Vancouver, B.C., January 20, 2011 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") announces that Mr. Allen Born has retired from the Board of Directors of the Company effective January 19, 2011.
Mr. Born has been a member of the Board of Panoro and has served as Chairman since January 2000. He has had a distinguished career in the mining industry, including being named Mining Industry CEO of the year by Financial World Magazine in 1986, 1991 and 1992.
The Board of Directors of Panoro wishes to express their sincere gratitude for Mr. Born's guidance of Panoro over these many years.
The Board of Directors is pleased to announce that Mr. William Boden has been elected as the new Chairman of the Board. Mr. Boden has been a Director of Panoro since 1998. He is a Chartered Accountant and has many years' experience as an executive in the venture capital and natural resource fields.
About Panoro 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:
90 million tonnes at 0.77% Cu and 0.42 g/t Au, at 0.4% Cu cutoff
154 million tonnes at 0.47% Cu and 0.009% Mo, at 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 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 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:
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.