direct/ Paramount Gold Mining Corp.: Paramount Gold Appoints Michel Yvan Stinglhamber to the Board of Directors

OTTAWA, CANADA -- (MARKET WIRE) -- May 10, 2007 -- Paramount Gold Mining Corp. (OTCBB: PGDP)(Frankfurt:P6G)(WKN: A0HGKQ) is pleased to announce that Michel Yvan Stinglhamber has been appointed to the Board of Directors.

Commenting on the appointment, Christopher Crupi, CEO, stated, "The appointment of Michel to Paramount´s Board of Directors continues our commitment to building a strong, experienced and results-oriented team of financial and mining professionals."

Mr. Stinglhamber has a long and distinguished career in the Mexican mining industry. He currently represents Umicore Belgium (formerly Union Miniere) in Mexico (www.umicore.com/en/) acting as proxy and Director for Unimet SA de CV, a company 100% owned by Umicore Belgium, a US$5.57 billion public company (ISIN:BE0003626372, Frankfurt:NVJ), active in Precious Metals Products and Catalysts, Advanced Materials and Zinc specialties. Mr. Stinglhamber is also the Chairman of the Mining Group - Compania Minera Misiones SA de CV.; he is on the Board of Directors of Marina Costa Baja, Mexico; and, is also on the Advisory Board of "Sea Watch" and member of Pronatura, both conservation NGOs.

Between 1991 and 2000, Mr. Stinglhamber was on the Board of Directors and also sat on the Technical Board of Mexicana de Cananea SA de CV. In 1990, he was instrumental in the Union Miniere team that worked in Mexico for the pre-financing of the acquisition of La Caridad copper mine from Nafinsa for "Mexicana de Cobre" of the Larrea Group, Grupo Mexico. Between 1980 and 1986, he represented Aquaroc International in Mexico, a filial of the Consortium "BURRUS" Switzerland. Mr. Stinglhamber was President of the Belgo Luxemburg Mexican Chamber of Commerce in 1987, and in 2002, was awarded the Belgian decoration of "Officer of the Crown".

About Paramount Gold

Paramount Gold is a precious metals exploration company quoted on the OTCBB under the symbol PGDP and listed on the Frankfurt Stock Exchange under the symbol P6G (WKN: A0HGKQ). The Company´s objectives are to explore and develop the San Miguel project, located in Chihuahua, Mexico within the Sierra Madre Occidental gold/silver belt and fully develop the potential of the strategic alliance with Teck Cominco for gold exploration in South America. 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 commencement of drilling operations, concentration in mineral deposits, delays in testing and evaluation of ore samples, and other risks detailed from time to time in the Company´s filings with the Securities and Exchange Commission.

Contacts:

Paramount Gold Mining Corp.
Chris Crupi, President
613-226-9881
Toll-free: 1-866-481-2233

Paramount Gold Mining Corp.
Chris Halkai, Corporate Relations
613-226-9881
Toll-free: 1-866-481-2233

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