Vancouver, B.C., August 30, 2011 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro") Panoro is pleased to announce that Mr. Jaime Quijandría Salmón has been appointed to the Board of Directors of the company. Mr. Quijandria was the Minister of Energy and Mines as well as the Minister of Economy and Finance of Peru from 2001 to 2004. More recently, he has been an Executive Director of the World Bank (2004-2006) and the Inter-American Development Bank (2006-2008) in Washington, D.C., USA. He is currently a partner in Laub & Quijandría Consultores y Abogados providing consulting to the Mining and Energy sectors in Peru.
The Company has granted options to purchase 500,000 shares exercisable at a price of $.50 per share to Mr. Quijandría pursuant to the Company's stock option plan.
"Mr. Quijandría's knowledge of the Peruvian business, regulatory and economic environments will be of great service to Panoro as we look to advance our Cotabambas and Antilla Projects along the road to feasibility. He brings a wealth of experience to the Company and we are very pleased to have him join the Board." stated Bill Boden, the Chairman of the Board of Directors.
The Company is well-financed following the recent completion of a $7.8 million brokered private placement. Drilling at the Cotabambas Project has resumed where Panoro will complete the 5,500 metre Phase One exploration program, a total of 2,800 metres having already been completed as of June. A Phase Two exploration program will follow immediately and will include up to an additional 29 drill holes totaling approximately 21,500 m, mainly focused on step-out drilling to increase the resource at the main Ccalla deposit.
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's strong cash position puts the company in a good position 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:
90 million tonnes @ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff, SRK 2007)
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 south-eastern 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 First Quantum Minerals' Haquira Copper Project and Hudbay Minerals' Constancia Copper Project.
On behalf of the Board of Panoro Minerals Ltd.
William J. Boden
Chairman of the Board of Directors
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.