April 21, 2010 - Vancouver, B.C. and Lima, Peru - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("the Company") is pleased to announce that it has completed a two year agreement with the indigenous community at the Antilla Copper/Molybdenum Project in Peru. The signing of the agreement permits the Company and its Joint Venture (JV) partner Chancadora Centauro (Centauro) to begin exploration work immediately.
"We are very proud of our success in working with the communities in the vicinity of our projects in Peru," stated Luquman Shaheen, president of Panoro. "We are committed to building strong partnerships with the local communities and these agreements demonstrate the strength of our relationships. This is the second agreement we have signed with the community and is the fifth agreement we have signed on our projects in the last 16 months."
The Company has completed agreements with the Huaclle and Ccalla communities at its Cotabambas copper/gold project, the Progreso community at its Cochasayhuas gold project and the community at its Año project, all in southern Peru.
The 2010 project investments at Antilla will be focused on infill drilling of the high grade zone at the East Block, as well as engineering and environmental works for the advancement of feasibility studies. The mobilization of exploration equipment has commenced with work scheduled to begin the first week of May 2010.
The Company recently announced the signing of a JV agreement with Centauro. Centauro will make cash payments of US$8 million to the Company and invest US$17 million into the Antilla Project in order to earn a 70% interest over a 30 month period. Under the terms of the joint venture, Centauro has paid $US 1 million on signing followed by $US4 million within 90 days and the final $US 3 million within 20 months.
About the Antilla Project
The Antilla Project NI43-101 resource of 154 million tonnes at 0.47% copper and 0.009% molybdenum 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 occurs as 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. Infill drilling of the high grade zone has the potential to increase its grade.
About Chancadora Centauro SAC
Centauro is a privately owned Peruvian mining company operating the Quicay Gold Mine in the Cerro de Pasco region of Peru. Centauro commenced the exploration, feasibility studies and construction of the Quicay Mine in 2000 and poured its first gold in 2002. The Quicay mine is an open pit mine operating at a nominal rate of 10,000 tonnes per day. Centauro has produced over 341,000 ounces of gold and 93,000 ounces of silver, respectively averaging over 48,000 and 13,000 ounces per year. The mine has a remaining life of two years.
Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold projects to feasibility and development stages 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 company will also be carrying out Phase I drilling at its 100% owned Kusiorcco Porphyry Copper Project, adjacent to Norsemont Mining's Constancia Project. Panoro's exploration permit for the Kusiorcco Project was approved by the Peruvian Ministry of Energy and Mines in December 2009.
The company has nine other exploration projects in Peru, including the El Rosal Polymetalic Project and the Cochasayhuas Gold Project. The company is currently evaluating investment options including joint venture options for these projects.
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 firstname.lastname@example.org or visit the company's website at www.panoro.com
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.