Vancouver, B.C. and Lima, May 21, 2008. Panoro Minerals Ltd. (the Company) is pleased to announce that the final permit document for the proposed exploration program at its Antilla Project has been issued by the Peruvian Ministry of Energy and Mines. Bradley MDH of Lima, Peru has been awarded the drilling contract for the Antilla Project and has commenced mobilization of two drill rigs to site.
The Company is advancing all preparations for the commencement of the drilling program. In accordance with the Company’s agreement with the community of Antilla, a work force of at least 30 people from the community are employed on a rotational basis for these activities.
The Company’s Flagship Antilla Project (7,400 hectares) is at an advanced exploration stage. Mineralization consists of a zone of supergene enrichment of porphyry-style copper mineralization and secondary biotite alteration developed in a package of quartzites and arenites and which is thought to be associated with an underlying intrusive. The mineralization consists of predominantly sulphides (chalcocite, chalcopyrite and pyrite) associated with quartz stock-works, veinlets and disseminations. The project has to date been explored by 4,012 metres of diamond drilling in 19 holes of which 8 holes lie within the so-called East Block of mineralization. SRK Consulting (see Report on the Company’s web site) has provided a global estimate of geological potential of this Exploration Target based on 7 holes in the enriched chalcocite blanket on the East Block of: ± 135 million tonnes (MT) @ 90% confidence 0.63% - 0.79% copper “untrimmed” or ±135MT @ 90% confidence 0.61% - 0.75% copper “trimmed” (“trimmed”: all 2m assay intervals over 1.5% reduced to 1.5%). The potential of an 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 Targets 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 initial drilling program includes forty seven (47) holes, or 10,000 metres. Thirty seven (37) of these holes are infill holes planned for the East-Block of the project where the existing 135 MT geologic potential has previously been identified. A few of the East Block holes are planned to explore this area at greater depth to test for presence of a hypogene porphyry copper deposit. Seven (7) additional holes are planned for the West Block and three (3) holes are planned between this block and the East Block to investigate the continuity and presence of the supergene deposit between these areas. The program will include environmental base line studies, geotechnical investigations and bench scale metallurgical tests and is planned for completion by the end of 2008. Maps and sections illustrating the geology of the Antilla project and the location of previous drillholes are available at www.panoro.com.
The Company is well financed to carry out this program and potentially other programs, subject to community agreements and permitting.
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, or send an e-mail to firstname.lastname@example.org or visit the company’s website at www.panoro.com.