WINNEMUCCA, NEVADA--(Marketwire - March 7, 2011) - Paramount Gold and Silver Corp. (NYSE Amex:PZG)(TSX:PZG)(FRANKFURT:P6G)(WKN:A0HGKQ) ("Paramount") announced today that assay results from 14 new core and reverse circulation drill holes at its 100% owned Sleeper Gold Mine Project in Nevada have likely expanded the project`s resources and enhanced its economic potential. A new NI 43-101 compliant resource estimate will now be prepared incorporating all available data. Completion of the resource estimate is expected in June, 2011.