CHIHUAHUA, MEXICO–(EMWNews – July 22, 2008) – Paramount Gold and Silver Corp. (TSX:PZG)(AMEX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) announces assay results from six additional drill holes at its Cieneguita Project from their strategic alliance with Mexoro Minerals (OTC:MXOM.OB). It is in the same mineralized trend and only 20 km away from Goldcorp’s El Sauzal mine, Mexico’s largest producing gold mine and adjacent to Paramount’s Andrea project. Cieneguita was last in production by Glamis Gold Ltd. between 1995 and 1998 prior to its acquisition by Goldcorp Inc.

Drill hole CI-25 intersected 46.50 m of 1.10 g/t Au, 332.60 g/t Ag, 0.35% Pb & 0.66% Zn, including: 10.95 meters of 2.13 g/t Au, 976 g/t Ag, 0.38% Pb & 0.96% Zn; and 13.45 meters of 1.30 g/t Au, 149.53 g/t Ag, 0.57%Pb & 0.68% Zn. Within CI-25 there were two very narrow high grade veins which intersected 0.15 m of 8.23 g/t Au, 5500 g/t Ag and 0.1 m of 8.84 g/t Au, 3130 g/t Ag

Drill hole CI-27 intersected 85.50 m of 0.70 g/t Au & 54.46 g/t Ag including: 7.50 meters of 1.54 g/t Au, 148.66 g/t Ag, 0.15% Pb & 0.32%Zn and 9.00 meters of 1.07 g/t Au, 82.47 g/t Ag, 0.18 % Pb & 0.22% Zn

Drill hole CI-29 intersected 30 m of 0.66 g/t Au, 58.75 g/t Ag, 0.45% Pb & 0.58% Zn including: 10.50 meters of 1.01 g/t Au, 92.71 g/t Ag, 0.37% Pb & 0.33% Zn,; 15 m of 1.77 g/t Au & 66.65 g/t Ag including 6 m of 3.55 g/t Au and 116.75 g/t Ag; 64.60 m of 0.56% Pb & 0.80% Zn; and 12.80 m of 0.28% Pb & 0.70% Zn.

The current drill program continues to intersect high grade mineralization both along strike and at depth. Drilling continues at this project to help better understand this mineralized system and to test its depth potential.

The Summary of these assay results are seen in the table below (visit http://www.paramountgold.com/projects/san_miguel_maps.asp for a map showing the locations of holes CI-01 to CI-31).

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Hole ID        From      To    Interval       Au       Ag    Pb    Zn
                 (m)     (m)         (m)    (g/t)    (g/t)   (%)   (%)
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 CI-25         0.00   25.20       25.20     0.53    66.34  0.44  0.74
              52.00   98.50       46.50     1.10   332.60  0.35  0.66
Including     56.95   69.05       10.95     2.13   976.05  0.38  0.96
Including     69.05   82.50       13.45     1.30   149.53  0.57  0.68
             279.30  293.90       14.60     0.19   110.31  0.25  0.63
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 CI-27        11.10   24.60       13.50     0.60    26.84  0.24  0.35
              44.10  126.60       85.50     0.70    54.46
Including     56.10   63.60        7.50     1.54   148.66  0.15  0.32
Including    110.10  119.10        9.00     1.07    82.47  0.18  0.22
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 CI-28        61.50  158.00       96.50     0.62    61.75
Including     42.50   87.40       44.90     0.40    69.44
Including    113.00  120.50        7.50     1.16   143.24
Including    125.00  137.00       12.00     1.04   114.71
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 CI-29         5.00   56.00       51.00     0.50    55.03  0.34  0.46
Including     26.00   56.00       30.00     0.66    58.75  0.45  0.58
Including     45.50   56.00       10.50     1.01    92.71  0.37  0.33
              81.50   96.50       15.00     1.77    66.65
Including     90.50   96.50        6.00     3.55   116.75
             132.50  197.00       64.60                    0.56  0.80
End of hole  225.50  238.30       12.80                    0.28  0.70
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 CI-31         0.00   11.30       11.30     0.80     9.71
              59.50   66.10        6.60     1.07   162.42  0.37  0.74
             101.50  104.50        3.00     1.46
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 CI-32         4.10    7.55        3.45     0.90    68.75
              46.50   61.00       14.50     1.89    84.01  0.22  0.29
              76.50   80.30        3.80     1.10
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(i)True widths are not known at this time

About Paramount

Paramount Gold is a precious metals mining exploration company presently in the early stages of an extensive exploration program at their San Miguel project in the Guazapares Mining District, part of the Sierra Madre Occidental gold-silver belt of Mexico. Paramount recently signed a Strategic Alliance with Mexoro Minerals (OTC: MXOM.OB).

The qualified person who has reviewed this news release is Dana C. Durgin, M. Sc. Economic Geology. He is a Certified Professional Geologist (CPG #10364) with the American Institute of Professional Geologists, and a Registered Professional Geologist in Wyoming (PG-2886). These samples were assayed by ALS Chemix in Vancouver.

“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.