Vancouver, B.C. and Lima, December 5, 2007. Panoro Minerals Ltd. (the Company) is pleased to announce that it has signed a formal agreement with the Community of Antilla regarding a program of socio-economic assistance. The agreement provides the Company with a two year period in which to significantly advance this project.
The Antilla Project, one of the Company's flagship projects in the prolific Andahuaylas copper-gold province consists of 7,300 hectares of mineral concessions after the acquisition of two internal claim blocks earlier in the year. SRK Consulting has provided a global estimate of a geological potential based on 7 holes in the enriched chalcocite blanket on the East Block of: ± 135MT with a 90% confidence at a grade of 0.63% - 0.79% copper "untrimmed" or ±135MT with a 90% confidence at a grade of 0.61% - 0.75% copper "trimmed" ("trimmed": all 2 metre assay intervals over 1.5% copper reduced to 1.5% copper). A deep-seated potential hypogene copper - porphyry remains to be tested as well as a supergene enriched target to the west. The Antilla project is located 25 km southeast of Grupo Mexico's Los Chancas deposit which has an estimated 200MT at a grade of 1.0% copper.
Other mineral deposits in the Andahuaylas copper - gold province include XSTRATA's Las Bambas cluster of porphyry deposits, Norsemont's Constancia project and the Haquira project of Antares.
The signing of the agreement with the community of Antilla was the necessary first step for the permitting process with the Ministry of Energy and Mines of Peru. The size of the program will require a C-Class permit. The required environmental impact study has already been completed. The project is one of 20 projects that were given national priority by the Office of the President of Peru and while the attendant legislation has not yet materialized, the Company does not expect any delays in the permitting process other than those caused by the impending holiday season. The Company expects to receive the official drilling permit in time to commence drilling operations in early 2008.
The drilling program recommended by SRK Consulting Ltd. encompasses 15,000 metres of core drilling, of which:
- 7,500 metres are designed to further define the known zone of mineralization,
- 2,500 metres for exploration drilling between the Antilla East Zone and the Antilla West target,
- 3,000 metres for the exploration and definition of the Antilla West target and
- 2,000 metres for deep drilling below the Antilla East Zone to test the presence of an underlying deep porphyry system.
The drilling program will be accompanied by environmental, geotechnical and hydrological base line studies in preparation for a pre-feasibility study.
With over $7 million in the treasury the Company is well funded to embark on this and other drilling programs in its 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) 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 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.