Paramount Gold And Silver Reports Significant Intercepts In 10 New Drill Holes On Its San Miguel Deposit Including 13.45 Meters Grading 2.61 G/T Au And 513.8 G/T Ag

Winnemucca, Nevada - January 23, 2012 -Paramount Gold and Silver Corp. (NYSE/TSX: PZG) (Frankfurt: WKN: A0HGKQ) ("Paramount") today reported high-grade gold and silver values from 10 additional core holes drilled on the San Miguel Vein deposit at its 100%-owned San Miguel Project in Mexico.

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