Vancouver, B.C., May 23, 2017 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") is pleased to announce that it has commenced an exploration drill program at its 100% owned Cotabambas Cu/Au/Ag Project in Peru. The 14,000 m exploration program is targeting resource growth from four zones within Cluster 1 at the Cotabambas Project. The targets include high grade, near surface sulphides, oxide gold and oxide copper in close proximity to the proposed North Pit. The target areas are illustrated on the attached map and summarized below:

1. Breccia Target
   The Breccia Target is located adjacent to the northern limit of the proposed North Pit along a northeast to southwest geologic structure. The existing resources of the Ccalla and Azulccaca deposits are also located along a similar and parallel structural control. This target was the subject of press release April 3, 2017, announcing the delineation of a new oxide gold zone. The target potential is defined by eleven gold anomalies distributed over an area of 1.0 km x 1.4 km and 2,000 m of exploration drilling is planned for the zone. The zone has the potential to contain near surface oxide gold mineralization with low copper grades indicating the potential to add a low cost gold heap leaching operation to the project. The oxide gold zone may be underlain by a blanket of oxide copper mineralization which will also be tested with the proposed drilling program.

2. Petra-David Target
   The Petra David Target is located to the west side of the proposed North Pit over an area of 900 m by 200 m. The target is formed by mixed and oxide copper oxide mineralization hosted in porphyry outcroppings and 2,000 m of exploration drilling is planned for the zone. The zone has the potential to contain near surface oxide copper mineralization for the potential addition of a low cost heap leach and SX/EW component to the project.

3. Maria Jose Target
   The Maria Jose Target is located 2 km to the northeast of the proposed North Pit along the local northeast to southwest geologic structure and covers an area of 1.2 km by 280m. The target is formed by pervasive supergene argillization in the surface and copper sulphides outcroppings hosted in andesite volcanic rocks intruded by porphyries related to the mineralization. The drilling program includes 8,000 m of exploration drilling in this zone. The zone has the potential to add additional higher grade sulphides to the proposed concentrator plant mill feed.

4. Buenavista-Puente Target
   The Buenavista-Puente Target is located 2 km to the Northwest of the proposed North Pit and covers an area of 800 m by 300 m. The target is formed by porphyry and skarn type mineralization having an east-west structural control that may connect with Maria Jose target. The drilling program includes 2,000 m of exploration drilling in this zone. The zone has the potential to add additional higher grade sulphides to the proposed concentrator plant mill feed.

The drill targets are all near surface zones of mineralization identified through the Company's recent exploration work. In 2017 the Company has completed the following works at the Cotabambas Project in preparation for the current exploration drill program:

• Detailed geologic mapping of over 768 hectares of the Company's concessions in the Cluster 1 area surrounding the current resources;
• Rock chip sampling of outcroppings in Cluster 1 where a total of 597 samples were collected and assayed;
• Trenching to expose additional bedrock for detailed mapping and sampling. A total of 60 trenches with a total length of over 6.9 km were completed; and
• A geophysical program over the areas defined by the four target areas is in progress. The geophysical program advanced to date includes:
  • 44.5 km of Magnetic Surveys; and
  • 34.4 km of Induced Polarization Surveys.

An additional 35 km of Induced Polarization Surveys over these four target areas is underway and expected to be completed shortly.

Additional near surface mineralization identified by this work has good potential, and is to be tested in the drill program. It may be indicative of new porphyry centres clustered around the Ccalla and Azulccaca Porphyries containing the current project resource and serving as the base for the Preliminary Economic Assessment. Panoro's primary objective in the current drill program will be to delineate near surface, high grade and low cost mineralization.

All permits to commence the drill program are in place. Panoro has an approved Semi-Detailed Environmental Impact Study (EIAsd) and completed an agreement with the local community, as announced in January 2017. The EIAsd covers all of the four target areas defined above and the Company expects to be drilling the targets for the balance of the year.

Additionally the Company is preparing a submission to expand the area covered by the existing EIAsd to include areas of Cluster 2 including the Chaupec target, the new Porphyry/Skarn zone of mineralization hosting high copper grades, located 3 km to the west of the proposed North Pit. This target was the subject of press release July 25, 2016. Panoro is planning a drilling campaign of an additional 5,000 m at the Chaupec target.

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Projects located in the strategically important area of southern Peru. The company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over $US 15 billion into the construction or expansion of four large open pit copper mines.

Since 2007, the Company has completed over 70,000 m of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

Summary of Cotabambas and Antilla Project Resources

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.

Summary of Cotabambas and Antilla Project PEA Results

The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a 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 Shaheen. PEng, PE, MBA
President & CEO

FOR FURTHER INFORMATION, CONTACT:

Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246 Fax: 604.684.4200
Email: info@panoro.com 
Web: www.panoro.com

Renmark Financial Communications Inc. 
Laura Welsh 
Tel.: (416) 644-2020 or (416) 939-3989
blwelsh@renmarkfinancial.com 
www.renmarkfinancial.com

CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

• risks relating to metal price fluctuations;
• risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;
• the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro's control;
• risks relating to Panoro's ability to enforce Panoro's legal rights under permits or licenses or risk that Panoro's will become subject to litigation or arbitration that has an adverse outcome;
• risks relating to Panoro's projects being in Peru, including political, economic and regulatory instability;
• risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;
• risks relating to potential challenges to Panoro's right to explore and/or develop its projects;
• risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;
• risks relating to Panoro's operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro's operations;
• risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;
• risks relating to inadequate insurance or inability to obtain insurance;
• risks relating to the fact that Panoro's properties are not yet in commercial production;
• risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
• risks relating to Panoro's ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward looking information. The forward looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.

Neither the 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.