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WINNEMUCCA, NEVADA--(Marketwire - Oct. 20,
2010) - Paramount Gold (NYSE Amex:PZG)(TSX:PZG) (FRANKFURT:WKN:A0HGKQ)
("Paramount") announced today that its drill program to
expand gold resources at its recently acquired Sleeper Gold Project in
Nevada will commence next week. Details of the $3 million exploration
program were announced by Paramount on September 13, 2010.
Summary of drill program:
The exploration program will focus on two resource areas near
historical mining, the West Wood Vein and the Facilities target.
At West Wood, the program is designed to:
-- Confirm the geological model on which the existing resource estimate was based; -- Test the potential for a significant strike extension to the north of the West Wood resource area and; -- Collect samples for use in metallurgical test work as the next step in completing a Preliminary Economic Assessment of the West Wood resource.
On the Facilities target drilling will
concentrate on:
-- Evaluating the potential for expansion of high grade vein occurrences in the target area; -- Collect new mineralized material for use in metallurgical test work; and -- Increase the drill density to upgrade the classification of inferred resources in the resource area.
Other
existing targets are being evaluated and prioritized for inclusion in
the program. "Paramount is aggressively pursuing its strategy of
developing new gold resources around existing mining camps situated in
geological environments with exceptional potential for the discovery of
large deposits and we are especially excited to commence drilling on
the Sleeper project, our second large-scale resource expansion
program", Paramount CEO Christopher Crupi said.
For more information on the Corporation visit the Company's website at www.paramountgold.com.
Safe Harbor for Forward-Looking Statements:
This release and related documents may include "forward-looking
statements" including, but not limited to, statements related to
the interpretation of drilling results and potential mineralization,
future exploration work at the San Miguel Project and the expected
results of this work. Forward-looking statements are statements that
are not historical fact and are subject to a variety of risks and
uncertainties which could cause actual events to differ materially from
those reflected in the forward-looking statements including
fluctuations in the price of gold, inability to complete drill programs
on time and on budget, and future financing ability. Paramount's future
expectations, beliefs, goals, plans or prospects constitute
forward-looking statements within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and other applicable
securities laws. Words such as "believes," "plans,"
"anticipates," "expects," "estimates" and
similar expressions should also be considered to be forward-looking
statements. There are a number of important factors that could cause
actual results or events to differ materially from those indicated by
such forward-looking statements, including, but not limited to:
uncertainties involving interpretation of drilling results,
environmental matters, lack of ability to obtain required permitting,
equipment breakdown or disruptions, and the other factors described in
Paramount's Annual Report on Form 10-K for the year ended June 30, 2010
and its most recent quarterly reports filed with the SEC available on www.sec.gov and
applicable Canadian securities regulators available on www.sedar.com. Except
as required by applicable law, Paramount disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this document.
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