Brixton Metals Corporation press release

Paramount Gold Drills Multiple Silver Intersects, Including 606 g/t Silver Across 4.8 Meters and 1,025 g/t Silver Across 1.30 meters, at their San Miguel Project, Mexico

2007-05-03

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CHIHUAHUA, MEXICO, May 3 /CNW/ - Paramount Gold Mining Corp. (OTC:PGDP, Frankfurt:P6G), is pleased to announce the most recently reported assays from its ongoing drill program at their San Miguel Project near Temoris, Chihuahua, Mexico. The following results are five drill holes completed in the San Antonio area, and are in-fill holes between drill holes SA-11 (5.4 meters of 217 g/t silver and 0.90 meters of 427 g/t silver) reported on Jan. 30, 2007, and SA-07 (2.3 meters of 123 g/t silver with 0.81% lead/zinc) reported Dec. 14, 2006. These five drill holes span a distance along strike of about 180 meters with approximately 40 to 50 meters between each hole. Holes are being drilled at 55 to 65 degrees to cut across the veins and true widths are estimated to be 80% to 90% of reported drill core lengths.

All five drill holes reported numerous high grade intersects of silver that assayed between 191 g/t to 1,025 g/t silver over widths between 0.40 meters and 4.8 meters. The high grade veins combined with the stockwork in between resulted in silver grades with lead and zinc over considerable widths such as: 36.1 meters of 113 g/t silver; 28.2 meters averaging 117 g/t silver with 0.95% lead/zinc and; 71.1 meters averaging 19 g/t silver with 1.4% lead/zinc.

The five drill holes, SA-20 to SA-24, were drilled to intersect mineralized zones at depths of 40 to 110 meters, with an average of 75 meters vertically below the surface. The drill rig has completed SA-25 through SA-27 and is currently drilling SA-28.

Bill Reed, Exploration Manager for Mexico said, "These recent results fill in gaps between some of our previous widely spaced drill holes and show the continuity of the mineralization, both along and across strike of the mineralized structural zone in the San Antonio/El Carmen area."

Drill Highlights, see the drill table below

SA-20 averaged 36.1 meters from 0.0 to 36.1 of 113 g/t silver including 4.8 meters from 17.0 to 21.8 of 606 g/t silver and 3.5 meters from 85.0 to 88.5 of 229 g/t silver.

SA-21 averaged 5.45 meters from 35.55 to 41.0 of 190 g/t, including 1.6 meters from 39.4 to 41.0 of 488 g/t silver and 3.3 meters from 53.2 to 56.5 of 254 g/t silver with 1.29% combined lead/zinc

SA-22 had numerous high grade silver intersects and elevated lead and zinc, 3.3 meters from 82.0 to 85.3 meters of 371 g/t silver, 0.4 meters from 109.45 to 109.85 meters of 1,015 g/t silver and 1.0 meters from 167.5 to 168.50 meters of 365 g/t silver including 71.1 meters from 157.20 to 228.30 averaging 19 g/t silver with 1.4% lead/zinc

SA-23 intersected 1.3 meters from 79.9 to 81.2 of 1,025 g/t silver and 28.2 meters from 147.0 to 175.2 meters averaging 117 g/t silver with 0.95% lead/zinc including 1.8 meters from 164.9 to 166.7 of 664 g/t silver and 1.9 meters from 247.0 to 248.9 of 365 g/t silver.

SA-24 intersected 2.2 meters from 120.1 to 122.3 of 696 g/t silver and 2.1 meters from 160.5 to 162.6 of 414 g/t silver with 2.2% combined lead/zinc

Quality Control Person

Paramount takes detail 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 the qualified person and has prepared all the detail and review with respect to this news release.

Hole No. From To Interval Au Ag Au Equiv.Lead Zinc Meters Meters Meters g/t g/t g/t % % SA - 20 0.00 17.00 17.00 0.00 35.00 0.58 0.06 0.16 17.00 21.80 4.80 0.00 606.00 10.10 0.19 0.24 21.80 26.00 4.20 0.00 53.00 0.88 0.02 0.15 32.50 36.10 3.60 0.00 100.00 1.66 0.06 0.12 61.20 70.20 9.00 0.00 80.00 1.34 0.29 0.39 85.00 88.50 3.50 0.00 229.00 3.82 0.06 0.19 88.50 95.70 7.20 0.00 31.00 0.52 0.05 0.19 101.00 102.65 1.65 0.00 149.00 2.48 0.06 0.13 132.00 139.85 7.85 0.02 50.00 0.83 0.60 0.73 154.15 166.70 12.55 0.00 35.00 0.59 0.41 0.79 179.00 183.45 4.45 0.00 53.00 0.88 0.71 1.35 192.10 196.00 3.90 0.00 40.00 0.66 0.44 1.06 231.30 241.60 10.30 0.00 50.00 0.83 0.21 0.62

Average 0.00 36.10 36.10 0.00 113.00 1.89 0.06 0.14 Average 85.00 97.50 12.50 0.00 83.00 1.38 0.06 0.19

SA - 21 0.00 5.85 5.85 0.00 98.00 1.63 0.15 0.22 5.85 15.00 9.15 0.00 26.00 0.43 0.02 0.15 20.70 35.55 14.85 0.00 21.00 0.36 0.05 0.15 35.55 39.40 3.85 0.00 66.00 1.10 0.05 0.17 39.40 41.00 1.60 0.00 488.00 8.13 0.18 0.24 53.20 56.50 3.30 0.00 254.00 4.53 0.76 0.53 58.50 73.00 14.50 0.00 74.00 1.24 0.29 0.46 75.00 94.90 19.90 0.00 44.00 0.73 0.17 0.43 105.00 107.00 2.00 0.00 60.00 1.00 0.16 0.29 117.00 118.00 1.00 0.00 135.00 2.25 0.36 0.80 128.20 129.90 1.70 0.00 43.00 0.72 0.04 0.11

Average 35.55 41.00 5.45 0.00 190.00 3.16 0.09 0.19 Average 53.20 73.00 19.80 0.00 98.00 1.63 0.35 0.45 Average 53.20 94.90 41.70 0.00 68.00 1.13 0.26 0.43

SA - 22 16.60 23.10 6.50 0.00 49.00 0.81 0.17 0.29 35.00 40.05 5.05 0.00 27.00 0.45 0.13 0.27 54.10 64.00 9.90 0.01 23.00 0.38 0.19 0.40 64.00 68.00 4.00 0.00 139.00 2.31 0.29 0.31 82.00 85.30 3.30 0.00 371.00 6.19 0.13 0.18 109.45 109.85 0.40 0.00 1015.00 16.92 0.28 0.22 128.20 131.20 3.00 0.00 78.00 1.31 0.20 0.20 135.00 139.00 4.00 0.00 41.00 0.68 0.60 0.75 161.00 165.00 4.00 0.00 39.00 0.65 0.73 1.60 167.50 168.50 1.00 0.16 665.00 11.08 0.70 1.00 168.50 236.00 67.50 0.00 8.00 0.14 0.41 0.89

Average 157.20 228.30 71.10 0.00 19.00 0.31 0.45 0.95

SA - 23 0.00 11.00 11.00 0.00 41.00 0.68 0.07 0.22 21.30 23.00 1.70 0.00 80.00 1.33 0.32 0.33 79.90 81.20 1.30 0.00 1025.00 17.08 0.08 0.30 88.10 100.70 12.60 0.00 36.00 0.60 0.17 0.24 134.70 138.00 3.30 0.00 48.00 0.80 0.32 0.90 147.00 161.80 14.80 0.00 80.00 1.34 0.38 0.78 164.90 166.70 1.80 0.00 664.00 11.06 0.47 0.34 166.70 175.20 8.50 0.00 103.00 1.72 0.28 0.54 184.60 189.60 5.00 0.00 70.00 1.16 0.32 0.80 212.90 214.55 1.65 0.18 104.00 1.92 0.61 2.03 227.40 247.00 19.60 0.00 19.00 0.32 0.05 0.12 247.00 248.90 1.90 0.00 365.00 6.08 0.21 0.27

Average 147.00 175.20 28.20 0.00 117.00 1.95 0.33 0.62

SA - 24 8.00 18.60 10.60 0.00 27.00 0.45 0.05 0.17 22.00 29.00 7.00 0.00 98.00 1.63 0.07 0.19 41.00 45.00 4.00 0.00 100.00 1.66 0.15 0.28 48.80 51.60 2.80 0.00 67.00 1.12 0.10 0.21 77.65 79.50 1.85 0.00 56.00 0.94 0.34 0.40 120.10 122.30 2.20 0.00 696.00 11.61 0.18 0.19 122.30 129.70 7.40 0.00 31.00 0.51 0.10 0.25 137.00 142.40 5.40 0.00 34.00 0.57 0.32 0.81 150.70 152.00 1.30 0.00 191.00 3.18 0.81 1.00 160.50 162.60 2.10 0.08 414.00 6.98 0.49 1.71 166.00 167.00 1.00 0.00 66.00 1.10 0.37 1.43 239.00 240.60 1.60 0.03 73.00 1.22 0.25 0.71

About San Miguel

San Miguel is currently comprised of 16 concessions covering a +8 km long structural zone that hosts silver and gold mineralization. The concessions also include other structural zones that host mineralization but have not yet been tested. 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, and has earned a 70% interest in the San Miguel project.

About Paramount Gold

Paramount Gold is a precious metals exploration company quoted 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: 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 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.