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Friday, 10/13/2006 8:18:59 AM

Friday, October 13, 2006 8:18:59 AM

Post# of 83
Above Market Private Placement @ 2.60

Paramount Gold Announces Above-Market $1 Million Financing at $2.60 Per Share
Oct 13, 2006 8:00:00 AM
Copyright Business Wire 2006

OTTAWA--(BUSINESS WIRE)--

Paramount Gold Mining Corp. (OTC:PGDP) (FWB:P6G) (WKN:A0HGKQ) is pleased to announce a US $1,000,000 private placement financing of restricted stock at US $2.60 per share. There are no warrants attached and no finder fees were paid.

"This $1 million financing is being priced at a premium to the current market price of our stock," commented Chris Crupi, President and CFO, "reflecting what I believe are the spectacular results we are generating from our ongoing drill program in Mexico, and the progress we are making in our strategic alliance in South America."

Paramount will use the funds from this financing to add a second drill rig at their San Miguel project in Mexico, and in preparation for the commencement of drilling in the next 45 days at the Santos property in Peru.

About Paramount Gold

Paramount Gold Mining Corp. is a precious metals exploration and development company. It is management's objective to grow Paramount into a significant gold and precious metals producer by developing the San Miguel and Linda projects in Mexico and Peru, and the Andean Gold Alliance with Teck Cominco in South America and by acquiring other advanced-stage projects and/or producing mines in the most prolific precious metal districts in the world. The Company trades on the OTC market under the symbol "PGDP" and on the Frankfurt Exchange under the symbol "P6G." For more information, please visit the Company's web site at: www.paramountgold.com (now available in the following languages: English, German, French, Spanish, and Mandarin).

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.

Source: Paramount Gold Mining Corp.

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Paramount Gold Mining Corp.
Investor Relations:
Skyline Communications
613-226-9881
Toll-free: 866-481-2233

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