Vancouver, B.C. and Lima, Peru, December 17, 2009. Panoro Minerals Ltd. (TSX Venture Exchange --PML) ("the Company") the Company is pleased to announce the achievement of significant milestones for the permitting of its Cotabambas Copper-Gold Project and Kusiorcco Copper Project, both in Peru.
COTABAMBAS PROJECT
The company has signed community agreements with the Huaclle and Ccalla indigenous communities at its 100% owned Cotabambas Copper-Gold project in Peru. The Cotabambas Project includes a NI 43-101 compliant inferred resource of 114 million tonnes with average grades of 0.68% copper and 0.38 g/t gold at a 0.3% copper cut-off grade.
The Cotabambas property includes a cluster of four porphyry centres, Ccalla, Azulccacca, Huaclle and Ccarayoc. The resource estimate includes mineralization from the Ccalla and Azulccaca deposits located 1.1 km apart. Primary copper mineralization in these deposits consists of chalcopyrite and bornite with associated gold and has been traced within the Ccalla deposit to a depth of 500 m. Limited drilling at both Huaclle and Ccarayoc, has shown the presence of interesting copper mineralization.
There is potential to increase the resource laterally and vertically within the Ccalla and Azulccacca deposits. Subject to financing, the company plans to test this potential in its 2010 exploration program with both infill and step out drilling. Additional drilling is also planned for the other porphyry centers in order to test for the presence of economic mineralization.
KUSIORCCO PROJECT
The Peruvian Ministry of Energy and Mines has notified the Company that the Environmental Impact Declaration for the Company's 100% owned Kusiorcco Project has been approved.
The Kusiorcco Project hosts a significant porphyry copper system measuring over 4 km2 with a leached cap containing potassic and quartz-sericite alteration as well as associated quartz stockwork zones. An induced polarization survey has shown the presence of a coherent chargeability and resistivity anomaly to a depth of 300 m. Surface grab samples from leached outcrop have returned up to 0.13% copper and samples from skarn zones peripheral to the intrusive have returned values of up to 0.55% copper.
The Kusiorcco Project is located close to both the formerly producing Katanga Copper Mine, operated by Mitsui Mining, and Norsemont Mining's Constancia Project.
The Company plans a first phase drilling program in 2010 to test for the presence of potentially economic mineralization at depth.
ANTILLA PROJECT
The Company's other advanced property is its 100% owned Antilla Project for which the Company reported a resource estimate in June 2009. The Antilla Project includes an inferred resource of 154 million tonnes at 0.47% copper and 0.009% molybdenum at a 0.25% copper cut-off grade. The Company is in the final stages of negotiating an extension to the agreement with the indigenous community. Drilling is planned in 2010 to expand and upgrade the resource category from inferred to indicated as well as to carry out engineering and environmental studies to support a Preliminary Economic Assessment.
The Company is reviewing finance arrangements, including Joint Venture alternatives, to secure funding for its planned 2010 exploration programs.
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 which 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.
