VANCOUVER, BRITISH COLUMBIA and LIMA, PERU–(Marketwire - Oct. 8, 2008) - Panoro Minerals Ltd. (TSX VENTURE:PML)(BVL:PML)(FRANKFURT:PZM)(WKN:914959) (“the Company”) is pleased to announce that its exploration program at its 100% owned Antilla Project in Peru continues its success in delineating and expanding the target area of copper and molybdenum mineralization.
The Company has received assay results from additional drillholes of the Antilla advanced stage exploration project. The locations of these holes are shown at the Company’s website at the following link, http://www.panoro.com/s/MapsandPhotos_Antilla.asp?ReportID=322037&_Title=Antilla-Eastblock.
Drillhole ANT-53 intersected mineralization below 0.30% copper confirming the boundary of the East Block target area to the south.
The drillhole intersections listed in the above table and in earlier news releases have been selected to contain assays for 2 metre samples of at least 0.3% copper. No economic consideration is implied at this time and while the remaining lengths of drillholes still contain wide sections of copper mineralization in the 0.1% to 0.29% range, the current “cut off criterion” has been selected on a preliminary basis only to compare more directly with the selection made by SRK Consulting (SRK) in their earlier projections. (See below.)
All drillholes are part of the infill drilling program at the East Block target area except ANT-41 and ANT-43 which are located outside the target area to the northwest side of the East Block. The assay results from these drillholes indicate the supergene enriched zone is open to the northwest. Additional drillholes are being programmed to target the potential further extension of the supergene enriched zone in this direction. The extension of the supergene enriched zone together with the presence of molybdenum mineralization indicate the possibility of increasing the global geologic potential of the East Block.
Additionally, a review of the core samples of the infill drillholes completed to date suggest the presence of primary porphyry copper mineralization at depth in the northwest area of the East Block. A deep exploration drillhole is currently underway to investigate this possibility.
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. This estimate will incorporate economic considerations at specified copper and molybdenum price assumptions. The current estimate represents a global geological potential as projected by SRK, 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.
The results of the Antilla exploration program are encouraging. The company is financed for its current programs and is well positioned to advance its projects through these turbulent economic times.
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.
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.