- Amended Statement of Changes in Beneficial Ownership (4/A)

FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Expires: February 28, 2011 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Fronk Rudi	2. Issuer Name and Ticker or Trading Symbol PARAMOUNT GOLD & SILVER CORP. [ PZG ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __ X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) 33 LOMBARD STREET #4503	3. Date of Earliest Transaction (MM/DD/YYYY) 6/29/2010
(Street) TORONTO, A6 M5C 3H8 (City) (State) (Zip)	4. If Amendment, Date Original Filed (MM/DD/YYYY) 6/30/2010	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	6/29/2010		X		225000	A	$1.05 ⁽¹⁾	225000	D
Common Stock								100000	I	See Footnote ⁽²⁾

*Table II - Derivative Securities Beneficially Owned ( e.g.* , puts, calls, warrants, options, convertible securities)**
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Profit Participation Agreement	⁽³⁾	9/19/2009		X			225000	⁽³⁾	⁽⁴⁾	Common Stock	225000	⁽³⁾	1575000	I	By profit interest

Explanation of Responses:
( 1)	The price of the shares is given in Canadian dollars.
( 2)	Mr. Fronk is a beneficiary of a foundation which directly owns 100,000 shares.
( 3)	See remarks below.
( 4)	Mr. Fronk's right to receive his profit participation has no expiration date.

Remarks:
This filing amends the Form 3 (which should have been a Form 4) filed by Mr. Fronk on June 30, 2010 to provide additional information relating to the exercise of part of Mr. Fronk's profit participation interest under a Profit Participation Agreement for Common Stock of Paramount Gold & Silver Corp. (the "Issuer"). In connection with the March 19, 2009 investment by FCMI Financial Corporation ("FCMI") in the Issuer, as consideration for services rendered by Mr. Fronk and a third party to FCMI, as of March 9, 2009, the parties entered into the Profit Participation Agreement whereby FCMI granted to each of Mr. Fronk and the third party a 7.5% profit participation interest in FCMI's investment in the Issuer, calculated with an interest factor. That investment was of 12,000,000 units of the Issuer, each unit at a price of C$0.75 and consisting of one share of the Issuer's Common Stock and one warrant to purchase a share of the Issuer's Common Stock at an exercise price of C$1.05 per share and exercisable from September 19, 2009 through March 19, 2013. On June 29, 2010, Mr. Fronk exercised his right to 225,000 shares (representing 7.5% of FCMI's initial investment of 3,000,000 shares of Common Stock underlying warrants).

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Fronk Rudi 33 LOMBARD STREET #4503 TORONTO, A6 M5C 3H8	X

Signatures
/s/ Rudi P. Fronk		2/28/2011
^** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
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