News Releases

Vancouver, B.C., December 7, 2009 -Panoro Minerals Ltd. ("Panoro" or the "Company) (TSX-V: PML, Frankfurt: PZM, Bolsa de Valores Lima Junior Board: PML) is pleased to announce a non-brokered private placement of up to 2,500,000 units at $0.20 per unit for gross proceeds of up to $500,000. Each unit is comprised of one common share and one share purchase warrant. Each warrant is exercisable at a price of $0.30 per common share for a period of 18 months from the closing date of the financing. The Company reserves the right to issue an overallotment of up to 1,500,000 units for additional gross proceeds of up to $300,000.

The warrants will carry a forced conversion feature such that should the common shares of Panoro trade at or above $0.45 per share for ten consecutive trading days, the Company may notify warrant holders in writing that the warrants must be exercised within 30 calendar days of the notice -- subsequent to which any unexercised warrants will expire. All securities issued in the offering will have a hold period in Canada of four months from the closing date of the offering.

The Company has contracted Ascenta Finance Corp. to act as agent for the financing. Ascenta will be paid a finder's fee equal to 8% of the cash proceeds from the financing and 8% of the total number of units placed in the form of compensation options. Each option entitles Ascenta to purchase securities of the Company on the same terms as offered under the related financing and expire 18 months from the closing date of the financing. The financing is subject to acceptance by the TSX Venture Exchange.

The proceeds of the financing will be utilized to advance the Company's exploration projects in Peru and for working capital purposes.

The Company's most advanced projects, Cotabambas and Antilla, contain NI 43-101 compliant inferred resources of:

Cotabambas114 Mt @ 0.68% Cu and 0.38 g/t Au at 0.30% Cu cut-off
Antilla154 Mt @ 0.47% Cu and 0.009% Mo at 0.25% Cu cut-off

On behalf of the Board of
Panoro Minerals Ltd.

Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director


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 or visit the company's website at

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.

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