|January 28, 2009|
Panoro Announces Successful Completion of 2008 Exploration Program at Antilla Project, Peru with 48 m at 1.08% Cu and 0.020% Mo Mineralization in the Northwest Extension of the East Block Target
Vancouver, B.C. and Lima, Peru, January 28, 2009. Panoro Minerals Ltd. (TSX Venture Exchange --PML) ("the Company") is pleased to announce that it has completed its 2008 exploration program at the Antilla Project, Peru with the successful confirmation by infill drilling of the East Block target mineralization, the extension of this zone to the northwest and the identification of an underlying oxide zone in that area with a 48 m intersection averaging 1.08% Cu and 0.020% Mo.
The table below presents a summary of the latest results from the drilling program.
ANT 63 and Ant-67 intersected mineralization below the nominal project cut-off value of 0.30%. Both ANT-65 and 66 were collared within the East Block Target Area and confirm the presence of supergene mineralization in these areas.
ANT-64 is located 200m outside of the East Block Target Area mineralized zone. It intersected 48m of oxide copper mineralization between 44-92m with an average grade of 1.08% Cu and 0.02% Mo. Below that, it intersected 22m of supergene chalcocite copper mineralization averaging 0.45% Cu and 0.012% Mo between 286-308m. These results confirm that the supergene enrichment extends farther to the Northwest and the presence of copper oxide mineralization in this area. Overall, it shows the potential of expanding the resource in this direction.
Panoro has contracted AMEC, an internationally recognized consulting firm with an office in Lima, Peru to begin the studies required to complete a National Instrument 43-101 compliant resource estimate for the Antilla Project.
All drilling was carried out by Bradley MDH S.A. and all assay samples are being tested by ALS-Chemex laboratory in Lima, Peru. Fred Tejada, P.Geo., is the Company's VP-Exploration and the Qualified Person for this project.
On other fronts;
Austerity measures include reduction of capital spending, reduction in staffing levels in its Lima office and salary reductions at its head office in Vancouver. The company is committed to focusing its cash reserves over the next 18 months to achieve its principal objectives of:
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM, WKN 914959) and on the Junior Board of the Lima Exchange. 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 investor inquiries please call 604-684-4246, e-mail email@example.com or visit the company's website at www.panoro.com
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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