Vancouver, B.C. and Lima, November 21, 2007. The President of Panoro Minerals Ltd. (the Company) reports from Peru where he has just spent ten days on related matters that progress has been made on the permitting processes for some of the Company’s projects in Peru.
Completion of the process for the drilling permit for the El Rosal Project in the North is pending final issue of the permit document after some requested additional information has been supplied to the Ministry of Energy and Mines (MEM). The application has otherwise been accepted and approved.
The process of applying and receiving permits for large exploration drilling programs in Peru, and especially in the Andean Region of Apurimac has become particularly complex since the enforcement of the law that requires approval of the activities of a company by a two thirds majority vote in a full assembly of the affected communities. In all cases this requires convincing the communities of the benefits that they can derive from the activities of the mining industry and the negotiation of an agreement involving the funding of various community projects. Only after the conclusion of such a legally binding agreement can the permit application be submitted to the MEM. The slowdown of the process and the associated delays in investments in the mining industry, particularly in exploration, has caused concern in the office of the President of Peru and has precipitated the cooperation of the industry in the region and in the country to share experiences and communication efforts towards the affected population.
If a negotiation process does not succeed in obtaining an agreement with the community, the law foresees an arbitration process called “Servidumbre” that will in the end provide the basis for the utilization of the mineral rights that have been granted by the state.
Nevertheless, the Company has made solid progress in the case of its Antilla project after several consultative and informative community meetings have been held over the past five months. In a full community meeting on November 17th that was attended by the President of the Company, and where he had the opportunity together with Management of the Company’s subsidiary Cordillera de las Minas to address the assembly, the Company presented a proposal of community projects that it would be funding over the next two years. After an at times stormy discussion the community voted 95% in favour of the Company to carry out exploration work on the project pending the final conclusion of the terms of the agreement and its approval on December 1st.
Management of the Company is extremely pleased with the outcome of this last meeting.
Antilla is one of the flagship projects of the Company. An aggressive drill program is planned for the project to confirm, define and expand its geological potential.
The Company, who has for some time been working with the community relations consulting firm of Social Capital Group has now retained this firm as permanent advisors to its community relations efforts. In this capacity Social Capital Group will provide regular input and reviews of the Company’s ongoing community relations initiatives and also second personnel to the Company on a temporary basis.
The Company has also hired a full time Chief of Community Relations for all its community relations initiatives. The appointee has had relevant experience in the mining industry, has already worked on the Cotabambas project and is totally fluent in the local Quechua language, a critical aspect in the Apurimac region where most of the Company’s projects are located.
Management is confident that it will persevere and succeed in the community relations and permitting processes concerning its projects in the region and that the projects will enter a stable period of advancement.
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.