October 22, 2007 Paramount Gold and Silver Corp. Announces Further Drill Results from the San Miguel Project CHIHUAHUA, MEXICO--(Marketwire - Oct. 22, 2007) - Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) is pleased to announce that it has received the assay results from the first ten drill holes in the La Veronica area of its San Miguel project in the Guazapares Mining District, Mexico. These holes, LV-01 to LV-10, are 1.4 to 1.8 kilometers northwest along strike from the El Carmen - San Antonio area. They were drilled to test a new area of old workings and attractive surface geochemistry. The assay results confirm that mineralization persists for at least 70 meters below the surface exposures. Highlights of these assay results are (see table at www.paramountgold.com for further details and maps): ------------------------------------------------------------------------ Hole True Width Gold Silver Gold Equivalent Number Meters grams/ton grams/ton grams/ton ------------------------------------------------------------------------ LV-02 3.81 0.32 439.00 7.64 ------------------------------------------------------------------------ LV-03 4.50 0.04 224.00 3.77 ------------------------------------------------------------------------ LLV-0 4.37 0.21 242.00 4.24 ------------------------------------------------------------------------ LV-06 0.69 8.25 0.00 8.25 ------------------------------------------------------------------------ LV-09 2.42 0.69 200.00 4.02 ------------------------------------------------------------------------ LV-10 12.95 0.11 214.00 3.68 ------------------------------------------------------------------------ Larry Segerstrom, COO of Paramount Gold and Silver Corp., commented, "We are encouraged by the positive results from this first phase of drilling at La Veronica and in particular the presence of higher gold values. Several more holes have been completed and we are looking forward to the results from those holes. This drilling adds a new 400 meter segment of attractive mineralization within the 8 km long main structural zone at San Miguel." Exploration drilling continues in the Monte Cristo target area and on the San Miguel vein in the northwestern portion of the property. Quality Control Paramount takes detailed 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). Paramount Gold is listed on the AMEX and TSX under the symbol PZG and on the Frankfurt Stock Exchange under the symbol P6G (WKN:A0HGKQ). Paramount Gold is a precious metals mining exploration company, presently in the early stages of an extensive exploration program at their San Miguel project, located in the Guazapares Mining District of Mexico, part of the Sierra Madre Occidental gold-silver belt. Paramount has completed over 24,000 meters of drilling on the project, totaling 150 drill holes, with results pending on 38 of these holes. In early 2007, Paramount began a 50,000 meter drill program, of which 17,000 meters have been completed to date. In March 2007, Paramount completed a $21.8 million financing which is being utilized to develop their San Miguel project and other opportunities. "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.

CONTACT INFORMATION: Paramount Gold and Silver Corp. Larry Segerstrom COO 623-703-0969 or Paramount Gold and Silver Corp. Chris Halkai Corporate Relations Toll-free: 1-866-481-2231 613-226-9881 www.paramountgold.com INDUSTRY: Manufacturing and Production - Mining and Metals