VANCOUVER, May 6 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) is pleased to announce the appointment of Renmark Financial Communications Inc. of Montreal, Quebec (www.renmarkfinancial.com), to handle its investor relations activities.
Renmark will receive a monthly fee of $7,000 for a 12-month term commencing June 1, 2011. Panoro has the right to terminate the agreement at any time after November 30, 2011 upon 30 days notice to Renmark. Panoro's agreement with its current investor relations firm, Ascenta Capital Partners Inc., will be terminated effective May 30th, 2011. Panoro wishes to thank Ascenta Capital for its past services.
Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold projects to the feasibility and development stages and to explore its other projects. Panoro recently closed a $6.5 million non-brokered private placement positioning the company to continue developing its significant portfolio of exploration projects. The Company's large portfolio includes the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include NI 43-101 inferred level resources of:
||90 million tonnes at 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff) |
||154 million tonnes at 0.47% Cu and 0.009% Mo (0.25% Cu cutoff) |
In addition to the on-going exploration program at the Cotabambas Project, the Company plans exploration work at its Kusiorcco Copper Project and Cochasayhuas Gold Project in 2011. Panoro has ten other exploration properties in Peru and is currently evaluating investment alternatives including joint ventures.
Panoro's significant portfolio of projects is located primarily in the southeastern region of Peru. This region contains a number of important copper and copper/gold deposits including Xstrata's Las Bambas and Antapaccay Copper Projects and the Tintaya Copper Mine. In September 2010, Xstrata announced US$5.7 billion of investment to develop the Las Bambas and Antapaccay projects. The region also includes the Haquira Copper Project, recently acquired by First Quantum Minerals in October 2010, and the Constancia Copper Project, acquired by Hudbay Minerals in March 2011.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO and Director
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.