GoldHaven Resources Corp. press release

Paramount Gold Closes $1 Million Financing at $4.25 per share

2006-05-12

CSE - Canadian National Stock Exchange · Gold · Copper · Arsenic · Lead · Zinc · Silver · Tin · Indium · Tungsten · Molybdenum · Gemstone · Lithium · Niobium · Beryllium · Tantalum · Canada

OTTAWA, May 12 /CNW Telbec/ - Paramount Gold Mining Corp. (OTC:PGDP and Frankfurt:P6G) is pleased to announce the closing of a US$1,000,000 financing of restricted stock at US$4.25 per share. There are no warrants attached and no finder fees were paid. "Alpha Capital of London, England has invested an additional $1 million in Paramount, again at a premium to the current market price of the stock", commented Chris Crupi, President and CFO. "Alpha Capital continues to be a very strong supporter of our company, having now invested a total of $2 million. They have introduced us to their expansive network which has really helped to increase our profile within the European investment community and enhance our future financing ability." Paramount will use the funds to expand their drilling programs at both their San Miguel project in Mexico and at their Linda project in Peru (a partnership with Minera ABX Exploraciones, a subsidiary of Barrick Gold (NYSE:ABX)).

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 current 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.