Granada Gold Mine Inc. press release
Paramount Gold Drills Additional Silver Intersects, Including 354 g/t (11.4 Ounces) Silver Over 6.6 Meters and 263 g/t (8.5 Ounces) Silver Over 19.7 Meters at their San Miguel Project, Mexico
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CHIHUAHUA, MEXICO, September 21 /CNW/ - Paramount Gold Mining Corp. (OTC:PGDP)(FWB:P6G)(WKN:A0HGKQ) is pleased to release the most recently reported assays from its ongoing drill program at the San Miguel Project near Temoris, Chihuahua, Mexico. The following results are the remaining four of eight drill holes completed on the San Jose zone and comprised of two step out holes, SJ-05 and SJ-08 that are approximately 50 and 175 meters down strike, to the South of drill hole SJ-04 (553 g/t silver across 6.5 meters) reported on September 13th, 2006. Drill holes SJ-06 and SJ-07 step out approximately 60 meters to the South East and North East of SJ-04. Bill Reed, Exploration Manager for Mexico said, "We continue to better our expectations with each drill hole. Hole SJ-08 was a step out of approximately 175 meters along strike, adding up to approximately 300 meters of strike that has been drill tested on the San Jose zone thus far. San Jose remains open in all directions and to depth and we expect to expand on this zone in the next phase of drilling. We are currently drilling in the La Union zone that we have identified over 250 meters with eight trenches and trench one is only about 50 meters to the South of SJ-08. The La Union and San Jose zones may be connected or slightly offset by a fault that can only be confirmed with further drilling. There may also be some significance to higher gold values that we are finding a little deeper. Hole SJ-08 cut 6.9 meters starting at 66.2 meters of 0.41 grams gold while SJ-07 hit 1.23 grams gold over 5 meters starting at 69 meters and higher gold values were also noted deeper in SJ-04 and SJ-05". << San Jose Zone Highlights:
SJ-05 cut: 47.0 meters from surface averaging 131 grams per tonne silver, including 19.65 meters from 4.35 to 24.0 meters of 263 g/t silver, and 8.0 meters from 24.0 to 32.0 meters of 30 g/t silver and 0.51 g/t gold, and 5.0 meters from 42.0 to 47.0 meters of 93 g/t silver.
SJ-06 cut: 6.6 meters from 44.0 to 50.6 meters of 354 g/t silver, and 29.0 meters from 41.0 to 70.0 meters averaging 1.1 per cent zinc.
SJ-07 cut: 5.95 meters from 38.05 to 44.0 meters of 166 g/t silver, and 5.0 meters from 69.0 to 74.0 meters of 26 g/t silver and 1.23 g/t gold.
SJ-08 cut: 4.5 meters from 9.3 to 13.8 of 148 g/t silver and 4.0 meters from 46.5 to 50.5 meters of 149 g/t silver with 0.49 g/t gold. Quality Control Person
Paramount takes detail photos of all the 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 acting as qualified person and has prepared the detail and review with respect to this news release. << Drill From To Width Gold Silver Lead Zinc Hole (m) (m) (m) (g/t) (g/t) % %
SJ 05 0.00 4.35 4.35 0.08 65.00 0.42 0.15 4.35 24.00 19.65 0.04 263.00 0.53 0.48 24.00 32.00 8.00 0.51 30.00 0.26 0.83 42.00 47.00 5.00 0.01 93.00 nsv nsv
SJ 06 41.00 44.00 3.00 0.00 39.00 0.04 1.03 44.00 50.60 6.60 0.00 354.00 0.28 1.36 50.50 62.00 10.70 0.00 8.00 0.09 0.91 62.00 70.00 8.00 0.21 8.00 0.46 1.23 108.00 114.85 6.85 0.20 0.00 nsv nsv
SJ 07 38.05 44.00 5.95 0.00 166.00 nsv nsv 44.00 52.00 6.50 0.01 57.00 nsv nsv 59.00 64.00 5.00 0.40 31.00 0.22 0.47 69.00 74.00 5.00 1.23 26.00 0.14 0.29 82.00 108.70 26.70 0.38 7.00 nsv nsv
SJ 08 0.00 2.90 2.90 0.08 63.00 nsv nsv 9.30 13.80 4.50 0.07 148.00 0.16 0.40 13.80 46.50 32.70 0.03 24.06 nsv nsv 46.50 50.50 4.00 0.49 149.00 0.36 0.13 66.20 73.10 6.90 0.22 5.64 0.41 0.91 81.00 90.00 9.00 0.43 2.00 nsv nsv About San Miguel
San Miguel is currently comprised of 16 concessions covering an estimated 6 kms strike of silver and gold mineralization. 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, to acquire a 70% interest in the San Miguel project.
Paramount Gold Highlights
-- Paramount hits 874 g/t (28 ounces) over 5.2 meters and 553 g/t (17.8 ounces) over 6.5 meters at the San Jose zone, San Miguel project in Mexico.
-- Paramount hits gold in 4 of 5 drill holes at Linda property in Peru.
-- Paramount hits 35.5 g/t gold over 4 meters at the San Luis zone, San Miguel project in Mexico.
-- Paramount recruits key geologists from Barrick Gold.
-- Paramount creates the Andean Gold Alliance with Teck Cominco Limited covering 21 properties in Chile, Peru and Argentina.
-- Paramount closes $1,000,000 financing (at) $4.25 with participation by Teck Cominco Limited for 117,500 shares.
-- Paramount hits 11.3 g/t gold across 25.8 meters at the San Luis zone, San Miguel project in Mexico.
-- Charles Reed, former Hecla Mining Chief Geologist, Mexico, joins Paramount Gold.
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 the Andean Gold Alliance with Teck Cominco in South America 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.