Cochasayhuas

The 5,836 hectare Cochasayhuas property is located at the centre of the properties constituting Panoro’s portfolio, to the west of Las Bambas project (Xstrata) and Haquira project (First Quantum). The property contains the historical San Fernando mine which was in continuous production from 1912 to 1952 and produced 401,000 ounces of gold and 480,000 ounces of silver (SRK, 2007). Production came only from one vein system, the Cochasayhuas vein, although there are two other main vein systems, those being the San Fernando vein and the San Lucas vein. The Cochasayhuas vein trends N 15-20° E, dipping 50-60° NW with width between 1 to 1.50 meters that widens to 10 meters as quartz veinlet stockworks. It was mined along a strike length of 1.1 km length to a depth of 400 meters. Its known strike length is 3 kms and extends outside of the property. San Fernando was traced for a total of 3.5 kms within the property and trends N 20-35° E, dipping 50-60° NW with width between 8 to 30 meters of quartz veinlets stockworks. No production was reported from the San Fernando vein.

The Cochasayhuas deposit is a low sulfidation type epithermal gold deposit and contains associated base metals minerals such as chalcopyrite, galena and sphalerite. A map showing the result of mapping and sampling conducted by Consorcio Minero Horizonte (“CMH”) in 2008 is shown. CMH and Panoro signed a venture agreement over Cochasayhuas in March 17, 2008 which was eventually cancelled the following year. The work done by CMH is the most recent on the property and is contained in a report prepared for CMH by Desafio Minero SAC in March 2008.

A site reconnaissance and inspection was carried out by Panoro in 2009 to validate the sampling done by CMH. Samples from known mineralized outcrops confirmed grades of up to 4.7 g/t of gold on a 2 meter sample on Cochasayhuas vein and 2.2 g/t gold on a 1 meter sample taken across a quartz stockworks zone on San Fernando.

On October 3, 2009, the local community of Progreso signed an agreement allowing Panoro to explore the 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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