Panoro Minerals Ltd

Published : June 20th, 2012

Announces Approval of Environmental Impact Assessment (EIAsd) for Expanded Exploration Program at

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Keywords :   Copper | G Mexico | Gold | Growth | Mexico | Molybdenum | Peru | Report |
Panoro Minerals Ltd. Announces Approval of Environmental Impact Assessment (EIAsd) for Expanded Exploration Program at Cotabambas Copper/Gold Project, Peru
June 19, 2012

Vancouver, B.C., June 19, 2012 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to announce that the Environmental Impact Assessment (EIAsd) for an expanded exploration program at the 100% owned Cotabambas Copper/Gold Project has been given final approval by the Peruvian Ministry of Energy and Mines.

The expanded exploration program is aimed at continued growth of the resource base at the Cotabambas Project where the Company is completing step-out, infill and exploration drilling in the vicinity of the Ccalla and Azulccaca deposits. The current program of 24,400 m of drilling is nearing completion and Panoro has hired the international engineering firm of AMEC to provide an updated resource estimate. Their report is expected in July.

In addition to the Ccalla and Azulccaca deposits, three other porphyry centres have been identified to date on the property, including Guaccle, Ccaryoc and Cochapata. These are largely untested and up to 30,000 m of additional drilling in an expanded exploration program will include drill-testing of these targets as well as aiming for resource growth at both the Ccalla and Azulccaca deposits.

The Ccalla deposit remains open to the north, northeast and northwest as well as to depth. On the north end of the deposit and elsewhere, drilling has encountered significant near-surface intercepts of both gold-enriched, leached cap-style mineralization and underlying high grade, supergene enriched chalcocite mineralization. (see drillhole CB-43 from January 19, 2012 news release). Both types of mineralization represent an opportunity to improve the potential economics of the project, respectively through the offsetting of waste-stripping costs and early mining of higher grade mineralization. They remain open for expansion and their potential extensions represent priority drill targets. Finally, a program of geological mapping and geochemical sampling aimed at identifying new drill targets has been expanded to cover the majority of the property which had remained unexplored until now.

The approval of the Environmental Impact Assessment (EIAsd) allows the Company to drill up to 200 additional drillholes at the Cotabambas Project. The Company estimates that the expanded drilling program should be completed during 2012. The estimated investment for the expanded exploration program is $15 million for drilling as well as environmental, metallurgical and engineering work to support future economic studies on the project. The company has approximately $19 million in cash and $5.2 million of in-the-money warrants which expire at the end of 2012.

"The approval of the EIA for the expanded exploration program is another important step in realizing the full potential of the Cotabambas Project. The permit together with our strong cash position and the skilled team we have put together make for a bright outlook for our shareholders. We began exploring at Cotabambas in late 2010 with a 5,500 m drill hole program and have now completed 24,400 m and look forward to the results from an additional 30,000 m. The growth in our plans at Cotabambas reflects the growth in the geologic potential of the project.", stated Luquman Shaheen, President & CEO of Panoro Minerals.

About Panoro

Panoro's strategic focus is to move its advanced stage projects to the feasibility and development stages and to explore its other projects. The Company owns the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include Inferred level resources of:

Cotabambas: 90 million tonnes @ 0.77% Cu and 0.42 g/t Au @ 0.4% Cu cutoff (SRK, 2007)
(in situ content of 1.5 billion pounds of Cu and 1.2 million ounces of Au)
Antilla: 154 million tonnes @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cutoff (AMEC, 2009)
(in-situ content of 1.6 billion pounds of Cu and 30 million pounds of Mo)

Panoro's significant portfolio of properties is located primarily in the south-eastern 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 investment to develop the Las Bambas and Antapaccay projects. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project and Grupo Mexico's Los Chancas Copper Project.

Chris Staargaard, M.Sc., P.Geo., a Director of the Company and 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, M.B.A., P.Eng., P.E.
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
Barbara Komorowski or Rachel Zhou
Phone 514.939.3989 or 416.644.2020
Email: bkomorowski@renmarkfinancial.com
rzou@renmarkfinancial.com
Web: www.renmarkfinancial.com


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.

View News Release in PDF Format:
Associated File: http://www.panoro.com/i/pdf/2012-06-19_NR.pdf
39 KB in size, approx. 8 seconds to download at 56.6Kbps

 
Data and Statistics for these countries : Mexico | Peru | All
Gold and Silver Prices for these countries : Mexico | Peru | All

Panoro Minerals Ltd

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CODE : PML.V
ISIN : CA69863Q1037
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Panoro is a copper exploration company based in Canada.

Panoro develops copper and molybdenum in Peru.

Its main asset in development is ANTILLA in Peru and its main exploration properties are COTABAMBAS, EL ROSAL, LA RAMADA and COCHASAYHUAS in Peru.

Panoro is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 29.7 millions as of today (US$ 23.7 millions, € 20.8 millions).

Its stock quote reached its highest recent level on April 06, 2007 at CA$ 0.94, and its lowest recent point on March 13, 2009 at CA$ 0.06.

Panoro has 258 150 000 shares outstanding.

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Financings of Panoro Minerals Ltd
7/16/2014Completes Bought Deal Financing and Hudbay Private Placement
3/9/2012Closes Bought Deal Private Placement to Raise $13.8 Million
2/23/2012Announces $10,002,000 Bought Deal Financing
7/8/2011Announces Closing of Second and Final Tranche of Financing
7/4/2011Announces Closing of First Tranche of Financing
1/5/2010Closes $622,800 Private Placement
Option Grants of Panoro Minerals Ltd
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2/19/2008Company Grants Stock Options
Nominations of Panoro Minerals Ltd
5/8/2011. Retains Renmark Financial Communications Inc.
2/22/2011Announces Appointment of Mr. David W. Huber as Chief Financi...
6/8/2010Appoints Kallpa Securities SAB as Sponsor for Listing on Lim...
3/25/2010Appoints Richard Mundie To Board of Directors
4/18/2008 Lays Foundation for Future with Orderly CEO Succession, App...
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11/1/2012(Cotabambas)Announces Results from Ongoing Exploration At 100% Owned ...
7/10/2012Adds Significant Potential for Additional Resources With Dis...
6/20/2012Announces Approval of Environmental Impact Assessment (EIAsd...
4/16/2012(Cotabambas)Intersects 114.1 metres Grading 1.70% Copper, 1.2 G/t Gold a...
12/12/2011Welcomes Option Agreement between Strait Gold and Teck for t...
10/5/2011(Cotabambas)Completes Geophysical Program and Advances 24,400 m Drill Pr...
3/29/2011(Cotabambas)Completes Three Year Community Agreement and Plans Expansion...
2/17/2011(Cotabambas)Project Update
7/23/2010(Antilla)Initial Assay Results Of The Infill Drilling Program At Pano...
6/23/2010(Antilla)Infill Drilling Program Making Progress at Panoro's Antilla...
9/29/2009(Alicia Property)Options Alicia Cu-Au Property in Peru to Strait Gold Corpora...
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8/13/2008(Antilla)Encouraging First Results Indicating Continuity of Grade and...
6/25/2008(El Rosal)Acquires Additional Mineral Concessions at El Rosal Project,...
12/3/2007(El Rosal)Final Drilling Permit for El Rosal received Field Work under...
11/21/2007Progress on the Permitting Front and Community Relations App...
Corporate news of Panoro Minerals Ltd
6/17/2016Panoro Minerals Announces Filing of Antilla Cu/Mo Project Pr...
6/1/2016Panoro Minerals Announces Receipt of Second Early Deposit Pa...
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4/19/2016Panoro Minerals Announces Receipt of First Early Deposit Pay...
12/2/2015Panoro Minerals Announces Approval of Expanded Environmental...
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9/22/2015IIROC Trading Resumption - PML
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9/22/2015IIROC Trading Halt - PML
4/9/2015IIROC Trading Resumption - PML
4/9/2015Panoro Reports Positive Preliminary Economic Assessment for ...
4/9/2015IIROC Trading Halt - PML; AHC
2/5/2014Announces Granting of Options
1/20/2014(Cotabambas)Continues to Intersect Good Copper-Gold Grades at the Cotaba...
12/31/2013- Death of Director - Jaime Quijandr=EDa Salm=F3n
12/16/2013(Antilla)announces significant increase and upgrade for Antilla Cu/Mo...
10/30/2013(Cotabambas)Increases Copper and Gold Resources by 40% at the Cotabambas...
3/14/2013completes C$15 million bought deal financing
2/25/2013(Cotabambas)Intersects 110.8 Meters Grading 1.64 % Cu, 0.68 g/t Au and 6...
1/21/2013(Cotabambas)Intersects 92 Metres Grading 0.95 %Cu, 0.49 g/t Au and 6.2 g...
12/11/2012completed Table from December 11, 2012 Press Release
12/11/2012(Cotabambas)Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t...
10/26/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/24/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/17/2012Announces Granting of Options and Appointment of VP Expl...
9/28/2012(Antilla)Arbitration Committee Confirms Termination of Joint Venture ...
9/27/2012Arbitration Committee Confirms Termination of Joint Venture ...
9/11/2012(Cotabambas)Cotabambas Project Resource Estimate Shows Increase to 3.75 ...
6/13/2012(Cotabambas)Intersects 55.35 Metres Grading 0.97% Copper, 0.16 G/t Gold ...
1/19/2012(Cotabambas)Intersects Near Surface Enriched Zone With 92.35 Metres Grad...
1/4/2012Announces Approval of Application to the British Columbia an...
12/7/2011(Cotabambas)Continues to Intersect High Grade Copper-Gold Mineralization...
6/15/2011Announces Corporate Plans
5/11/2011(Cotabambas)Intersects 206 Metres Grading 0.51% Cu and 0.31 g/t Au at th...
3/7/2011(Cotabambas)Announces First Drill Results for the Cotabambas Copper Gold...
2/13/2010Retains Ascenta Capital Partners for Investor Relations
6/22/20091.6 Billion pound Copper Inferred Resource Estimate at the E...
6/15/2009annual general meeting
6/2/2008Exploration Program Commenced at Antilla Project
5/21/2008With Permit in Hand Panoro to Start Drilling Program at the ...
5/13/2008Announces Proposed Implementation of Shareholders Rights Pla...
4/7/2008 Changes Name of Subsidiary in Peru to Panoro Apurimac S.A.
3/17/2008 Grants Consorcio Minero Horizonte Option to earn 50% in Coc...
1/21/2008 Starts First of Four Drill Programs
12/5/2007 Signs Formal Agreement with Antilla Community Drilling in e...
10/4/2007Two of the Company's Projects Designated as Projects of Nati...
9/18/2007Progress Report since the Acquisition of Cordillera de las M...
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