Vancouver, B.C. and Lima, Aug 16, 2007. Panoro Minerals Ltd. (The Company) is pleased to announce that it was successful in acquiring a 100% interest in two three hundred-hectare concessions that are located internally to its Antilla block of concessions for a combined total cost of US$ 160,000. The two land blocks cover the southern extension of the West Target at Antilla. The land blocks had formerly been under option to CDLM and a total of three drillholes had been drilled by CDLM before it had allowed the option to expire.
During a recent field trip to Peru the core from these holes was re-examined by the President and Fred Tejada, P.Geo. Panoro’s V.P. of Exploration. Drill hole Ant -13 located just inside the border of the northern one of the acquired blocks exhibits strong hornfels alteration together with disseminated copper and iron - sulphide mineralization, indicating the presence of an intrusive contact nearby. This feature enhances the geological potential of both the newly acquired ground and of the West Target.
Antilla (now 7,400 hectares) is the second principal project in the CDLM portfolio. It is, like Cotabambas, also in an advanced exploration stage. The identified mineralization consists of a zone of secondary enrichment of porphyry style copper mineralization consisting predominantly of sulphides (chalcocite, chalcopyrite and pyrite) associated with quartz stock-works, veinlets and disseminations in a package of quartzites and arenites. The project has to date been explored by 4,012 metres of diamond drilling in 19 holes of which 8 holes lie within the projected zone of mineralization.
SRK Consulting, in its March 9, 2007 Technical Report provided a global estimate of the geological potential of this exploration target based on 7 holes in the enriched chalcocite blanket on the East Block of: ± 135MT @ 90% confidence with a grade of 0.63% - 0.79% copper “untrimmed” or ±135MT @ 90% confidence with a grade of 0.61% - 0.75% copper “trimmed” (“trimmed”: all 2m assay intervals over 1.5% reduced to 1.5%). The potential to confirm and expand this target is also considered to be excellent. The Antilla project is located approximately 25 kilometers southeast of Grupo Mexico’s Las Chancas project with reported resources of 200 million tonnes with a grade of 1% copper. The reader is cautioned that the potential quantity and grade of exploration targets as described in this release are conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
A potential deep-seated hypogene porphyry system suggested by secondary biotite alteration remains to be tested as well as a similar supergene target, the West Target mentioned above.
The Company, through its wholly owned subsidiary Cordillera de las Minas is in the process of permitting the planned 2007 drill programs on both Cotabambas and Antilla as well as a third copper project where field evidence indicates the presence of a significant porphyry system. The Company expects drilling operations to commence on one, possibly two of the projects before the end of the third quarter of this year.
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) 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, or send an e-mail to firstname.lastname@example.org 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.