Drilling at Paramount Gold and Silver’s San Miguel Project Continues to Confirm and Extend High Grade Zones

WINNEMUCCA, NEVADA–(Marketwire – Oct. 12, 2011) – Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) (“Paramount”) announced today new assay results from ongoing drilling at its 100%-owned San Miguel Project in northern Mexico continue to expand and upgrade the project’s resources. Assays from five additional drill holes on the San Miguel Vein target have generated some of the best intercepts to date including 10.6 meters grading 7.9 g/T of gold and 18.0 g/T of silver.