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Vancouver, B.C., December 16, 2013 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”, the “Company”) Panoro is pleased to announce that it has received an updated mineral resource estimate for its 100% owned Antilla porphyry copper-molybdenum Project located in southern Peru from Tetra Tech.

Highlights

  • Base Case Indicated mineral resource of 188.5 million tonnes at 0.40% Cu and 0.009% Mo at a cut-off of 0.20% Cueq;
  • Base Case Inferred mineral resource of 145.9 million tonnes at 0.28% Cu and 0.009% Mo at a cut-off of 0.20% Cueq;
  • The new resource reflects a 38% increase in contained copper and 53% increase in contained molybdenum;
  • The strip ratio of the conceptual pit shell used to constrain the mineral resource is reduced to 1:1 from 2.5:1 in the 2012 resource estimate; Potential to increase resource tonnage in several directions and below the current pit shell through additional drilling on the basis of strong copper-molybdenum mineralization; and
  • New exploration targets identified on the Antilla property.

Mineral Resource Estimate

Tetra Tech completed the mineral resource estimate for the Antilla project utilizing all drill and assay results available to June 11, 2013. The resource estimate has been completed based on the results of 9,130 meters of drilling by Panoro (49 drill holes) and 5,162 meters of drilling (39 drill holes from drilling by others). It includes supergene and hypogene sulphides from the East block deposit contained within a single conceptual pit shell. The conceptual pit shell has been modelled to include that portion of the mineral resource block model having a reasonable prospect for economic extraction based on the new knowledge of the deposit. The mineral resource estimate in the Indicated Category is summarized in Tables 1 and 2 below. See Plan 1 at the company website (www.panoro.com) illustrating the resource limits and drillhole locations.

 

Table 1: Sensitivity of Indicated Mineral Resource to Cut-off Grade