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Paramount Gold Strengthens Andean Gold Alliance Team with Addition of 4 Key Geologists.

LIMA, Peru -- Paramount Gold Mining Corp. (OTC:PGDP)(FWB:P6G) ("Paramount") is pleased to announce that their South American subsidiary, Cia Minera Paramount SAC, head office of the Andean Gold Alliance with Teck Cominco (TSX:TEK.B) in South America, has recruited a full geological team which has commenced exploration on 5 key properties that have been identified as high potential. In addition to Alain Vachon and Mark Slauenwhite (both former senior geologists at Barrick Gold NYSE:ABX), Paramount's staff now consists of six experienced geologists with the requisite expertise for the comprehensive exploration work program planned for these 5 promising properties in Chile and Argentina.

Alain Vachon, General Manager for South America commented: "I am very excited to count on an experienced team of geologists and support staff as the one we have built during the last two months. Most of our personnel have acquired experience with major companies, the majority from Barrick Gold, the largest gold company in the world, where education and constant actualization to modern exploration techniques is a must. I am very enthusiastic as the whole team has agreed to work together for the success of Paramount. I am confident that we have the top geological team in South America, and look forward to the huge contributions each of the new geologists will make to the Andean Gold Alliance, our strategic alliance with Teck Cominco. It is quite a testament to their belief in Paramount's potential that they would leave positions with major companies like Barrick Gold."

Following is a brief profile of the 4 new geologists, plus 2 geologists that have been working for Paramount since November 2005:

Roly Alva has been appointed Senior Project Geologist and will assist Mark Slauenwhite due to his vast experience and knowledge of the andean geology. Before joining Paramount, Roly was a senior Project geologist for 4 years and his last assignation was the Pueblo Viejo project in Republic Dominica, a multi million ounces high sulphidation gold project. Roly has 15 years of solid exploration experience mainly in Peru, and he also worked for Anglo Gold (NYSE:AU) and several junior peruvian and foreign exploration and mining companies.

Hector Cannalez has been appointed a Project Geologist GIS specialist. Hector, who worked for Barrick Gold during the last 6 years, has great experience and is very skilled in manipulating sophisticated software, such as Arcview, ArcGIS and extensions, GEMCOM, and Vulcan 3D Modelling, Geostatistical Analyst, MapInfo, GVMapper and Remote Sensing ViewSpec Pro, Specmin.

Guillermo Placensia is joining Paramount as Project Geologist and brings a wide array of experience with different companies with operations in such countries as Peru (Compania de Minas Buenaventura S.A (NYSE:BVN) and Centromin), Canada (Minera Sulliden Shahuindo S.A.C - TSX:SUE), Australia (Monterrico Metals - AIM:MNA.L), South Africa (Anglogold Exploracion Peru) and England (Rio Tinto - LSE:RIO). Guillermo has experience in many types of gold deposits and is familiar with all steps of the exploration process leading to a discovery.

Victor Leon has been appointed as Project Geologist, and has more than 12 years of experience with Bueaventura Ingenieros S.A. as Project geologist, Minera Barrick Misquichilca S.A. as generative geologist, Minera Meridian Peru (NYSE:MDG) as Project geologist responsible for the reinterpretation and ore reserves calculation of the Lucero project, Pan American Silver (NASDAQ:PAAS) as geologist responsible for the Luz Angelica zone of the Mina Quiruvilca, Minera Inmet Peru as exploration geologist on the Antamina Belt and Sociedad Minera Cambior Peru (AMEX:CBJ) as project geologist for the La Virgen y La Arena gold project. Victor will bring the vein type experience to our group having worked in different projects bearing this style of mineralization

Hector Carrizalez has been working as a Project Geologist for Paramount since November 2005, where he was in charge of all exploration related to the Linda project in Peru. Before joining Paramount, Hector worked successively for Minera Yanacocha S.R.L (Proyecto Yanacocha), Gitennes Exploraciones Peru (TSX:GIT), CVRD (Compania Miski Mayo), Minera Sulliden del Peru (Mario project), Minera Titan del Peru, Minera Inmet Peru S.A. and Minera Teck Peru S.A. Hector's contribution is already well appreciated in our group.

David Guerrero has also been working as a contract geologist with Paramount since November 2005. David's past experience includes geologist positions with various companies Teck Cominco, Minera Titan, Minera San Juan and Minera Sulliden Peruthe.

About Teck Cominco

Teck Cominco (TSX:TEK.B) is a $13 Billion diversified mining company, headquartered in Vancouver, Canada. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold and specialty metals.

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: (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.
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Publication:Business Wire
Date:Jun 29, 2006
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