Vancouver, B.C. and Lima, August 13, 2008. Panoro Minerals Ltd. (“the Company”) is pleased to announce that it has received the assay results of the first seven drillholes from the East Block of the Company’s advanced stage exploration project, Antilla (7,400 hectares) located in southern Peru. The locations of these holes are shown on the company’s website, at the following link:
The current drilling program which is being carried out under rigorous quality control and quality assurance protocols is focused on infill drilling in the East Block 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:
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.
|Drillhole||From (m)||To (m)||Thickness (m)||% Cu|
These results are highly encouraging as the grades and thicknesses of the intersections are consistent with the intersections from the previous drilling campaigns. The 36 m intersection of drillhole ANT-20 is contained within a 98 m intersection from 60 m to 158 m depth with a grade of 0.51%. Drillholes ANT-21 and 23 are located at the northern limit of the geological target and confirm the thinning of the mineralized zone in this area. ANT-20, 22, 24, 25 and 26 are located in the central area of the geological target and reinforce the grade and thickness estimates for the geological target.
The current drilling program includes 37 drillholes located within the East Block and 10 drillholes located in the West Block and Intermediate areas for a total of 10,000 m. To date 32 drillholes have been completed, all at the East Block. To date samples from 13 drillholes have been submitted for analyses, the results from seven drillholes are reported herein and results from six additional holes are currently pending. Eventually all infill drillholes will be submitted for analysis. The company will announce further results as they are received. On completion of the infill program the results will be subject of an independent resource estimate in compliance with the provisions of National Instrument 43-101.
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
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 firstname.lastname@example.org or visit the company’s website at www.panoro.com