June 23, 2010 - Vancouver, B.C. and Lima, Peru - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”) is pleased to announce that their JV partner, Chancadora Centauro SAC (Centauro), has completed 11 infill drillholes for a total of 1,371 m through the high grade zone of the East Block in their ongoing exploration program at the Antilla Copper Molybdenum Project in Peru.
The drill program is focused on confirming the high-grade zone within the pit area defined by AMEC in their NI43-101 report and has the objective of upgrading the resource category from Inferred to Indicated. Infill drilling of the high grade zone also has the potential to increase its grade. The initial program includes 21 drillholes and additional holes have been proposed to test the extension of mineralization to the north. The locations of the drillholes are shown in Figure 1.
The Antilla JV agreement was signed in April, drill mobilization commenced immediately upon its completion and drilling began on May 10, 2010. Currently, two drill rigs owned by Centauro are operating on the project. The first batch of samples has been delivered to ACME labs of Lima, Peru for assaying and results will be available shortly.
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 which was signed on April 17, 2010. Their US$17 million investment will be directed towards the completion of a bankable feasibility study and development of the project.
Panoro will be investing the cash received from the JV agreement primarily into its 100% owned Cotabambas Copper/Gold and Kusiorcco Copper Projects, also located in Southern Peru. The first payment was received on the signing of the JV agreement and the second payment is due in July 2010 with the final payment due in the fourth quarter of 2011.
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. The Company has a large portfolio of exploration projects in Peru of which the Cotabambas and Antilla Projects contain NI 43-101 Inferred level resources as follows:
|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 900m. Mineralization in both deposits is open to depth and laterally as well as in the area between them. Panoro is planning magnetometric and induced polarization geophysical surveys to confirm targets before commencing exploration drilling.
The Company is also planning geophysical surveys followed by Phase 1 exploration drilling targeting skarn and porphyry copper mineralization at its 100% owned Kusiorcco Copper Project elsewhere in the region.
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
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.