Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro” or the “Company”) is pleased to announce the filing of the Technical Report for the Antilla Copper-Molybdenum Project, Peru Project Preliminary Economic Assessment Technical Report (PEA) on SEDAR.  The results of the PEA were announced in a May 2, 2016, news release. The technical report was authored by SRK Consulting (Canada) Inc., Moose Mountain Technical Services Ltd., Tetra Tech Inc. and Panoro Minerals Ltd. The report is available on the Company’s website at or SEDAR at

About Panoro

Panoro Minerals is a uniquely positioned Peru and Copper focused exploration company. The Company is advancing a significant project portfolio 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 substantial increases in the mineral resource base for each, as summarized in the table below.

Summary of Cotabambas and Antilla Project Resources

Cu (%)Au (g/t)Ag (g/t)Mo (%)
Cotabambas Cu/Au/AgIndicated117.10.420.232.740.001
@ 0.20% CuEq cutoff, effective October 2013, Tetra Tech Inc.
Antilla Cu/MoIndicated291.80.34--0.01
@ 0.175% CuEq cutoff, effective October 2015, Tetra Tech Inc.

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

Key Project Parameters Cotabambas Cu/Au/Ag ProjectAntilla Cu/Mo Project
Mill Feed, life of minemillion tonnes483.1350.4
Mill Feed, dailytonnes80,00040,000
Strip Ratio, life of mine 1.25 : 10.85 : 1
NPV7.5%million USD1,053491
NPV7.5%million USD684225
Annual Average Payable
Cuthousand tonnes70.536.8
Authousand ounces95.1-
Agthousand ounces1,018.4-
Mothousand tonnes-0.9
Initial Capital Costmillion USD1,530603
1Project economics estimated at commodity prices of; Cu = $US3.00/lb, Au = $US1,250/oz, Ag = $US18.50/oz, Mo = $US12/lb

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 PEAs will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

The PEA Technical report is found on SEDAR and is also available here.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

The Antilla Copper-Molybdenum project is located 140 km southwest of the City of Cusco in the Apurimac Region of Southern Peru. The centre of the project area lies at UTM coordinates 8,414,000N and 718,500E. The project is accessed via the main Cusco to Nazca highway and the unpaved main access road to the small village of Antilla. The project was acquired by Panoro in 2007 and is 100% owned by the Company.

The Antilla project resource estimate reported by AMEC on June 18, 2009 had an inferred resource of 154 million tonnes at 0.47% copper, 0.009% molybdenum at 0.25% copper cutoff.  An updated resource estimate completed by Tetratech on December 16, 2013 reported an indicated resource of 188.5 million tonnes at an average grade of 0.40% copper, 0.009% molybdenum at 0.20% cutoff plus an inferred resource of 145.9 million tonnes at 0.28% copper, 0.009% molybdenum at 0.20% cutoff.  The current Antilla project resource estimate as reported by SRK Consulting on June 16, 2016 includes an indicated resource of 291.8 million tonnes at 0.34% copper, 0.009% molybdenum; and an inferred resource of 90.5 million tonnes at 0.26% copper, 0.007 molybdenum; both indicated and inferred resource estimates at 0.175% Cueq with metallurgical recoveries.

The resource estimate has been completed utilizing all drill and assays results available to June 11, 2013, 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). The high grade mineralization defined before by AMEC has been upgraded to Indicated status in the Tetra Tech study and could be amenable in a potential starter pit within the conceptual life-of-mine. However, a pit optimization process will be included in a Preliminary Economic Assessment to be completed at the end of Q2 2014.

The potential to increase the resource at the Antilla project includes a number of targets. Firstly, the potential for the extension of the supergene sulphide mineralization in the East Block to the north and northwest was identified by five holes where the mineralization remains open for future exploration. Secondly, in the West Block, located 2.5 km from the East Block, the potential exist for additional supergene sulphide mineralization similar to the East Block based on the presence of chalcocite in the previously drilled holes in the area with some drill intervals assaying above 0.3% copper particularly in Drillhole ANT-13, 15, 16S and 6B. Thirdly, the new geochemistry survey in rocks shows an extended anomaly of molybdenum (>100ppm Mo) and copper that suggest the mineralization continuity and a possible connection of the East block with the West block. Fourthly, the geochemistry anomalies are extending also to the east of the current resources area, to the Chabuca zone, extending the potential to a global area of 2.5km by 5km, east west direction. Fifthly, in the western extreme of the property a new exploration target named Piste was recently discovered, consisting of outcropping porphyry and skarn-type mineralization hosted by sediments.

View Technical Report and Resource Estimate for Antilla Property

Luis Vela, P. Geo., Vice President of Exploration for Panoro and a “qualified person” under National Instrument 43-101, has reviewed and approved the scientific and technical information.

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