Message #51 From:
NewsBot Date: April 25, 2008 08:09:01 AM
Paramount Gold and Silver Corp. Provides Update on DTC Matter
Paramount Gold and Silver Corp. ("the Company") (TSX: PZG)(AMEX:
PZG)(FRANKFURT: P6G) on April 17, 2008 received notice from the
American Stock Exchange ("AMEX") indicating that the Company does not
meet certain of the Exchange's listing standards due to DTC's
suspension of services effective March 17, 2008.
As a result of the foregoing, the Company is not in compliance with
(i) Section 136 of the AMEX Company Guide which states that all listed
companies are subject to the AMEX book entry settlement requirements as
set forth in AMEX Rule 776, and (ii) Section 137 of the Amex Company
Guide which states that all listed companies are subject to the Amex
depository eligibility requirements set forth in Amex Rule 777.
The Company has submitted a plan of compliance to the AMEX on April
22, 2008 that demonstrates the Company's ability to regain compliance
with Sections 136 and 137 of the Company Guide by May 19, 2008. If the
plan is not accepted by the AMEX, the Company may be subject to
delisting procedures as set forth in Section 1010 and Part 12 of the
Company Guide. Paramount has been advised by DTC however, that DTC has
not determined that Paramount is not an eligible security under DTC
rules.
As a result of the suspension of DTC services in the United States,
trading will remain suspended on the AMEX, TSX and Frankfurt Stock
Exchange until further notice. The Company is currently taking steps to
become compliant within the meaning of the AMEX Rules and more
specifically, working with the DTC to facilitate resumption of
services.
"Safe-Harbor" Statement: This press release contains forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934. All statements that are not statements of
historical fact regarding the intent, belief or current expectations of
the Company may not be realized. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance and
involve risks and uncertainties, many of which are beyond the Company's
ability to control, and that actual results may differ materially."
Contacts:
Paramount Gold and Silver Corp.
Christopher Crupi
Chief Executive Officer
613-226-9881
