September 27, 2010 - Vancouver, B.C. and Lima, Peru - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”). The Company announces that it has informed Chancadora Centauro S.A.C. of the termination of its contract for the Antilla Copper-Molybdenum Project in Peru, in conformance with the terms of the contract which was signed in April of this year.
The Company is pleased to announce it has arranged a non-brokered private placement of up to 8,000,000 units at $0.25 per unit for gross proceeds of up to $2,000,000. Each unit is comprised of one common share and one half share purchase warrant. Each whole warrant is exercisable at a price of $0.35 per common share for a period of 18 months from the closing date of the financing. The Company reserves the right to issue an overallotment of up to 2,000,000 units for additional gross proceeds of up to $500,000.
The proceeds from the financing will be used to advance the Company’s Cotabambas Copper-Gold Project in Peru and for general working capital. The Company is planning a work program aimed at updating the technical report and resource estimate for the Cotabambas Project. The first part of the work program, already initiated, includes the re-logging of existing core to better define the boundaries of the intra-mineral and post-mineral intrusives to better constrain them in the geologic and resource block model. Secondly, four drillholes will be advanced in order to confirm the extensions of the mineralized zones at the Ccalla and Azulccaca deposits. Metallurgical testing of samples from the proposed drill holes will be carried out to assess potential recoveries of copper and gold.
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:
90 million tonnes @ 0.77% copper and 0.42 g/t gold @ 0.4% Cu cut-off.
154 million tonnes @ 0.47% copper and 0.009% molybdenum @ 0.25% Cu cut-off.
The technical content of this press release had been reviewed by Fred Tejada, PGeo, the Company’s VP-Exploration and a Qualified Person as defined under NI 43-101.
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.