VANCOUVER, June 14, 2011 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro") Panoro announces that Mr. Fred Tejada, VP Exploration will be transitioning into a new position outside of Panoro over the next two months.
Panoro has completed its planning for the Phase II expanded exploration program at its Cotabambas Copper/Gold Project and its site team is in place to execute the proposed program. The company has completed 2,800 m of its Phase 1, 5,500 m drilling program and is in the process of completing the magnetometer and induced polarization geophysical surveys. The Phase 2 exploration program at the Cotabambas project will include up to an additional twenty nine drillholes totaling an estimated 21,500 m of drilling focused on step out drilling at the main Ccalla Deposit at the Cotabambas project. The Company is currently finalizing the availability of drill rigs to begin the program as soon as possible.
Fred Tejada joined Panoro in 2007 and was an important part of the exploration successes at its Antilla and Cotabambas Projects. Fred was based in Vancouver and he helped build a strong in-country team in Peru. The in-country team remains intact which will continue to advance the important on-going exploration program at the Cotabambas Project. Panoro thanks Fred for his important contributions to the Company and wishes him the best of success.
Mr. Christian Staargaard, P.Geo, a member of Panoro's board of directors will provide support to management in Peru and Vancouver to smooth the transition. Mr. Staargaard has been integral in providing strategic leadership with the exploration program to date. Mr. Staargaard is a Professional Geologist with over 25 years of worldwide experience in mineral exploration. He has worked as a consulting geologist in Canada, the United States, eight Latin American countries, the United Kingdom, Sweden, Iran, the Philippines, Indonesia, Ethiopia, Ghana, Burkina Faso and China. His experience with Porphyry deposits has made him a valuable member of the Panoro team to date.
Panoro has previously announced it has entered into an agreement with M Partners Inc. (the "Agent") to raise, on a best-efforts private placement that will include Canaccord Genuity, a maximum of $8.0 million through the issuance of units of the Company at a price of $0.45 per unit. Each unit of the Company shall consist of one common share and one-half common share purchase warrant, each whole warrant exercisable to acquire one additional common share at a price of $0.60 per common share, for a period of 18 months after the closing date of the private placement.
The net proceeds are intended to be used for continued development of the Cotabambas project including drill program, preliminary metallurgical testing, expanded magnetic survey, IP survey, and updated 43-101. As well, initial drill program at Kusiorcco, and for general corporate purposes
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: |
1154 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
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.
