August 25, 2010 - Vancouver, B.C. and Lima, Peru - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”) is pleased to announce the assay results from the third and last batch of samples of nine drill holes from the 2010 infill drilling program at the East Block at the Antilla Copper Molybdenum Project in Peru. The results were provided by Panoro’s JV partner, Chancadora Centauro SAC (Centauro), the operator of the project.
Significant mineralized intercepts in drillholes ANT-69A, ANT-79 and ANT-81, which were drilled either on the periphery or outside of the high grade zone within the pit area, suggest the extension of higher grade mineralization in these areas. All the drillholes except for ANT-83 are located within the limits of the high grade pit area outlined in the AMEC NI 43-101 report. ANT-83 was located near the northeast of the life of mine pit and was terminated at a depth of 57.8 metres without intersecting significant mineralization.
Results for the remaining drill holes are consistent with expectations and continue to confirm the company’s resource model.
Figures showing the location of all drill holes can be found on the Antilla page of the Company’s website.
The Antilla JV agreement with Centauro was signed in April 2010 and based on that agreement Centauro was due to make a payment to Panoro of $US 4 million on July 16, 2010. As of the filing of this press release, that payment has not been received and Panoro is working to resolve the matter as quickly as possible.
About the Antilla Project
The Antilla Project NI 43-101 resource includes a high grade zone of 70 million tonnes at 0.56% copper and 0.011% molybdenum. The resource is contained within the East Block where mineralization consists of a tabular blanket of supergene sulphide mineralization dominated by chalcocite and molybdenite. The East Block mineralization is open to the north and northeast and similar mineralization has been identified in the West Block but is yet to be drilled.
Panoro’s strategic focus is to move its advanced stage copper and copper/gold projects to feasibility and development and to explore its other projects. Panoro has a large portfolio of exploration projects in Peru, of which the Cotabambas and Antilla Projects contain NI 43-101 Inferred level resources of:
|Cotabambas Project||114 million tonnes at 0.68% copper and 0.38 g/t gold|
|Antilla Project||154 million tonnes at 0.47% copper and 0.009% molybdenum.|
The 9,900 hectare Cotabambas Project contains the Ccalla and Azulccacca porphyry-copper gold deposits which are separated by approximately 900 metres. Mineralization in both deposits is open to depth and laterally as well as in the area between them.
Drilling at the Antilla project was carried out by Centauro and all samples were assayed by ACME Analytical Laboratories (Chile) S.A. The information provided by Centauro and contents of this news release were reviewed by Fred Tejada, P.Geo., the Company’s VP-Exploration, a Qualified Person as defined in NI43-101.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
FOR FURTHER INFORMATION, CONTACT:
Jim Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
Phone: 604.684.4743 ext. 225
This release was prepared by management of the Company who takes full responsibility for its contents. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.