Here is Paramount's release.
To: Creede Bighorns who wrote (127) 12/6/2006 7:58:07 AM
From: SAM-DAN Read Replies (2) of 131
Finally here is great news from Paramount re their J/V with Tara at San Miguel.
Their results are so good that they are initiating a 43-101 report to derive a plan of further drilling to complete their picture of possible gold/silver reserves. The next step to providing a feasibility program to begin a revenue producing mine.
Exciting new assays revealed as well.All to Tara's benefit as well as Paramount's.
"Paramount Gold Commissions Independent Technical Report to Establish First Gold/Silver Resource at its San Miguel project, Mexico
Ticker Symbol: U:PGDP X:FWB:P6G
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.
-0-
*T
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
*T
-0-
*T
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
*T
¶ 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.
Contacts:
Investor Relations Contact:
Skyline Communications, 613-226-9881
Toll-free: 1-866-481-2233
tacts:
Investor Relations Contact:
Skyline Communications, 613-226-9881
Toll-free: 1-866-481-2233
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