Vancouver, B.C., March 26, 2007 - Panoro Minerals Ltd., TSX-V: PML; Frankfurt: PZM, WKN914959, (the “Company”) is pleased to announce that an independent report by Northwest Geological Consulting Ltd., prepared under the guidelines of National Instrument 43-101, on the Company’s El Rosal/La Ramada Project in Northern Peru has been received and filed for public viewing on SEDAR and the Company’s website.
The Company has been working on the El Rosal/La Ramada project intermittently since 1998, conducting comprehensive geological, geochemical and geophysical surveys with drill programs conducted in the years 2000 and 2004. In 2006 the Company carried out a program of geological mapping and surface trenching on the La Ramada Target to investigate a large breccia zone that is shedding anomalous copper values into several streams over a 2.5 kilometer trend. The objective of the program was to develop further drill targets on the La Ramada Target based on earlier geophysical, geochemical and geological surveys and information from drill holes.
The Report by Uwe Schmidt, P.Geo. of Northwest Geological Consulting Ltd., confirms that the objectives of the program in 2006 have been achieved. In the summary of the report the author writes:
“The recognition of a diatreme breccia zone in the La Ramada area provided further evidence of the porphyry copper model and provided the basis for the 2006 exploration program. This program included mapping and sampling of the diatreme breccia zone, La Ramada, La Ramada Sur and Calabozo Este showings. Four lines of hand trenches were excavated across the diatreme zone. A total of 415 chip and channel samples were collected. Most of these came from the diatreme zone.
Exploration to date, on the El Rosal property, indicates a potential for hosting large porphyry copper style deposits and copper-zinc +/- silver +/- gold skarn deposits associated with the contacts of intrusive and calcareous rocks found on the property. Drilling to date has confirmed the presence of this style of mineralization in El Rosal and La Ramada areas of the property, directly and indirectly by alteration mineral assemblages found in the drill core at depth. The chemistry, zonation and copper association of garnets at El Rosal skarn demonstrate a similarity to other copper skarns, which are peripheral to porphyry copper-molybdenum deposits. The discovery of a highly mineralized copper-zinc skarn fragment in an intrusive breccia in drill core in 2004, further supports this potential in the La Ramada area of the property. Diatreme breccia bodies are often late intrusive features associated with porphyry copper deposits. The 2006 mapping and sampling of this body confirmed copper and zinc mineralization, carried by fragments within the breccia. This indicates mineralization sampled by the diatreme from an unknown source.
This report summarizes previous work on the property but focuses on exploration carried out in 2004 and 2006, which has not been previously reported. The 2004 and 2006 programs have continued to advance the property and provided additional exploration targets and evidence to support the exploration model employed by Panoro Minerals. Additional drilling, to test these targets, is recommended, which includes seven diamond drill holes totaling 2,600 metres. Six holes are recommended in La Ramada area and one hole in El Rosal area. This program is estimated to cost US $542,500.”
The Company has the means to carry out the recommended drill program at El Rosal and La Ramada.
The El Rosal / La Ramada project will take its place in the pipeline of projects recently acquired from CDLM as announced in the Company’s news releases of March 5 and 15, 2007. With the divestiture of the Company’s interest in the Surigao Joint Venture in the Philippines announced on March 14, 2007, the Company will be able to focus its entire effort on Peru and on the excellent opportunities for growth that are offered by the depth and quality of its new and extensive Peruvian portfolio.
On behalf of the Board of Panoro Minerals Ltd.
Helmut H. Wober, P.Eng.,
President 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). For investor inquiries, please call 604-684 4246, send an e-mail to 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.