Vancouver, B.C., February 22, 2011 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") is pleased to announce the appointment of Mr. David W. Huber as Chief Financial Officer.
Mr. Huber is a Chartered Accountant who brings over 12 years of professional experience with six years of experience in the CFO role.
Prior to joining Panoro, Mr. Huber spent over six years in the Cayman Islands providing CFO and Corporate Secretarial services for the reinsurance industry. He also spent over five years with KPMG in the Cayman Islands and PricewaterhouseCoopers in Edmonton, Alberta.
Panoro has granted an option on 100,000 shares at a price of $0.52 per share, pursuant to the Company's stock option plan.
Mr. Michael Kerfoot will be leaving Panoro to pursue other opportunities. Panoro thanks Mr. Kerfoot for his period of service as Chief Financial Officer.
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:||00 million tonnes at 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff)|
|Antilla:||154 million tonnes at 0.47% Cu and 0.009% Mo (0.25% Cu cutoff)|
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, the subject of a proposed acquisition 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:
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.