERSEE PALMAREJO PROJECT

Longueuil, May 15, 2007 – Palmarejo Silver and Gold Corporation (TSX-V: PJO) (“Palmarejo”), Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) (“Coeur”) and Bolnisi Gold NL (ASX: BSG) (“Bolnisi”) today jointly announced that, in connection with their previously announced agreements to merge, they have formed a Joint Management Committee (the “Committee”) to oversee the management of the Palmarejo Project through the close of the transaction. The Palmarejo Project, located in the state of Chihuahua, Mexico and 100% owned by Palmarejo, is one of the highest-quality primary silver projects in the world today.

The Committee, which is authorized to ensure the continued progress at the Palmarejo Project until the completion of the transaction, is comprised of three senior management and operating personnel from each of Coeur, Bolnisi and Palmarejo (including the chairman of the special committee of the Palmarejo Board of directors). Coeur’s Richard Weston, Senior Vice president – Operations, will serve as Chairman of the Committee.

The Committee has identified the following initial priorities:

Establishing Coeur’s on-site presence at the Palmarejo Project and facilitating the integration of Coeur personnel with the Bolnisi and Palmarejo teams already in place;
Completing an assessment of the present status of construction activity at the Palmarejo Project;
Investigating the development of a combined open pit and underground mine plan and completing an initial estimate of proven and probable reserves at the Palmarejo Project; and
Continuing exploration initiatives at Palmarejo, which totals over 12,100 hectares of prospective terrain, and formulating a strategy for future exploration activities.

“The formation of the joint management committee is an important step towards realizing the potential of this important transaction,” said Dennis E. Wheeler, Coeur’s Chairman, President and Chief Executive Officer. Mr. Wheeler added: “We are confident that we can deliver significant additional value by bringing Coeur’s extensive exploration, development, and underground and open pit mining expertise to the Palmarejo Project. We look forward to continuing our progress in reinforcing Coeur as the clear leader in the silver mining industry.”

As previously announced on May 3, 2007, Coeur, Bolnisi and Palmarejo entered into agreements to merge to create the world’s leading primary silver producer. Pursuant to the agreements, which are subject to Coeur, Bolnisi and Palmarejo shareholder approvals and certain other customary conditions, Coeur will acquire all of the shares of Bolnisi, and all of the shares of Palmarejo not owned by Bolnisi.

Cautionary Statement

This press release contains forward-looking statements within the meaning of securities legislation in Canada and in the United States, including statements regarding a possible transaction. Such statements are subject to numerous assumptions and uncertainties, many of which are outside Palmarejo’s control. There are risks that the parties will not proceed with the transaction.

Forward-looking statements are not historical facts and are subject to a number of risks and uncertainties beyond Palmarejo’s control, including statements regarding the completion of reserves and resource estimates, potential mineralization, exploration results, completion of work program and studies, and future plans and objectives of Palmarejo. Resource exploration, development and operations are highly speculative, characterized by a number of significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate, including, among other things, unprofitable efforts resulting not only from the failure to discover mineral resources but from finding mineral deposits which, though present, are insufficient in quantity and quality to return a profit from production. Readers are cautioned not to put undue reliance on forward-looking statements.
Palmarejo disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Palmarejo undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Palmarejo, its financial or operating results or the possible transaction.

About Palmarejo
Palmarejo Silver And Gold Corporation is a silver/gold exploration company listed on the TSX Venture Exchange under the symbol "PJO". Palmarejo's principal activity is to explore and develop gold and silver properties located in the Temoris District of Chihuahua, Mexico within the Sierra Madre Occidental mountain range.

For more information about Palmarejo and its projects, please refer to the NI 43-101 Technical Report dated October 1, 2006 and other documents available on SEDAR (www.sedar.com) or via the Company’s website at www.palmarejogold.com). A copy of the merger implementation agreement and certain related documents will be filed with the Canadian securities regulators and will be available at www.sedar.com.

About Coeur d’Alene Mines
Coeur d’Alene Mines Corporation is one of the world's leading primary silver producers and a growing gold producer. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Tanzania.

About Bolnisi
Bolnisi Gold NL is an Australia-based company engaged in mining and exploration for gold and minerals. The Company's activities are all Mexican precious metals operations with an existing portfolio of projects, which include the Palmarejo Silver-Gold project (including Trogan), Chihuahua; the Yecora Gold-Silver project, Sonora, and the El Realito Gold-Silver project, Chihuahua.

For further information, please contact:

PALMAREJO SILVER AND GOLD CORPORATION
James Crombie
President & CEO
Telephone: (450) 677-2253
Facsimile: (450) 677-2601
Email: jcrombie@pjogold.com

Gerri Paxton
Manager, Investor Relations
Telephone: (450) 677-2054
Facsimile: (450) 677-2601
Email: gpaxton@pjogold.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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