The Kusiorcco project refers to the porphyry copper-skarn mineralization located within an irregular array of 11 exploration concessions totaling 3,862 hectares at an elevation of 4,600 meters. It is in close proximity to Hudbay Minerals’ Constancia project (Indicated resources of 256 million tonnes at 0.50% copper, Inferred resources of 156 million tons at 0.33% copper), the historical Katanga Copper Mine of Mitsui and the Monte Rojo project of Vale. The porphyry copper mineralization occurs within a large monzonitic porphyry intrusive. Approximately 60% of this intrusive is in Panoro’s property.

The porphyry copper target is characterized by a strong 1.5 km x 0.7km of Induced Polarization chargeability anomaly (16.24mV/V) that overlies a quartz-sericitic altered zone. This strong anomaly occurs almost totally within Panoro’s property. An outstanding feature of the system is the intensity of quartz-K feldspar veinlets of A-type, with both stockworks and linear arrays of sub-parallel veinlets being common. The calc-silicate skarn is dominated by massive, coarse grained red garnet developed along narrow zones at the contact between the main porphyry mass and the Ferrobamba limestone (SRK, 2007). A number of small-scale mining can be found around the porphyry intrusive exploiting the copper-skarn mineralization.

Exploration work was started by Cordillera de las Minas, the previous owner, in 2004 with reconnaissance exploration in the general area of the Katanga Mine. This resulted in the discovery of extensive outcrops of porphyry style characteristics. This was followed by geological mapping at the scale of 1:2000 of an area of about 288 hectares, while at the same time a geophysical survey consisting of 32.2km of magnetometer surveys and 16.8km of Induced Polarization surveys were initiated. Rock samples were taken in the area of geological mapping.

Panoro’s Environmental Impact Statement (EIS) for the proposed drilling program at the Kusiorcco Project was approved in December of 2009. The company plans to engage the community of Uchucarco to secure an agreement to drill on the project as soon as possible.

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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