Message #39 From:
Stock News Bot Date: January 2, 2007 02:00:00 AM
PGDP News Paramount Gold Reports on Five More Trenches in the San Antonio - Carmen Zone with Assays up to 887 Grams Silver at the San Miguel Project, Mexico
CHIHUAHUA, Mexico--(BUSINESS WIRE)--Paramount Gold Mining Corp. (OTC:PGDP) (Frankfurt:P6G) (WKN:A0HGKQ) is
pleased to release the results of a trenching program in the central
part of its San Miguel concession block near Temoris, Chihuahua, Mexico.
The five trenches reported are located in the San Antonio –
Carmen zone which is adjoining and to the north of the San Luis zone
where Paramount reported drill results that included 35.5 g/t gold
across 4.0 meters (see news release dated August 1 2006).
Trenches nine through thirteen span approximately 175 meters along
strike on the San Antonio - Carmen zone. Trench ZSA-09 starts
approximately 50 meters north from trench ZSA-08 (88.4 meters averaging
50.2 g/t silver, including 1.0 meters of 1,300 g/t silver). Trench
ZSA-10 is approximately 90 meters north of ZSA-09. Trenches ZSA-11 and
ZSA-13 continue across strike to the west of ZSA-10 with approximately
50 meters between them. Trench ZSA-12 is approximately 70 meters north
of ZSA-10.
Paramount's Manager of Exploration in Mexico, Bill Reed, commented: "The
trenching results at San Antonio compare very well with earlier trenches
in the San Luis, San Jose and La Union zones. These recently completed
trenches in the San Antonio – Carmen zone have
exposed a series of sub-parallel en echelon veins that extend 175 meters
to the north of those previously reported trenching results with a width
of more than 200 meters. This confirms our prior observation that this
mineralized system is strengthening to the north. We will continue
drilling this zone immediately after the start of the New Year."
The highlights of the trenching include:
ZSA-09 - 61.9 meters averaging 79.0 g/t Ag, including 2.1 meters of 625
g/t Ag with 1.24% lead, and 1.0 meters of 887 g/t Ag with 5.59% lead.
ZSA-10 - 36.5 meters averaging 56.3 g/t Ag, including 17.5 meters of 87
g/t Ag.
ZSA-12 - 30.0 meters averaging 87.7 g/t Ag, including 3.0 meters of 422
g/t Ag, and 7.0 meters of 195 g/t Ag with 1.6% zinc.
ZSA-13 - 1.0 meters 62.0 g/t Ag and 0.79% lead.
The trenches are excavated to a depth of 2-3 meters and extend from west
to east across the quartz veins and stockwork quartz veins that host
silver and gold mineralization in the Guazapares mining district. The
trenches were cut through thin overburden to better define drill targets
and spaced approximately 50 to 75 meters apart. The geology of the
trenches is mapped in detail and continuous rock chip samples of no more
than one meter in length are collected from the trench walls.
Drill holes have been completed on the San Antonio zone based on the
trench assays listed below and the drill will continue to move north
along the mineralized zone as defined by the trenches.
Area
Trench
From
To
Interval
Au
Ag
AuE
Pb
Zn
(m)
(m)
(m)
(g/t)
(g/t)
(g/t)
(%)
(%)
San Antonio
ZSA-09
10.10
44.20
34.10
0.00
58.00
0.97
44.20
46.30
2.10
0.00
625.00
10.42
1.24
0.20
46.30
63.00
16.70
0.00
25.00
0.41
63.00
64.00
1.00
0.00
887.00
14.78
5.59
0.17
64.00
72.00
8.00
0.00
39.00
0.65
Average
10.10
72.00
61.90
0.00
79.00
1.32
0.21
0.17
San Antonio
ZSA-10
25.00
44.00
19.00
0.00
28.00
0.47
0.08
0.15
44.00
61.50
17.50
0.00
87.00
1.46
0.10
0.16
Average
25.00
61.50
36.50
0.00
56.30
0.94
0.09
0.15
San Antonio
ZSA-11
7.00
10.00
3.00
0.00
30.00
0.50
0.10
0.15
19.00
28.00
9.00
0.00
11.00
0.18
0.05
0.11
43.00
63.00
20.00
0.00
13.00
0.21
0.01
0.10
San Antonio
ZSA-12
10.00
13.00
3.00
0.00
422.00
7.04
0.20
0.55
33.00
40.00
7.00
0.00
195.00
3.25
0.17
1.60
40.00
56.00
16.00
0.00
12.00
0.20
0.15
0.03
Average
10.00
49.00
30.00
0.00
87.70
1.46
0.06
0.43
San Antonio
ZSA-13
24.50
25.50
1.00
0.00
62.00
1.01
0.79
0.08
48.50
61.50
13.00
0.00
8.00
0.14
0.03
0.09
Quality Control Person
C.W. (Bill) Reed, B. Sc. Mineralogy, is acting as qualified person and
has prepared the detail and review with respect to this news release.
Recent Paramount Gold Highlights
12/20/06
Appoints new senior mining executive
12/14/06
Extends Zone 800 meters
12/11/06
Strengthens team with addition of COO and independent director
12/06/06
Commissions independent NI-43101 Technical Report to establish first
Gold/Silver resource at San Miguel, Mexico
11/08/06
Strike zone extended 500 meters with Polymetallic intersects
10/13/06
Announces Above-Market $1 Million Financing at $2.60 Per Share
10/12/06
Drills 6.7 g/t Gold Equivalent over 17.6 Meters and 4.8 g/t Gold
Equivalent over 16.4 Meters at San Miguel
10/10/06
Acquires an 80% Interest in over 6,000 Hectares Surrounding San
Miguel Project in Mexico
9/27/06
Outlines a High Potential Gold-Silver Target at Santos, Peru
9/21/06
Drills silver intersects of 354 g/t (11.4 ozs) over 6.6 meters and
263 g/t (8.5ozs) over 19.7 meters at San Miguel.
9/19/06
Trench Results at San Miguel, Mexico, Extend Silver/Gold Zone
another 175 Meters
9/14/06
Drills 874 g/t (28 ozs) silver over 5.2 meters and 553 g/t (17.8
ozs) over 6.5 meters at the San Jose zone, San Miguel
8/10/06
Hits gold in 4 of 5 drill holes at Linda property in Peru.
