Vancouver, B.C. and Lima, Peru, May 1, 2009. Panoro Minerals Ltd. (TSX Venture Exchange - PML) ("the Company") announces it has completed a rigorous Quality Assurance and Quality Control program on the assay results from the exploration program completed in December 2008 at its flagship Antilla Project in Peru. The program is in support of the NI 43-101 compliant resource estimate being conducted by AMEC.
In addition to the insertion of blanks, standards and duplicates into the sample shipments and strict on-site and off-site security measures, the company composited 135 mineralized and low grade intersections from its 48 drillhole exploration program. The composite samples were analyzed for Total Copper, Cyanide Soluble Copper, Acid Soluble Copper and Residual Copper to support the planned metallurgical testing programs and to provide additional verification of assay results.
The calculated average assay results from the two metre intervals corresponding to each of the 135 composite samples were compared with the Total Copper analysis of the composite samples. The results correlate with a correlation coefficient of 0.99, with the exception of three of the 135 composite samples.
The two-metre samples that correspond to the three discrepant composite samples were sent to a second independent laboratory for check assaying. The assay results and subsequent investigation determined that the original laboratory erred in the handling and processing of the batch that included these samples. The original results from these samples that included the 44 metre to 92 metre interval of drillhole ANT-64-08 of 1.08% copper, published in the Company's News Release of January 28, 2009 had to be deleted from the database. A second intersection in the same hole, from 286 metre to 308 metre depth with an average grade of 0.44% copper was confirmed by the validation program. Confirmation of this intersection reinforces the extension of the target chalcocite blanket to the north-west side of the East Block Target Area.
The company is working very closely with AMEC to complete the geologic model and establish the parameters for the completion of the NI 43-101 compliant resource estimate.
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 email@example.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.