PGDP--NEWS!!!
Paramount Gold Drills 6.7 g/t Gold Equivalent over 17.6 Meters and 4.8 g/t Gold Equivalent over 16.4 Meters at Their San Miguel Project, Mexico
Thursday October 12, 8:00 am ET
CHIHUAHUA, Mexico--(BUSINESS WIRE)--Paramount Gold Mining Corp. (OTC:PGDP - News; FWB:P6G) (WKN:A0HGKQ) is pleased to release the most recently reported assays from its ongoing drill program at the San Miguel Project near Temoris, Chihuahua, Mexico. The following results are the first five drill holes completed on the La Union zone (San Jose extension) and three additional holes from the San Jose zone. The five drill holes at La Union are step out holes to the south, and extend the San Jose zone approximately 275 meters in that direction.
Bill Reed, Manager of Exploration, Mexico, stated: "We see increased gold values, as high as 5 g/t in the drill assays received from the La Union area and this adds significantly to the silver values. The good gold and silver assays are contributing to good average grades over significant widths as drill hole LU-02 averaged 51.4 meters of 2.9 g/t gold equivalent. Drilling at La Union has extended the strike length another 275 meters to the south and we have now begun to drill north of the San Jose zone in the San Antonio area in an attempt to identify a continuous 1400 meters of strike in a zone that is still open in all directions."
Note: Gold Equivalent is calculated at 55 to 1, (55 grams silver equal 1 gram gold)
La Union zone Highlights
LU-01 cut 45.2 meters from 13.80 meters to 59.0 meters averaging 2.25 g/t gold equivalent, including:
16.40 meters from 13.8 to 30.2 meters of 227 g/t silver with 0.73
g/t gold, and
4.25 meters from 54.75 to 59.0 meters of 6.0 g/t silver and 4.45
g/t gold
LU-02 cut 51.4 meters from 31.5 meters to 82.9 meters averaging 2.9 g/t gold equivalent, including:
17.60 meters from 31.5 to 49.1 meters of 279 g/t silver with 1.64
g/t gold, and
4.40 meters from 78.5 to 82.9 meters of 10.0 g/t silver and 4.98
g/t gold
LU-03 - the best intersect was 2.65 meters from 31.90 to 34.55 of 186 g/t silver with 1.86% zinc
LU-04 - the best intersect was 14.5 meters from 87.50 to 103.0 of 22 g/t silver with 1.72 g/t gold
San Jose zone Highlights
SJ-09 cut 73.9 meters from surface with intersects that assayed between 15.0 g/t silver and 126 g/t silver
SJ-10 - the best intersect was 3.4 meters from 57.9 to 61.3 of 14 g/t silver, 1.47 g/t gold with 1.07% zinc
SJ-11 cut 22.5 meters from 44.9 meters to 67.5 meters of 10 g/t silver with 1.42 g/t gold and 0.93% zinc
LU-01 is a step out of approximately 275 meters to the south of SJ-08; the most southerly hole drilled to date in the San Jose zone. LU-02 is approximately 50 meters northeast of LU-01 and LU-03 is about 100 meters northeast of LU-01. Hole LU-04 is approximately 40 meters east of LU-02. SJ-09 is approximately 50 meters north of SJ-08 and SJ-10 is approximately 40 meters northeast of SJ-08.
Quality Control Person
Paramount takes detail photos of the entire core before it is cut to half core, which is assayed at ALS Chemex's Vancouver laboratory. As part of quality assurance, quality control (QAQC), a blank (sterile) sample is submitted every 20th sample. Later, pulps from a number of intervals will be renumbered and pulps from known standards will be inserted between them in numerical order. These will then be submitted for reanalysis. The results will then be compared to the original values reported and the known values of the inserted standards. Half-core samples have been retained on site for verification and reference purposes.
C.W. (Bill) Reed, B. Sc. Mineralogy, is acting as qualified person and has prepared the detail and review with respect to this news release.
Drill Hole From To Width Gold Silver Lead Zinc
(m) (m) (m) (g/t) (g/t) (%) (%)
----------------------------------------------------------------------
SJ-09 0.00 6.60 6.60 0.00 26.00 NSV NSV
----------------------------------------------------------------------
6.60 14.40 7.80 0.00 126.00 NSV NSV
----------------------------------------------------------------------
14.40 31.50 17.00 0.00 23.00 NSV NSV
----------------------------------------------------------------------
31.50 35.60 4.10 0.19 93.00 NSV NSV
----------------------------------------------------------------------
42.20 49.50 7.20 0.20 106.00 NSV NSV
----------------------------------------------------------------------
49.50 68.10 18.60 0.07 22.00 NSV NSV
----------------------------------------------------------------------
68.10 73.90 5.80 0.28 15.00 0.47 1.08
----------------------------------------------------------------------
80.00 92.00 12.00 0.43 0.00 NSV NSV
----------------------------------------------------------------------
SJ-10 0.00 15.50 15.50 0.00 14.00 NSV NSV
----------------------------------------------------------------------
15.50 24.00 8.50 0.00 41.00 NSV NSV
----------------------------------------------------------------------
51.70 53.20 1.50 0.14 59.00 0.47 1.27
----------------------------------------------------------------------
57.90 61.30 3.40 1.47 14.00 0.63 1.07
----------------------------------------------------------------------
64.60 65.50 0.90 0.32 54.00 0.18 0.39
----------------------------------------------------------------------
67.15 70.50 3.35 0.16 0.00 0.40 0.95
----------------------------------------------------------------------
SJ-11 0.00 11.00 11.00 0.00 14.00 NSV NSV
----------------------------------------------------------------------
18.20 27.00 8.80 0.01 80.00 0.28 0.63
----------------------------------------------------------------------
44.90 67.50 22.50 1.42 10.00 0.50 0.93
----------------------------------------------------------------------
170.30 171.60 1.30 2.40 0.00 0.17 0.42
----------------------------------------------------------------------
LU-01 13.80 30.20 16.40 0.73 225.00 0.85 0.83
----------------------------------------------------------------------
30.20 43.00 12.80 0.06 5.00 0.33 0.67
----------------------------------------------------------------------
43.00 46.25 3.25 0.37 0.00 0.12 0.39
----------------------------------------------------------------------
54.75 59.00 4.25 4.45 6.00
----------------------------------------------------------------------
LU-02 31.50 49.10 17.60 1.64 279.00 0.19 0.26
----------------------------------------------------------------------
49.10 74.00 24.90 0.01 11.00 0.15 0.45
----------------------------------------------------------------------
74.00 78.50 4.50 0.57 2.00
----------------------------------------------------------------------
78.50 82.90 4.40 4.98 10.00
----------------------------------------------------------------------
LU-03 24.50 31.90 7.40 0.00 18.00
----------------------------------------------------------------------
31.90 34.55 2.65 0.00 186.00 0.60 1.68
----------------------------------------------------------------------
34.55 52.00 17.45 0.00 6.00 0.16 0.46
----------------------------------------------------------------------
52.00 61.50 9.50 0.59 0.00 0.16 0.39
----------------------------------------------------------------------
LU-04 63.50 71.00 7.40 0.19 43.00 0.08 0.24
----------------------------------------------------------------------
72.00 83.70 11.70 0.37 0.00 0.11 0.24
----------------------------------------------------------------------
87.50 103.00 15.50 1.72 22.00 0.16 0.29
----------------------------------------------------------------------
109.00 111.00 2.00 0.69 0.00
----------------------------------------------------------------------
LU-05 98.90 100.60 1.70 0.00 0.00 0.73 1.98
----------------------------------------------------------------------
100.60 104.70 4.10 0.24 0.00 0.28 0.68
----------------------------------------------------------------------
104.70 110.00 5.30 0.02 6.00 0.31 0.64
----------------------------------------------------------------------
110.00 112.00 2.00 0.00 50.00 0.19 0.43
----------------------------------------------------------------------
About San Miguel
San Miguel is currently comprised of 16 concessions covering an estimated 6 kilometers strike of silver and gold mineralization. It is located in Chihuahua, Mexico, and lies in the Guazapares mining district, part of the gold-silver belt of the Sierra Madre Occidental. Paramount signed an agreement in August 2005 with Amermin S.A. de CV, a subsidiary of Tara Gold Resources, to acquire a 70% interest in the San Miguel project.
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 website at www.paramountgold.com (now available in 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.
News 
Market Data 
Discover 
