|April 25, 2006|
Panoro Minerals Announces Private Placement Financing
|Vancouver, B.C., April 25, 2006 - Panoro Minerals Ltd. (the "Company") announces that it proposes to complete a non-brokered private placement of up to 3,000,000 units (the "Units") at a price of $0.35 per Unit. Each Unit will consist of one common share and one non-transferable share purchase warrant entitling the holder to purchase one additional common share for a period of eighteen months from the closing day at an exercise price of $0.50 per share. The securities will be subject to the customary four month hold period as required by the TSX Venture Exchange and the securities laws. The financing is scheduled to close on May 19th.|
Finder's fees may be payable in connection with the private placement in amounts permitted under the policies of the TSX Venture Exchange.
The proceeds from the offering will be used to fund a drilling program on the Company's El Rosal and La Ramada Project in Peru, the evaluation of new opportunities and for general working capital.
The renewed exploration work on the El Rosal and La Ramada project announced in the Company's news release of March 15, 2006 has resulted in the confirmation and refinement of drill targets at the La Ramada target.
The Company is well funded to meet its commitments in the Surigao Joint Venture in the Philippines for the ongoing drill program at the Agata Prospect and for the opening of the second drilling front at the Tapian San Francisco Project announced in its news release of March 30.
The private placement is subject to approval by the TSX Venture Exchange.
Panoro Minerals Ltd. is a Canadian mineral exploration company listed on the TSX Venture Exchange (TSX-V: PML) and on the Frankfurt Stock Exchange (PZM). Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where the right political and economic conditions are present. For further information please visit Panoro's website at: http://www.panoro.com
For investor inquiries please call 604-684 4246, or
e-mail firstname.lastname@example.org or visit the company's website at www.panoro.com
On behalf of the board of
Panoro Minerals Ltd.
Helmut H. Wober, P.Eng.,
President and Director
This release was prepared by management of the Company who takes full responsibility for its contents. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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