WINNEMUCCA, NEVADA--(Marketwire - Oct. 20, 2011) - Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) ("Paramount") announced today that recent drilling on its 100%-owned Sleeper Gold Project in Nevada has (1) discovered a new mineralized zone (the "Pad zone") beneath the historic heap leach pads and (2) extended the near-surface Facilities zone further to the north. These new results were not included in the recently announced NI 43-101 compliant resource estimate prepared by SRK Consulting (www.srk.com) and should therefore expand the known resource. Further drilling is planned to enlarge the new Pad zone discovery.
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