|January 16, 2017|
Panoro Minerals Completes Terms of Community Agreement for Cotabambas Project, Peru
|Vancouver, B.C., January 16, 2017 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") is pleased to announce the completion of an agreement with the Community of Cochapata at its 100% owned Cotabambas Project in Peru. The completion of the community agreement together with the already approved semi detailed environmental impact assessment permits the Company to continue the planned exploration program into the next stage, which will include:|
Luquman Shaheen, President & CEO, states "We are very pleased to have completed this agreement with the Community of Cochapata, again demonstrating the Company's commitment to work with our local communities to advance the Cotabambas project. The Company can now continue the current exploration activities into the drilling stage. We plan to mobilize the field teams before the end of January."
Panoro has been completing detailed geological mapping in the area of proposed step out drilling at the Ccalla zone where the Company is targeting the delineation of additional oxide resources. Furthermore, additional mapping has been completed at the Maria Jose Target area where a program of Induced Polarization and Magnetic geophysical surveys will be completed prior to final drill targeting. A total of 14,000 m of drilling is planned for these two areas in 2017.
In addition to the above works Panoro will also be conducting further metallurgical testing at the Cotabambas Project.
At the Antilla Project, Panoro will be commencing scoping level engineering studies to review potential optimizations of the project plan in order to reduce capital and operating costs and further improve project economics. This scoping work at the Antilla Project will also begin in January.
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing a significant project portfolio in the strategic Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over $US 15 billion into the construction or expansion of four large open pit copper mines.
Since 2007, the Company has completed over 70,000 m of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.
Summary of Cotabambas and Antilla Project Resources
Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.
Summary of Cotabambas and Antilla Project PEA Results
The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, PEng, PE, MBA
President & CEO
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246 Fax: 604.684.4200
Renmark Financial Communications Inc.
Tel.: (514) 939-3989 or (416) 644-2020
CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.
Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:
This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward looking information. The forward looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.
Neither the 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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