Vancouver, B.C., March 7th, 2011 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") is pleased to announce the assay results from the first three drill holes completed at the Azulccaca and Ccalla deposits at its 100% owned Cotabambas Porphyry Copper/Gold Project in Peru.
The results of hole CB-36 demonstrate the vertical and lateral extension of mineralization intersected in previous drilling, particularly hole CB-25 which was drilled 100m to the northwest in 2003. CB-25 included a number of significant mineralized intercepts including 68.0m grading 0.58% Cu and 0.34 g/t Au, 36.0m grading 0.66% Cu and 0.41 g/t Au and 44.4m grading. 0.70% Cu and 0.43 g/t Au. The results from CB-25 were not included in the NI 43-101 resource estimate prepared by SRK in 2007.
Drilling of CB-37 located 100m to the north of CB-25 is in progress and the Company has completed a magnetic survey in the area between the Ccalla and Azulccaca deposits. CB-36 was drilled on the west side of the main Ccalla deposit to a final depth of 825m. The results are shown in the table below and are highlighted by a 72.5m intercept grading 0.57% Cu, 0.26 g/t Au, 3.1 g/t Ag and 0.0015% Mo.
Holes CB-34 and CB-35 were drilled at the Azulccaca Porphyry deposit some 900 metres to the southwest of the Ccalla deposit to final depths of 207m and 220m respectively and confirm the mineralization identified in previous drilling. Figures showing the locations of all holes may be found on the Company's website at www.panoro.com.
|Drillhole||From (m)||To (m)||Interval (m)||Cu (%)||Mo (%)||Au (g/t)||Ag (g/t)|
Agreements with two local indigenous communities, Guaclle and Ccalla, are in place and the Company's community engagement program with Cochapata, the third and remaining local indigenous community, is advancing well. The Company is optimistic that it will be able to complete a community agreement with Cochapata in the near future.
All drilling is being carried out by Energold Drilling Peru using a man-portable drill rig. All drill cores are being sampled on site and then submitted to ALS laboratory in Lima, Peru for analysis. Fred Tejada, P.Geo, the Company's VP-Exploration is the Qualified Person for this project.
At the Company's Antilla Copper/Molybdenum Project, the arbitration process is advancing. The first resolution delivered by the arbitration committee has granted Panoro the right to inspect, review and evaluate all technical aspects of the project. The company will soon commence its review on site.
Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold projects to the 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 exploration projects. The Company's large portfolio includes the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include NI 43-101 inferred level resources of:
|Cotabambas:||90 million tonnes @ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff, SRK 2007)|
|Antilla:||154 million tonnes @ 0.47% Cu and 0.009% Mo (0.25% Cu cutoff, AMEC 2009)|
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 2011. Panoro has ten other exploration properties in Peru and is currently evaluating investment alternatives including joint ventures.
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 deposits including Xstrata's Las Bambas and Antapaccay Copper Projects and the Tintaya Copper Mine. In September 2010, Xstrata announced US$5.7 billion of investment to develop the Las Bambas and Antapaccay projects. The region also includes the Haquira Copper Project, recently acquired by First Quantum Minerals, and the Constancia Copper Project, recently acquired by Hudbay Minerals.
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:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
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.