May 20, 2010 - Vancouver, B.C. and Lima, Peru -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("the Company") is pleased to announce that the infill drilling program at the Antilla project began on May 10, 2010. Currently two drill rigs that are owned and operated by Chancadora Centauro SAC (Centauro), the Company's JV partner are operating on the project.
The drill program will focus on the high-grade pit defined in the NI 43-101 report prepared by AMEC with the objective of confirming the high-grade zone and upgrading the resource category from Inferred to Indicated. The initial drill program includes 21 drill holes, although additional holes have been proposed to test the extension of mineralization to the north.
The Antilla project is the subject of a JV between Centauro and the Company whereby Centauro will invest US$17 million into the Antilla Project in order to earn a 70% interest over a 30-month period from the signing of the Antilla community agreement. The US$17 million investment will be directed towards the completion of a bankable feasibility study and development on the project. . The community agreement was signed on April 17, 2010.
About the Antilla Project
The Antilla Project NI43-101 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. Infill drilling of the high grade zone has the potential to increase its grade.
Exploration Update
Panoro continues to advance its other projects. Currently the company is working to finalize a community agreement on its 100%-owned Kusiorcco Project with drilling scheduled for the last quarter of the year. The exploration permit on the property was approved by the Peruvian Ministry of Energy and Mines in December. On the Cotabambas project, a geophysical survey is scheduled to begin in August, to be followed-up by infill drilling.
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. |
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
ABOUT PANORO
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 info@panoro.com or visit the company's website at www.panoro.com
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.68.4246
Fax:604.684.4200
Email: info@panoro.com
Web: www.panoro.com
Investor Relations
Jim Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
Phone: 866.684.4209
Email: jim@ascentacapital.com
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.
