Vancouver, B.C., October 1, 2010 - Panoro Minerals Ltd. ("Panoro") is pleased to announce the completion of the first tranche of its private placement announced on September 27, 2010, consisting of 5,379,620 units at a price of $0.25 per Unit for total gross proceeds of C$1,344,905.
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. Shares and warrants comprising the units are subject to a statutory hold period expiring on February 1, 2011.
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 first part of the program at Cotabambas includes the re-logging of existing core to better constrain the geologic and resource block models. Secondly, four drillholes will be completed to test the extensions of known mineralization and preliminary metallurgical test work will be carried out to assess potential recoveries of copper and gold.
The Company also announces it has granted an option to purchase 100,000 common shares to a member of senior management. The options have an exercise price of $0.25 and will expire on September 22, 2015.
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:
|Cotabambas Project||90 Mt @ 0.77% Cu and 0.42 g/t Au at 0.40% Cu cut-off|
|Antilla Project||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.