Vancouver, B.C., October 12, 2010 -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") is pleased to announce that further to its news release dated September 27, 2010, the private placement offering (the "Offering") of up to 10,000,000 units (the "Units") for gross proceeds of $2,500,000 has been increased to 12,000,000 Units for total proceeds of approximately $3,000,000 with an allowance for an overallotment of an additional 2,000,000 Units and proceeds of $500,000.
Each Unit consists of one common share and one-half of one common share purchase warrant, with each full warrant entitling the holder thereof to acquire one additional common share of Panoro at a price of $0.35 for a period of 18 months following the closing of the financing.
The first tranche of the private placement was completed on September 30, 2010 and consisted of 5,379,620 Units at a price of $0.25 for total gross proceeds of $1,344,905. Shares and warrants comprising the Units are subject to a statutory hold period expiring on February 1, 2011.
The proceeds from the increased financing will be used to advance the Company's Cotabambas Copper-Gold Project in Southern Peru and for general working capital. The Cotabambas project includes at least two copper-gold porphyry mineralized centre's and a NI 43-101 compliant Inferred resource of 90 million tonnes grading 0.77% copper and 0.42 grams/tonne gold using a 0.40% copper cut-off grade has been defined based on drilling to date. Mineralization is open to expansion laterally and to depth.
The first part of the exploration program at Cotabambas includes the re-logging of existing core to better constrain the geologic and resource block models. Secondly, an expanded program of drilling will test the extensions of known mineralization in a number of areas and preliminary metallurgical test work will be carried out to assess potential recoveries of copper and gold.
The NI 43-101 technical report for the Cotabambas Project will then be updated to reflect the updated geologic model and resource estimate.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
About Panoro Minerals Ltd.
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.
The Company's most advanced projects, Cotabambas and Antilla, contain NI 43-101 compliant inferred resources of:
90 Mt @ 0.77% Cu and 0.42 g/t Au at 0.40% Cu cut-off
154 Mt @ 0.47% Cu and 0.009% Mo at 0.25% Cu cut-off
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.