Mortgage Lending News: Paramount (TSX:PZG) says Sleeper project in Nevada could hold 3.7M gold ounces

VANCOUVER, BC (September 13, 2011) Clearlease Financial Reports Paramount Gold and Silver Corp. (TSX:PZG), a TSX-listed U.S. gold miner, saw its shares rise more than 10 per cent after the company reported multimillion-ounce gold and silver deposits at its Sleeper project in Nevada September 13, 2011.

After an early morning trading halt on the TSX and New York Stock Exchanges, Paramount stock rose 24 cents to $2.63, a gain of just over 10 per cent, on the TSX.

Earlier Tuesday, Paramount said tests show the Sleeper project could contain an indicated and measured resource of 2.6 million ounces of gold and 25.3 million ounces of silver.

The project also has an additional inferred resource of 1.1 million ounces of gold and 8.2 million ounces of silver at lower grades.

The resources study was prepared by SRK, a mine engineering and consulting firm.

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