Champion Iron Limited press release

Paramount Gold Gains SEC Clearance and Prepares For NASD Filing and OTC:BB Trading

2006-03-01

TSX - Toronto Stock Exchange · Iron · Aluminium · Manganese · Copper · Zinc · Australia

LAS VEGAS, NV, Feb. 28 /CNW Telbec/ - Paramount Gold Mining Corp. (OTC:PGDP, Frankfurt: P6G) is excited to report that it has cleared final comments from the SEC and is now a fully reporting registrant and public company. Commenting on the effective registration statement, Chris Crupi, President stated, "This successful achievement allows the Company to proceed with its application to trade on the OTC:BB and Senior US Exchanges, providing both increased liquidity and shareholder value to our investors. The formalization of our commitment to high standards on which the Company has operated since inception provides the full transparency required to secure the continued development of the Company's international success." Paramount plans to complete the requirements to transition to the OTC:BB, while furthering the development of its operations to meet listing requirements for a senior exchange listing as early as possible.

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 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.