Vancouver, B.C., July 8, 2011 - Panoro
Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro" or the "Company") Panoro is pleased to announce that the Company has
completed the second and final tranche of the previously announced
brokered private placement to raise an additional $352,980 through the placement
of 784,400 units at a price of $0.45 per unit. Each unit consists of one
share and one half of a share purchase warrant, each full warrant
exercisable over 18 months at a price of $0.60. The total gross proceeds
from the two tranches amounts to approximately $7.8 million. Insiders
acquired 500,000 units of the Financing. The common shares comprising the
units and any common shares issued upon the exercise of the warrants are
subject to a four month hold period expiring on November 6, 2011.
MPartners has acted as lead agent of the
brokered private placement which includes Canaccord
Genuity. The Company has agreed to pay the
Agent a cash fee equal to up to 7 per cent of the gross proceeds from the
offering and an Advisory Fee. As additional compensation, the Agent will
be issued compensation options entitling the Agent to purchase that
number of common shares of the Company equal to up to 7 per cent of the
number of the common shares sold under the offering.
The net proceeds are intended for the continued advancement of the Cotabambas Copper/Gold project including an expanded
drill program, preliminary metallurgical test work, expanded magnetic and
IP surveys, and an updated NI 43-101 compliant resource estimate. In
addition funds are allocated for an initial drill program at the Kusiorcco Copper Project, and for general corporate
purposes. The private placement remains subject to the approval of the
TSX Venture Exchange.
The President and Chief Executive Officer of Panoro,
Luquman Shaheen,
stated "The completion of this financing provides Panoro with a strong cash and working capital
position which will allow the Company to complete our proposed
exploration program at Cotabambas targeting a
significant increase in the resource."
Since November 2010, Panoro has completed 2,800
m of its Phase one, 5,500 m drilling program and is in the process of
completing magnetic and induced polarization geophysical surveys at Cotabambas. An additional twenty nine drillholes totaling an estimated 21,500 m of step out
drilling are planned at the main Ccalla Deposit
and between the main Ccalla zone and the Azulccaca zone 900 metres
to the south. Drill mobilization is scheduled for July 11, 2011.
About Panoro
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's
strong cash position puts the company in a good position 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:
Cotabambas: 90 million tonnes
@ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff, SRK 2007)
Antilla: 154 million tonnes
@ 0.47% Cu and 0.009% Mo (0.25% Cu cutoff, AMEC 2009)
In addition to the exploration program at the Cotabambas
Project, the Company will also be carrying out exploration work at its Antilla Copper-Molybdenum Project, 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 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 of investment to develop
the Las Bambas and Antapaccay
projects. The region also includes the Haquira
Copper Project, recently acquired by First Quantum Minerals, and the Constancia Copper Project, recently acquired by Hudbay Minerals.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen,
M.B.A., P.Eng., P.E.
President, CEO and Director
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