Paramount Gold and Silver Corp. Expands its San Miguel Project through Acquisition of Key Mining Concessions in its

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Tue May 19, 2009 9:02am EDT 

  OTTAWA, CANADA, May 19 (MARKET WIRE) -- 
Paramount Gold and Silver Corp. ("Paramount") (NYSE Amex: PZG)(TSX:
PZG)(Frankfurt: P6G)(WKN: A0HGKQ) has signed a letter of agreement with
Mexoro Minerals Ltd (OTCBB: MXOM)(FRANKFURT: OYA1) to acquire all its
legal and beneficial interest to 12 mining concessions adjacent to
Paramount's San Miguel Project resource areas in Chihuahua, Mexico as
seen in the map at the following link
http://paramountgold.com/projects/images/temoris2.jpg.

    The purchase price is $3.7 million and all underlying property payments
are to be deferred for 36 months and further, if Paramount or its assets
are sold within this period an additional payment will be made to the
vendors. The transaction is subject to due diligence and other conditions
and is expected to close within 90 days.

     "We are excited about securing the ground immediately surrounding our
flagship San Miguel Project" stated Paramount CEO, Christopher Crupi.
"These concessions will be part of an extensive drill program that is
expected to commence shortly and will enhance the geologic potential of
San Miguel and its current 2.6 million ounce gold equivalent resource."

    The following is a link to the updated land status map of Paramount
highlighting the new concessions
http://paramountgold.com/projects/images/temoris3.jpg.

Contacts:
Paramount Gold and Silver Corp.
Christopher Crupi, CEO
Chris Theodossiou, Investor Relations
866-481-2233 / 613-226-9881

Copyright 2009, Market Wire, All rights reserved.

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