Vancouver, B.C., March 17, 2014 -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") Panoro Minerals has been advised of Hudbay Minerals' ("Hudbay") (TSX: HBM) purchase of 10,127,500 common shares of Panoro representing 4.9% of the issued and outstanding shares. Immediately after the acquisition, Hudbay advises that it owns and controls 22,907,500 shares representing 11.2% of the issued and outstanding common shares of Panoro. The shares acquired by Hudbay were purchased over the TSX Venture Exchange pursuant to a private agreement with a third party or parties. Hudbay has been a shareholder of Panoro since 2011.
Hudbay is currently completing the construction of the Constancia Copper Project in south-eastern Peru where they have announced expected start-up in 2014 and commercial production expected for 2015.
Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects.
Since 2007, the company has completed over 70,000 m of exploration drilling at these two key projects leading to the delineation of mineral resources in late 2013 of:
Cotabambas: |
| Indicated Resource 117.1 Mt @ 0.42% Cu, 0.23g/t Au, 2.74 g/t Ag & 0.001%Mo (@0.2% Cueq cutoff) |
Antilla: |
| Indicated Resource 188.5 Mt @ 0.40% Cu and 0.009% Mo (@0.2% Cueq cutoff) |
Panoro continues its exploration and drilling at the Cotabambas project while a Preliminary Economic Assessment (PEA) is underway by AMEC Americas Ltd. The PEA is due for completion in mid 2014. The already significant resource, together with significant geologic potential demonstrate the potential for a large scale open pit mine at the project. To date exploration at the Cotabambas Project has focused on the Ccalla and Azulccaca deposits. However, at least eight other porphyry and skarn target zones have been identified within the company's Cotabambas mineral concession blocks. Drilling at these targets is planned.
A PEA for the Antilla Project is also planned for completion in mid 2014. The moderate scale of the resource at the Antilla Project together with strong infrastructure in the area may result in a moderate capital cost development plan the project.
In addition to Cotabambas and Antilla Projects, Panoro's portfolio includes more than 10 earlier stage projects in primarily the same region of south central Peru. Peru's national objective of doubling copper production together with the development of the many copper projects in the region, together with the private and public investments into rail, road, power generation and transmission and port infrastructure are leading to the rapid growth of an important global center for copper production where Panoro's large portfolio is situated.
This region contains a number of important copper and copper/gold deposits including Glencore-Xstrata's Las Bambas and Antapaccay Copper Projects and the Tintaya Copper Mine. In September 2010, Xstrata announced US$5.2 billion of investment to develop Las Bambas. The Antapaccay copper project was completed with an investment of US$1.5 billion and is in operation. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project, Southern Copper's Los Chancas Copper Project and Buenaventura's Trapiche Project. Hudbay's Constancia project is currently in construction with start-up planned for 2014.
Panoro is very well positioned to advance exploration at the Antilla and Cotabambas Projects. The Company has $8 million in cash, which will allow completion of additional drilling and preliminary economic assessments as both projects move towards feasibility studies.
Luis Vela, a P. Geo Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
On behalf of the Board of Panoro Minerals Ltd.
Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd. | Renmark Financial Communications Inc. |
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.
