Vancouver, BC, September 24, 2010 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”) is issuing the following clarification as a result of a review by the British Columbia Securities Commission.
Issue - Cotabambas Project Inferred Resource
Beginning in June of 2009, the Company quoted in its press releases, investor relations material, MD&A, and on its website, an Inferred resource at its Cotabambas property using a cut-off of 0.3% copper. While these numbers were taken from the March 9, 2007 report prepared by SRK Consulting, a copy of which can be found on the Company’s website and on SEDAR, the SRK report also states,
“…given the poor quality of the geological model, and the lack of QAQC support for the assay data, both the SRK and NCL resource models remain relatively conceptual in nature and carry substantial uncertainty. For this reason, SRK is of the opinion that the Mineral Resources for the Cotabambas deposit are appropriately classified as an Inferred Mineral Resource and reported at a cut-off of 0.4% Cu…”
As a result, the Company should have reported the inferred mineral resource for Cotabambas as 90 million tonnes grading 0.77% copper and 0.42 g/t gold using a 0.4% copper cut-off. The Company has agreed to amend its website and investor relations materials to reflect this change and will use this estimate in their future filings.
Issue - Cotabambas Project Community Agreements.
In its June 30, 2010 MD&A, the Company stated that agreements have been signed with two of the three communities in the vicinity of the project. The BC Securities Commission is of the opinion that the Company did not adequately discuss and disclose the risks associated with obtaining a community agreement with the third community of Cocchapata.
The Company is in the process of trying to obtain an agreement with the community of Cocchapata. Two community relations specialists are working in the area to help facilitate this process. With two community agreements already in place, the Company is planning a 2,300 metre drilling program on the ground belonging to these two communities. However, a significant portion of the defined resource is within the area belonging to the community of Cocchapata. The Company will not be able to carry out further exploration in this area until an agreement is reached with the community.
FOR FURTHER INFORMATION, CONTACT:
Jim Glass, Ascenta Capital Partners Inc.
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.