Vancouver, B.C., February 17th, 2011 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”) is pleased to announce that three drill holes totalling 1,252 metres have been completed as part of a program of stepout and infill drilling at its Cotabambas Project. Drillhole CB-36 at the main Ccalla zone was terminated at a depth of 825 metres, having intersected a number of zones of chalcopyrite ± molybdenite mineralization to a depth of 737 metres, extending known mineralization an additional 200 metres downwards. Drillholes CB-34 and CB-35 tested the Azulccaca zone, located approximately 900 metres southwest of the Ccalla zone, to depths of 207 metres and 220 metres respectively. Both holes intersected chalcopyrite mineralization. Assay results for the three holes will be reported when all have been received from the laboratory.
A magnetometer survey was completed over part of the property and an Induced Polarization geophysical survey is being considered. The objectives of this work are to further define the geological setting on the property and to test for the extension of mineralization both between the Ccalla and Azulccaca zones as well as in other parts of the property.
Agreements with two of the three indigenous communities in the area, Guaclle and Ccalla, are in place and Panoro has also been invited by the third indigenous community, Cochapata, to discuss an agreement.
At the Antilla Project, following the termination of the JV agreement with Chancadora Centauro, an arbitration process has commenced to confirm termination of JV and to recover the assets transferred at the signing of the JV agreement. Panoro terminated the JV agreement and regained title of all related mineral concessions in September 2010 after Chancadora Centauro failed to make a USD$4 million payment.
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 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.