Paramount Gold Strengthens Geological Team in Mexico with Addition of Board Member and Senior Project Geologist.

OTTAWA -- Paramount Gold Mining Corp. (OTC:PGDP)(FWB:P6G) is pleased to announce that John Carden, Ph.D (Geology) has agreed to join the Board of Directors and that Nancy Reardon M.Sc. (Geology) has been appointed senior project geologist, Mexico.

Commenting on the appointments, Chris Crupi, President & CFO stated, "Based on the positive drill results we announced yesterday, we are adding to the strength and depth of our geology team in Mexico. Both John and Nancy have excellent reputations in Mexico and their expertise will prove invaluable as we continue to drill a number of significant targets at our San Miguel project and evaluate other potential properties."

Dr. Carden has more than twenty years experience in exploration management, teaching, and research. Past positions include President of Latitude Minerals Corporation (LTU), a publicly traded company on the Canadian

Venture Exchange, and Director of U.S. exploration for Echo Bay Mining. John has broad experience in managing large exploration programs, including tracking costs, managing personnel, negotiating leases/contracts, technical report writing, verbal presentations, writing permitting and compliance documents for state and federal agencies, and managing remote drilling programs involving camp logistics. He has a proven track record for discovery of ore deposits in the western United States having a gross metal value of over $250 million dollars.

From 1998 to 2001, John was President of Latitude Minerals Corporation where he was instrumental in raising more than US $400,000 in less than two years through a series of public private placements and joint venture agreements on mineral properties. From 1986 to 1998, while at Echo Bay, John discovered the 600,000 ounce Lamefoot deposit, Echo Bay's highest-grade and lowest cost producer and the Easy Junior, a 250,000 ounce sediment-hosted gold deposit located in White Pine County, Nevada. From 1992 through 1998 he was Director of U.S. Exploration for Echo Bay Mines where he directed the work of 2 district geologists, 8 senior geologists, and a GIS specialist. This group was successful in generating 35 funded projects over a 5 year period. Most recently John has been a consultant working on gold projects in Chihuahua, and Sonora states in Mexico for Minefinders and in Zacatecas Mexico for Corex Gold Corp. Mr. Carden has a Ph.D. in Geology from the Geophysical Institute, University of Alaska, Fairbanks, Alaska and M.Sc. in Geology from Kent State University, Kent, Ohio. He is a Licensed Geologist in the State of Washington and a member of the American Institute of Professional Geologists and the Society of Economic Geologists.

Ms. Nancy Reardon has close to 20 years experience in mining exploration. She acted as the exploration manager and qualified person for Radius Gold from May 2004 to January 2006. For the 10 year period prior to this she acted as a geological consultant for such companies as Miramar Mining Corporation, Arnex Resources Ltd. And Caledonia Mining Corp.

From 1988 to 1993 Ms. Reardon was Project Geologist: Geological Survey of Canada and from then to 1996 worked as a geologist for companies such as Kennecott Canada, Prime Equities International, Samex Mining and Caledonia Mining including Vice-President of Atna Resources Ltd. in 1996.

Ms. Reardon has a M. Sc. (Geology) from the University of Ottawa, Canada; and a B.Sc. (Honours Geology) from Dalhousie University, Halifax, Canada. Ms. Reardon is a P.Geol. - Association of Engineers, Geologists and Geophysicists of Alberta since 2000 (P.Geo. BC 1996-2001) and SEG Fellow - Society of Economic Geologists Fellow since 2004.

About Paramount Gold

Paramount Gold Mining Corp. is a precious metals exploration and development company. It is management's objective to grow Paramount into a significant gold and precious metals producer by developing the Andean Gold Alliance with Teck Cominco in South America, the San Miguel and Linda projects in Mexico and Peru, and by acquiring other advanced-stage projects and/or producing mines in the most prolific precious metal districts in the world. The Company trades on the OTC market under the symbol "PGDP" and on the Frankfurt Exchange under the symbol "P6G". 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.