Vancouver, B.C. and Lima, September 18, 2007. Panoro Minerals Ltd. (The Company) would like to report to shareholders and investors that since the acquisition of CDLM management has directed its efforts at several fronts:
- The permitting process for the drill programs at several projects and
- The evaluation of the portfolio properties in addition to Antilla and Cotabambas.
Management has now visited the Alicia, Cochasayhuas, Checca, Sancapampa and Kusiorcco projects. While the results of the property visits are for the most part still under review and a follow up approach is in the planning stages, management has elevated the Kusiorcco project to a high priority drilling target next to Antilla and Cotabambas. The Kusiorcco project had previously received a drill recommendation in the NI 43-101 report by SRK Consulting.
The Kusiorcco project is located close to Norsemont's Constancia project (Indicated Resources of 70 million tonnes @ 0.52% copper, Inferred Resources 250 million tonnes @ 0.51% copper) and the historical Katanga Mine. It consists of a strong, one kilometer by two kilometer Induced Polarization and Resistivity Anomaly overlying a 300m by 500m alteration zone characterized by an intensive skeletal stock-work of quartz veins with the weathered out voids filled by limonite and goethite (both iron oxides). Management believes this to be the leached outcrop of part of a porphyry system that has been intensely mineralized with sulphide minerals and in fact, silicification, quartz stock-work systems and alteration are generally widespread in the Kusiorcco intrusive stock. The intensely leached outcrop also suggests the presence of a secondarily enriched zone at the transition to fresh sulphide mineralization at depth. The potential of this system to host a sizeable body of copper mineralization is further supported by the presence of a number of copper skarn occurrences located at the periphery of the Kusiorcco intrusive stock which are currently being mined on a small scale by locals.
Along with the projects acquired through the purchase of CDLM, the Company's El Rosal project was recently visited by the Company's new Vice-President of Exploration, Mr. Fred Tejada. His review suggested that the property's potential for significant skarn and porphyry copper mineralization is enhanced by the presence of a previously unrecognized epithermal event superimposed on the intrusive system responsible for known mineralization. Community consent for the Company's proposed program of exploration drilling here has now been received.
The permitting process is underway at various of the Company's other projects including Cotabambas, Antilla and Kusiorcco. Environmental impact studies were required and have been received for both Antilla and Cotabambas and community consent been solicited for all three projects. Final permit applications will be submitted for each project as soon as the respective community consent documents have been received.
The process of obtaining community consents has become more arduous country wide in Peru and full community meetings only take place once a month. While these processes have taken more time than anticipated, progress has nevertheless been made and the Company expects to be commencing at least two drill programs before the end of the 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.