Vancouver, B.C., November 15, 2010 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”) is pleased to announce the commencement of its 2010 exploration program at its 100% owned Cotabambas Copper-Gold Project located in southern Peru. Panoro will be completing a drill program of up to 5,500 m at the Ccalla and Azulccaca deposits within its Cotabambas project. The drill program will be focused on confirming the extension of these two deposits both peripherally to the currently defined mineralized zones as well as at depth. A man-portable drill rig operated by Energold Drilling Corp, based in Lima, Peru, is being mobilized to the project and drilling will begin shortly.
In addition to the drill program, Panoro is currently engaged in re-logging historical core samples, all of which are located at site. The objective is to update the geological model. Panoro will be conducting geophysical surveys to confirm drill targets for the next stage of drilling.
Following the completion of the drill program and, preliminary metallurgical testing will be conducted to estimate potential copper and gold recoveries. An updated NI 43-101 technical report is expected to be completed in the third quarter of 2011.
Concurrent with the 2011 exploration program, Panoro is continuing to pursue a community agreement with the Indigenous Community of Ccochapata. The permits, community agreements and tax agreements for the proposed 2010 drill program are complete.
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 recently closed a $6.5 million non-brokered private placement positioning the company to continue developing its significant portfolio of projects. Panoro’s large portfolio of exploration projects includes its most advanced Cotabambas Copper-Gold Project and Antilla Copper-Molybdenum Projects which contain NI 43-101 inferred level resources of:
|Cotabambas Project||90 million tonnes at 0.77% Cu and 0.42 g/t Au, at 0.4% Cu cutoff|
|Antilla Project||154 million tonnes at 0.47% Cu and 0.009% Mo, at 0.25% Cu cutoff based on exploration completed by Panoro and prior owners.|
In addition to the exploration program at the Cotabambas Project, the company will also be carrying out exploration work at its Antilla Copper-Molybdenum Project, Kusiorcco Copper Project and Cochasayhuas Gold Project in 2010 and 2011. The company has ten other exploration projects in Peru and is currently evaluating investment alternatives including joint venture options for these projects.
Panoro’s significant portfolio of projects is located primarily in the southeastern region of Peru. This region contains a number of important copper and copper/gold projects including Xstrata’s Las Bambas and Antapaccay Copper Projects and Tintaya Copper Mine. In September 2010 Xstrata announced $5.7 billion of investment to develop the Las Bambas and Antapaccay projects.
The region also includes the Haquira Project, owned by Minera Antares. In October 2010, First Quantum Minerals announced the acquisition of Minera Antares for $460 million.
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.