WINNEMUCCA, NEVADA--(Marketwire
- March 1, 2011) - Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ)
("Paramount") said today it has reviewed the news release
issued by Coeur d'Alene Mines Corporation ("Coeur") on
February 28, 2011 in which Coeur suggests that the Don Ese structure which Paramount successfully drilled
on Paramount's San Miguel Project in northern Mexico in late 2010 may
be located on Coeur's concessions. As
previously stated by Paramount, the Don Ese
structure does trend onto Coeur's claims.
However, Paramount states unequivocally that the Don Ese mineralization reported in Paramount's December
9, 2010 news release is exclusively on Paramount's claims. See the
attached map (http://media3.marketwire.com/docs/MAP_DON_ESE_AREA.jpg)
which shows Paramount's drill hole locations,
property boundaries, mineralized structure and government survey
control points.
Christopher Crupi, Paramount CEO stated that
"our independent, professional surveyors from Hermosillo, Mexico
have conclusively confirmed the location of our drill holes and that
the Don Ese mineralization reported in our
December 9, 2010 news release is exclusively on Paramount claims. One
of our holes was inadvertently collared on Coeur ground but this hole
crossed over the property boundary into our claims before
mineralization was encountered. We would welcome a meeting with Coeur
so that our technical teams can review the survey data and resolve this
misunderstanding. We are providing Coeur with a detailed claim map with
drill hole locations and projected intercepts
using the government survey control points."
Safe Harbor for Forward-Looking Statements:
This release and related documents may include "forward-looking
statements" including, but not limited to, statements related to
the interpretation of drilling results and potential mineralization,
future exploration work at the Sleeper Gold Mine Project and the
expected results of this work. Forward-looking statements are
statements that are not historical fact and are subject to a variety of
risks and uncertainties which could cause actual events to differ
materially from those reflected in the forward-looking statements
including fluctuations in the price of gold, inability to complete
drill programs on time and on budget, and future financing ability.
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 other
applicable securities laws. Words such as "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, including, but
not limited to: uncertainties involving interpretation of drilling results,
environmental matters, lack of ability to obtain required permitting,
equipment breakdown or disruptions, and the other factors described in
Paramount's Annual Report on Form 10-K for the year ended June 30, 2010
and its most recent quarterly reports filed with the SEC available on www.sec.gov and
applicable Canadian securities regulators available on www.sedar.com and
X-Cal's filings with the 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 document.
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