Paramount Gold and Silver Corp. Clarifies April 3, 2008 Press Release

OTTAWA, CANADA -- (MARKET WIRE) -- 04/07/08 -- Paramount Gold and Silver Corp. (TSX: PZG)(AMEX: PZG)(FRANKFURT: P6G)(WKN: A0HGKQ) (the "Company"). In its press release dated April 3, 2008, Paramount announced that "......the Company became aware today (April 3, 2008) that the Depository Trust Company ("DTC") continues to designate the Company's CUSIP number as ineligible for trading......." The Company wishes to clarify this statement by pointing out that on March 17, 2008 DTC issued a notice to all DTC participants, depository facilities and pledge banks which stated in pertinent part:

"DTC has received the attached Order of Suspension of Trading issued by the Securities and Exchange Commission (File No. 500-1) with respect to 26 securities detailed below. (Including Paramount Gold and Silver Corp. CUSIP NO. 69924P102). Please be advised that effective March 17, 2008, and until further notice, DTC has suspended services for the securities referenced in this order."

"Safe-Harbor" Statement: This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company may not be realized. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially.

The Toronto Stock Exchange has not reviewed and therefore does not accept responsibility for the adequacy or accuracy of this release.

Contacts: Paramount Gold and Silver Corp. Christopher Crupi, CEO 613-226-9881

2008-04-07 18:00:49 0330081 MARKETWIRE