Vancouver, B.C. and Lima, Peru, September 3, 2008. Panoro Minerals Ltd. ("the Company") is pleased to announce that it has received assay results from seven additional drillholes of the Company's advanced stage exploration project, Antilla located in southern Peru. The locations of these holes are shown on the company's website, at http://www.panoro.com/i/pdf/Antilla_EastBlock_04sept08.pdf.
Drillhole | From (metres) | To (metres) | Width (metres) | Copper (%) | Comments |
ANT-27 | 28 | 42 | 14 | 0.83 | Plus 0.59 % Cu from 50 to 60 m |
ANT-28 | 26 | 108 | 82 | 0.70 | Includes 1.07% Cu from 26 to 66 m |
ANT-29 | 2 | 54 | 52 | 0.87 | Includes 1.02% Cu from 2 to 30 m |
ANT-30 | 32 | 96 | 64 | 0.75 |
|
or | 32 | 128 | 96 | 0.59 |
|
ANT-31 | 88 | 104 | 16 | 0.51 |
|
Drillholes ANT-32 and ANT-33 located at the northeastern boundary of the target area intersected mineralization below the cutoff grade of 0.30% Cu confirming the target boundary in this area.
In addition to the copper mineralization, ANT-28 and ANT-30 also intersected Molybdenum mineralization. ANT-28 intersected Molybdenum averaging 0.023% from 26 to 108 m and ANT-30 intersected Molybdenum averaging 0.023% from 94 to 134 m.
The current drilling program, total of 10,000 m, is more than 50% complete and advancing well. The company will announce further results as they are received. On completion of the infill program the results will be subject to an independent resource estimate in compliance with the provisions of National Instrument 43-101.
The current drilling program is being carried out to provide sufficient information to allow estimation of tonnage and grade for a National Instrument 43-101 compliant resource category. The current estimate represents a global geological potential as projected by SRK Consulting, see report at:
http://www.panoro.com/i/pdf/PanoroApurimac43-101.pdf.
The global estimate of the geological potential of the East Block based on seven historic drill holes in the enriched chalcocite blanket of approximately 135 million tonnes (MT), with a 90% probability containing a copper grade of between 0.61% and 0.75%, whereby all copper assays greater than 1.5% were trimmed back to 1.5% copper. The presence of a potentially underlying porphyry system remains to be tested as well as a similar but separate supergene target to the west.
The reader is cautioned that the potential quantity and grade of Exploration Target as described in this release is conceptual in nature, that there has been insufficient exploration to date to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.
All drilling was carried out by Bradley MDH S.A. and all assay samples are being tested by ALS-Chemex laboratory in Lima, Peru. Fred Tejada, P.Geo., is the Company's VP-Exploration and the Qualified Person for this project.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
ABOUT PANORO
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, e-mail info@panoro.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.
