Paramount Gold & SIlver & Silver Reports Positive Results from Monte Cristo Target by 24hgold

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October 21, 2009

Paramount Gold and Silver Reports Positive Results from Monte Cristo Target

Drilling Expands Target Area Fivefold

CHIHUAHUA, MEXICO--(Marketwire - Oct. 21, 2009) - New diamond drilling by Paramount Gold and Silver Corp. ("Paramount Gold") (NYSE Amex:PZG)(TSX:PZG) (FRANKFURT:P6G) on its 100% owned Monte Cristo target in the Palmarejo District of North Central Mexico has substantially expanded the target's size and verified new, highly prospective bulk-mineable styles of gold and silver mineralization.

Part of the Monte Cristo target is located on ground recently acquired from Mexoro Minerals Ltd. Their drilling confirmed economic gold concentrations in east-west trending structures at very shallow depths. Paramount Gold geologists have reinterpreted the Monte Cristo feature as a volcanic basin on the margin of a volcanic dome complex with potential for larger stratigraphic gold occurrences in the basin as well as richer deposits along north-northwest and east-west trending structures. Recent drilling by Paramount Gold on its nearby San Miguel deposit has demonstrated that these north-northwest trending structures host better gold grades at depth. The original Monte Cristo target area of about 300 meters by 400 meters has now been expanded to more than 700 meters by 1,000 meters, reflecting the new drill results, surface mapping and integration of the Mexoro drill data.

Results of Paramount Gold's recent drilling at Monte Cristo are as follows:

--------------------------------------------------------------------------
Hole No.        From (m)     To (m)        Interval      Au g/t     Ag g/t
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MC-09-04          120.5      149.5             29.0        0.69      106.1
            incl. 120.5      133.0             12.5        1.52      109.9
--------------------------------------------------------------------------
MC-09-05                       No significant assay intervals
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MC-09-06          170.9      175.3              4.4        1.14        4.5
                  187.5      223.5             36.0        0.05       52.2
--------------------------------------------------------------------------
MC-09-07          261.5      283.0             21.5        0.09       35.6
                  295.7   298.7 TD              3.0        3.71        4.0
--------------------------------------------------------------------------
MC-09-08                       No significant assay intervals
--------------------------------------------------------------------------
MC-09-09                       No significant assay intervals
--------------------------------------------------------------------------
MC-09-10          236.2      240.7              4.5        0.03       36.7
--------------------------------------------------------------------------
MC-09-11                       No significant assay intervals
--------------------------------------------------------------------------

The true width of these intersections is unknown at this time due to lack of certainty as to the orientation of the structures. Additional drilling will be required to determine true widths.

Paramount Gold CEO Chris Crupi noted that the first pass drill results (above) "have extended Mexoro's historic results on the east-west trending structures and confirmed the potential for richer deposits at depth on the north-northwest trending structures. Geologic interpretation of the core also points towards the existence of stratigraphic gold mineralization which will be targeted in the next round of drilling. Stratigraphic deposits would likely be larger and bulk mineable."

Paramount Gold owns 188,461 hectares (approximately 466,000 acres) of mining claims in the Palmarejo District, making it the largest claim holder in this rapidly emerging precious metals mining camp. Paramount Gold's current drilling program is evaluating three different types of potentially gold-rich targets: (1) north-northwest trending epithermal veins like San Miguel, of which three trends are known to date with typical widths of around 10 meters and strike lengths of one kilometer or more; (2) volcanic basin prospects of which the best known is Monte Cristo; and (3) northwest trending vein swarms ranging from 100 to 600 meters wide and one to two kilometers long such as the Temoris prospect where surface sampling is in progress.

Exploration activities in Mexico are being conducted by Paramount Gold de Mexico personnel under the supervision of Bill Threlkeld a Qualified Person as defined by National Instrument 43-101 and Bill supervised the writing of this press release. An ongoing and rigorous quality control/quality assurance protocol is being employed during the program including blank, duplicate and reference standards in every batch of assays. Cross-check analyses are being conducted at a second external laboratory on 10% of the samples. Samples are being assayed at ALS Chemex, Vancouver, B.C., using fire assay atomic adsorption methods for gold and aqua regia digestion ICP methods for other elements. Paramount Gold and Silver holds a 100% interest in several North American gold projects. The Corporation's principal asset is the San Miguel property in Chihuahua State, Mexico. For more information on the Corporation visit the Company's website at www.paramountgold.com.

SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS

Statements in this press release regarding 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 statements containing the words "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 as described in Paramount's Annual Report and Annual Information Form on Form 10-K for the year ended June 30, 2009 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 press release.

CONTACT INFORMATION:

Paramount Gold and Silver Corp.
Christopher Crupi, CEO
Larry Segerstrom, COO
Chris Theodossiou, Investor Relations
866-481-2233 / 613-226-9881
www.paramountgold.com

INDUSTRY: Financial Services - Investment Services and Trading, Manufacturing and Production - Mining and Metals

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