Paramount Gold Drills 683 g/t Silver Across 8.25 Meters and 296 g/t Silver Across 10.7 Meters at Their San Miguel Project, Mexico



    CHIHUAHUA, MEXICO, January 30 /CNW/ - Paramount Gold Mining Corp.
(OTC:PGDP) (Frankfurt:P6G) (WKN:A0HGKQ), is pleased to release the most
recently reported assays from its ongoing drill program at the San Miguel
Project near Temoris, Chihuahua, Mexico. The following results are four drill
holes completed in the San Antonio area and are in fill holes between drill
holes SA-01 to SA-09 reported on Dec 14th, 2006. These four drill holes span a
distance along strike of about 325 meters.

    Drill hole SA-10 intersected 8.25 meters (107.30 to 115.55) of 683 g/t
silver, 16.70 meters (11.3 to 28.0) of 129.0 g/t silver and 8.4 meters (44.6
to 53.0) of 137 g/t silver with 1.19% combined lead and zinc. This hole hit
51.6 meters that averaged 78 g/t silver with 0.57% combined lead and zinc from
11.3 to 62.9 meters. SA-11 intersected 5.4 meters (35.4 to 40.8) of 217 g/t
silver and had a number of shorter intersects down hole such as 0.90 meters
(131.5 to 132.4) of 427 g/t silver. SA-12 intersected 34.5 meters (40.8 to
75.3) of 134 g/t silver and had another intersect above that of 0.70 meters
(31.5 to 32.2) of 684 g/t silver. SA-13 intersected 10.7 meters (53.0 to 63.7)
of 296 g/t silver.

    Bill Reed, Exploration Manager, Mexico said, "These drill results
continue to confirm continuity and grades over substantial widths as drill
holes SA-11 and SA-13 fill in about 130 meters of the 300 meter gap between
step out holes SA-01 and SA-10. The mineralized system appears to be getting
stronger as we step out along strike to the north and our drilling to date has
been quite shallow with most drill holes between 100 and 150 meters deep. I
believe we have tremendous potential to expand this discovery, not only by
continuing to drill along strike but by drill testing to depth as well. The
Alaska Juneau company was still mining high grade silver and gold at depths of
200 meters at the San Luis mine located on this mineralized trend and old mine
records indicated higher grade ore below that depth."

    San Antonio zone Highlights

    SA-10 cut 8.25 meters from 107.30 to 115.55 of 683 g/t silver and 16.70
meters from 11.3 to 28.0 meters of 129.0 g/t silver and 8.4 meters from 44.6
to 53.0 meters of 137 g/t silver with 1.19% combined lead and zinc.

    SA-11 cut 5.4 meters from 35.4 to 40.8 of 217 g/t silver and 3.5 meters
from 55.5 to 59.0 of 122 g/t silver and 0.90 meters from 131.5 to 132.4 of 427
g/t silver.

    SA-12 cut 34.5 meters from 40.8 to 75.3 averaging 134 g/t silver and 0.60
meters from 24.2 to 24.8 of 138 g/t silver and 0.70 meters from 31.5 to 32.2
of 684 g/t silver.

    SA-13 cut 10.7 meters (53.0 to 63.7) of 296 g/t silver.

    Drill Hole locations

    A drill hole and trench location map can be found at Paramount's website
www.paramountgold.com.

    SA-10 steps out approximately 60 meters to the south of SA-09 that
reported three silver intersects, including 5.7 meters of 152 g/t silver and
6.1 meters of 149 g/t silver, see Dec. 14, 2006 news release:

    SA-12 is a step out approximately 40 meters to the south of SA-01 that
reported four silver intersects and averaged 44.85 meters of 133.4 g/t silver
see Dec. 14, 2006 news release:

    SA-13 steps out approximately 40 meters to the north of SA-01

    SA-11 is about 85 meters north of SA-13 and under trench ZSA-09 that
reported 61.9 meters averaging 79.0 g/t Ag, including 2.1 meters of 625 g/t
Ag, and 1.0 meters of 887 g/t Ag with 5.59% lead, see news release Jan. 2,
2007.

    Quality Control Person

    Paramount takes detailed photos of the entire core before it is cut to
half core which is assayed at ALS Chemex's Vancouver laboratory. As part of
quality assurance, quality control (QAQC), a blank (sterile) sample is
submitted every 20th sample. Later, pulps from a number of intervals will be
renumbered and pulps from known standards will be inserted between them in
numerical order. These will then be submitted for reanalysis. The results will
then be compared to the original values reported, and the known values of the
inserted standards. Half-core samples have been retained on site for
verification and reference purposes.

    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.

    
    Drill hole       From      To    Width   Gold  Silver  Gold Lead Zinc
                    Meters   Meters  Meters  g/t    g/t   Equiv   %    %
    ----------------------------------------------------------------------
    SA - 10           11.30   28.00   16.70  0.00  129.00  2.15 0.20 0.27
                   -------------------------------------------------------
                      28.00   44.60   16.60  0.00   27.00  0.46 0.17 0.26
                   -------------------------------------------------------
                      44.60   53.00    8.40  0.00  137.00  2.28 0.54 0.65
                   -------------------------------------------------------
                      53.00   60.50    7.50  0.00   17.00  0.28 0.12 0.23
                   -------------------------------------------------------
                      60.50   62.90    2.40  0.00   62.00  1.04 0.22 0.42
                   -------------------------------------------------------

                   -------------------------------------------------------
    Average           11.30   62.90   51.60  0.00   78.00  1.30 0.24 0.33
                   -------------------------------------------------------

                   -------------------------------------------------------
                      92.00  107.30   15.30  0.00   26.00  0.43 0.11 0.28
                   -------------------------------------------------------
                     107.30  115.55    8.25  0.00  683.00 11.38 0.78 0.97
                   -------------------------------------------------------
                     115.55  120.00    4.45  0.00   64.00  1.06 0.22 0.46
    ----------------------------------------------------------------------

    ----------------------------------------------------------------------
    SA - 11            0.00   11.00   11.00  0.00   62.00  1.04 0.08 0.21
                   -------------------------------------------------------
                      11.00   24.00   13.00  0.00   26.00  0.43 0.06 0.18
                   -------------------------------------------------------
                      24.00   34.00   10.00  0.00   63.00  1.04 0.03 0.13
                   -------------------------------------------------------
                      35.40   40.80    5.40  0.00  217.00  3.61 0.02 0.14
                   -------------------------------------------------------

                   -------------------------------------------------------
    Average            0.00   40.80   40.80  0.00   69.00  1.15 0.05 0.17
                   -------------------------------------------------------

                   -------------------------------------------------------
                      55.50   59.00    3.50  0.00  122.00  2.04 0.09 0.22
                   -------------------------------------------------------
                     116.45  117.50    1.05  0.00  102.00  1.70 0.70 2.01
                   -------------------------------------------------------
                     131.50  132.40    0.90  0.00  427.00  7.12 0.18 0.58
                   -------------------------------------------------------
                     154.20  157.10    2.90  0.00   59.00  0.99 0.26 0.31
    ----------------------------------------------------------------------

    ----------------------------------------------------------------------
    SA - 12           24.20   24.80    0.60  0.00  138.00  2.30 1.26 1.51
                   -------------------------------------------------------
                      31.50   32.20    0.70  0.00  684.00 11.40 0.75 0.33
                   -------------------------------------------------------
                      40.80   42.30    1.50  0.00  293.00  4.88 0.12 0.10
                   -------------------------------------------------------
                      45.30   55.90   10.60  0.00   63.00  1.04 0.16 0.15
                   -------------------------------------------------------
                      55.90   72.05   16.15  0.00  201.00  3.35 0.13 0.15
                   -------------------------------------------------------
                      72.05   75.30    3.25  0.00   57.00  0.95 0.04 0.16
                   -------------------------------------------------------

                   -------------------------------------------------------
    Average           40.80   75.30   34.50  0.00  134.00  2.23 0.13 0.15
                   -------------------------------------------------------

    ----------------------------------------------------------------------

    ----------------------------------------------------------------------
    SA - 13           18.50   19.00    0.50  0.00  338.00  5.63 0.11 0.12
                   -------------------------------------------------------
                      27.70   30.20    2.50  0.00   56.00  0.93 0.05 0.17
                   -------------------------------------------------------
                      53.00   63.70   10.70  0.00  296.00  4.93 0.05 0.10
                   -------------------------------------------------------
                      63.70   69.10    5.40  0.00   29.00  0.49 0.06 0.16
    ----------------------------------------------------------------------
    

    About San Miguel

    San Miguel is currently comprised of 16 concessions covering an estimated
+7 kms strike of silver and gold mineralization. It is located in Chihuahua,
Mexico and lies in the Guazapares mining district, part of the gold-silver
belt of the Sierra Madre Occidental. Paramount signed an agreement in August
2005 with Amermin S.A. de CV, a subsidiary of Tara Gold Resources, to acquire
a 70% interest in the San Miguel project.

    About Paramount Gold

    Paramount Gold is a precious metals exploration company listed on the
OTCBB under the symbol PGDP and on the Frankfurt stock exchange under the
symbol P6G (WKN: A0HGKQ). The Company's objectives are to a) aggressively
explore and develop the San Miguel project, located in Chihuahua, Mexico
within the Sierra Madre Occidental gold/silver belt; and b) fully develop the
potential of the strategic alliance with Teck Cominco for gold exploration in
South America. For more information, please visit the Company's web site at:
www.paramountgold.com (now available in the following languages: English,
German, French, Spanish, and Mandarin).

    Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained herein which are not historical are
forward-looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward-looking statements, including, but not limited to, certain delays
beyond the company's control with respect to market acceptance of new
technologies or products, delays in testing and evaluation of products, and
other risks detailed from time to time in the Company's filings with the
Securities and Exchange Commission.




For further information:

For further information: Paramount Gold Mining Corp. Investor Relations,
613-226-9881 Toll-free: 866-481-2233

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PARAMOUNT GOLD MINING CORP.

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