|August 16, 2011|
Panoro Minerals Ltd Restarts Cotabambas Drill Program and Grants Options
|Vancouver, B.C., August 16, 2011 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro" or the "Company") Panoro is pleased to announce that it has resumed drilling to complete the 5,500 metre Phase One exploration program at its Cotabambas Copper-Gold Project in Peru, a total of 2,800 metres having already been completed as of June. A Phase Two exploration program will follow immediately and will include up to an additional 29 drill holes totalling approximately 21,500 m and mainly focused on step-out drilling to increase the resource at the main Ccalla deposit. An Induced Polarization survey has now been completed over the entire resource and surrounding area and a magnetic survey is expected to finish within two weeks.|
The Company also announces that it has granted options to purchase a total of 3,900,000 shares exercisable at a price of $.50 per share to officers, directors, employees and consultants pursuant to the Company's stock option Plan.
The Company is well-financed following the recent completion of a $7.8 million brokered private placement and is targeting a significant increase in the resource at the Cotabambas Project with the planned exploration program.
Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold projects to the feasibility and development stages and to explore its other projects. Panoro's strong cash position puts the company in a good position to continue developing its significant portfolio of exploration projects. The Company's large portfolio includes the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include NI 43-101 inferred level resources of:
Cotabambas: 90 million tonnes @ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff, SRK 2007)
Antilla: 154 million tonnes @ 0.47% Cu and 0.009% Mo (0.25% Cu cutoff, AMEC 2009)
In addition to the exploration program at the Cotabambas Project, the Company will also be carrying out exploration work at its Antilla Copper-Molybdenum Project, Kusiorcco Copper Project and Cochasayhuas Gold Project in 2011. Panoro has ten other exploration properties in Peru and is currently evaluating investment alternatives including joint ventures.
Panoro's significant portfolio of projects is located primarily in the south-eastern region of Peru. This region contains a number of important copper and copper/gold deposits including Xstrata's Las Bambas and Antapaccay Copper Projects and the Tintaya Copper Mine. In September 2010, Xstrata announced US$5.7 billion of investment to develop the Las Bambas and Antapaccay projects. The region also includes the Haquira Copper Project, recently acquired by First Quantum Minerals, and the Constancia Copper Project, recently acquired by Hudbay Minerals.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Renmark Financial Communications
Barbara Komorowski or Laurence Lachance
Phone 514.939.3989 or 416.644.2020
This release was prepared by management of the Company who takes full responsibility for its contents. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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