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Wednesday, 12/06/2006 7:15:50 AM

Wednesday, December 06, 2006 7:15:50 AM

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Latest Good News from San Miguel Site:

Paramount Gold Commissions Independent Technical Report to Establish First Gold/Silver Resource at its San Miguel project, Mexico
Dec 6, 2006 7:00:00 AM
Copyright Business Wire 2006

OTTAWA, Canada--(BUSINESS WIRE)--

Paramount Gold Mining Corp. (OTC:PGDP) (Frankfurt:P6G)(WKN:A0HGKQ) is pleased to announce that full trading has commenced on the NASDAQ OTC BB following a 30-day quiet period which expired November 27th.

Paramount Gold is also pleased to announce that it has retained the services of Dana Durgin of Delve Consultants to complete a National Instrument 43-101 technical report on the San Miguel Project near Temoris, Chihuahua, Mexico.

The technical report will include a review of exploration work carried out by Paramount during 2006 and a compilation of these results. It will also include a preliminary estimate of the inferred gold and silver resources developed to date. Thus far in 2006 Paramount has completed more than 7000 meters of diamond drilling in approximately 45 core holes and 1100 meters of trenching. Drilling, trenching and geologic mapping are ongoing. The technical report will also review historical data and Paramount's mapping and surface sampling within the project boundaries to evaluate further potential drill targets as well as areas where follow up and in fill drilling will be required to upgrade and expand silver and gold resources.

Dana Durgin is a geologist with the requisite accreditation to complete National Instrument 43-101 technical reports. Mr. Durgin has been involved in mineral exploration and project development in the US, Canada and Mexico for 35 years, including his position as Chief Geologist, Mexico for Hecla Mining Company (HL: NYSE).

Paramount CEO, Chris Crupi stated: "We are initiating the 43-101 technical report to quantify and evaluate our exploration program at San Miguel and to gain a better understanding of how to direct our future exploration work to unlock the great potential of this property as efficiently and effectively as possible."

At the San Miguel project, Paramount has identified strong silver and gold mineralization along at least 6 kilometers of strike length, however only 2.4 kilometers of this has been explored thus far through an ongoing drill program. The project also includes the San Luis mine where production averaged about 12 g/t gold, 350 g/t silver, and 10% lead per tonne, before the mine closed in 1963 due to a water flood from surface and low metal prices. Unknown quantities of high grade ore remain in the mine. Its excellent potential has been confirmed by a channel sample from a crosscut on the 300 level that assayed 85.2 g/t gold and 339 g/t silver across 15 meters and by drill hole SL-02 that intersected 4.0 meters of 35.5 g/t gold and 17.0 g/t silver below this level.

Paramount's ongoing drill program has intersected potentially economic grades of gold, silver, lead and zinc mineralization in 30 of the last 33 drill holes reported to date.

Highlights include:
SJ-01, 5.0 meters of 0.0 g/t gold and 263.6 g/t silver
SL-02, 4.0 meters of 35.5 g/t gold and 17.0 g/t silver
SJ-03, 5.0 meters of 0.1 g/t gold and 873.6 g/t silver
SJ-04, 6.5 meters of 0.0 g/t gold and 552.9 g/t silver
SJ-05, 19.7 meters of 0.0 g/t gold and 263.0 g/t silver
SJ-06, 6.6 meters of 0.0 g/t gold and 354.0 g/t silver
LU-01, 16.4 meters of 0.7 g/t gold and 225.0 g/t silver with 0.85%
lead and 0.83% zinc
LU-02, 17.6 meters of 1.6 g/t gold and 279.0 g/t silver with 0.26%
zinc
LU-09, 105.4 meters of 0.26 g/t gold and 28.0 g/t silver with 0.52%
lead and 1.45% zinc
LU-11, 101.5 meters of 0.08 g/t gold and 13.5 g/t silver with 0.66%
lead and 1.93% zinc

Trench highlights
ZSA-04 18.6 meters of 0.0 g/t gold and 198.5 g/t silver
ZSA-05 17.1 meters of 0.0 g/t gold and 180 g/t silver
ZSA-06 5.6 meters of 0.0 g/t gold and 597.0 g/t silver
ZLU-01 66.0 meters of 0.03 g/t gold and 105.0 g/t silver

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 TeckCominco 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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