Paramount Gold Earns 70% Interest in the San Miguel Groupings, Mexico

    OTTAWA, March 21 /CNW/ - Paramount Gold Mining Corp.
(OTCBB:PGDP)(Frankfurt:P6G)(WKN:A0HGKQ), is pleased to announce that it has
earned its 70% working interest in the San Miguel Groupings located in Mexico.

    In August 2005, Paramount Gold signed an agreement with Tara Gold
Resources which entitled Paramount to earn up to a 70% working interest in the
San Miguel Groupings, provided that Paramount spend $2.5 million in
exploration and development costs on or before May 2008.

    The project lies in the Temoris mining district of Mexico, part of the
gold-silver belt of the Sierra Madre Occidental, just a few kilometers
northwest of the town of Temoris. It can be accessed by vehicle and railway
and has well-developed infrastructure with a recently constructed 33,000 volt
power line. The project area encompasses the historic Guazapares gold/silver
mining district where mining initiated in the year 1620.

    About Paramount Gold

    Paramount Gold is a precious metals exploration company trading on the
OTCBB under the symbol PGDP and listed on the Frankfurt stock exchange under
the symbol P6G (WKN:A0HGKQ). The Company's objectives are to explore and
develop the San Miguel project, located in Chihuahua, Mexico within the Sierra
Madre Occidental gold/silver belt and 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: (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 commencement of drilling
operations, concentration in mineral deposits, delays in testing and
evaluation of ore samples, 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. Christopher Crupi,
President or Chris Halkai, Corporate Relations, 613-226-9881 Toll-free:

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