Panoro Minerals Ltd

Published : June 13th, 2012

Intersects 55.35 Metres Grading 0.97% Copper, 0.16 G/t Gold and 2 G/t Silver at the Cotabambas Copp

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Keywords :   Copper | G Mexico | Gold | Growth | Mexico | Molybdenum | Peru | Report | Silver |
Panoro Intersects 55.35 Metres Grading 0.97% Copper, 0.16 G/t Gold and 2 G/t Silver at the Cotabambas Copper-Gold Project, Peru
June 13, 2012

Vancouver, B.C., June 13, 2012 - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to report additional assay results from its 100% owned Cotabambas porphyry copper-gold project located in southern Peru. Highlights are as follows:
  • a 96.35 metre intercept of supergene oxide mineralization at the Ccalla zone grading 0.57% copper, 0.12 g/t gold and 2 g/t silver in hole CB-50, including 41.60 metres grading 0.99% copper, 0.02 g/t gold and 1g/t silver

  • immediately underlying the above intersection in hole CB-50, a 55.35 metre thick interval of supergene chalcocite mineralization grading 0.97% copper, 0.16 g/t gold and 2 g/t silver, including 29.30 metres grading 1.41% copper, 0.16 g/t gold and 1g/t silver

  • a 34 metre interval of supergene oxide mineralization at the Ccalla zone grading 1.38% copper, 0.07 g/t gold and 1 g/t silver in hole CB-60
The following table details the more significant intersections:

Drillhole From (m) To (m) Metres Cu (%) Au (g/t) Ag (ppm) Mo (%)
CB-47 0.70 23.50 22.80 0.15 0.04 1 0.001
�� 23.50 74.25 50.75 0.12 0.35 3 0.002
�� 74.25 133.60 59.35 0.33 0.12 1 0.002
�� 133.60 145.60 12.00 0.17 0.05 1 0.001
�� 145.60 321.75 176.15 0.20 0.53 2 0.002
CB-50 4.70 81.20 76.50 0.15 0.48 2 0.001
�� 81.20 177.55 96.35 0.57 0.12 2 0.002
including 87.20 128.80 41.60 0.99 0.02 1 0.000
CB-50 177.55 232.90 55.35 0.97 0.16 2 0.002
�� 177.55 206.85 29.30 1.41 0.16 1 0.002
�� 232.90 328.30 95.40 0.23 0.08 1 0.001
CB-52 157.80 221.80 64.00 0.13 0.03 1 0.006
�� 340.30 443.10 102.80 0.10 0.02 1 0.007
�� 493.10 507.95 14.85 0.14 0.03 2 0.014
�� 622.40 680.85 58.45 0.15 0.04 2 0.024
CB-57 705.25 776.10 70.85 0.30 0.06 2 0.008
�� 865.95 935.00 69.05 0.31 0.11 3 0.007
  957.00 1019.50 62.50 0.21 0.08 4 0.009
CB-59 158.15 246.90 88.75 0.11 0.04 1 0.001
�� 318.90 354.65 35.75 0.12 0.04 1 0.001
�� 428.70 469.40 40.70 0.14 0.08 2 0.004
�� 496.40 543.20 46.80 0.16 0.08 1 0.002
�� 590.35 763.10 172.75 0.15 0.08 2 0.002
CB-60 2.00 36.00 34.00 1.38 0.04 1 0.001
including 10.00 24.00 14.00 1.78 0.04 1 0.001
CB-63 146.95 464.30 317.35 0.27 0.31 2 0.001
including 257.80 354.00 96.20 0.44 0.65 3 0.001

Hole CB-50 was drilled on the northwest side of the Ccalla zone to fill a gap in the existing resource model. It intersected a 96.35 metre interval of supergene oxide mineralization grading 0.57% copper, 0.12 g/t gold and 2 g/t silver below 76.5 metres of leached capping grading 0.48 g/t gold and 0.15% copper. The oxide zone was immediately underlain by a 55.35 metre thick interval of supergene chalcocite mineralization grading 0.97% copper, 0.16 g/t gold and 2 g/t silver.

Hole CB-60 was an exploration hole drilled from the same site as previously reported hole CB-56 but in the opposite direction. From surface, it intersected 34 metres of supergene oxide mineralization grading 1.38% copper, 0.04 g/t gold and 1 g/t silver.

Holes CB-47, CB-52 and CB-57 were exploration holes targeting potential extensions of the Ccalla zone in areas to the west and south. They encountered various intervals of low to moderate grade copper-gold mineralization.

Holes CB-59 and CB-63 targeted potential extensions to the north and to depth respectively at the Azulccaca zone situated about 900 metres south of the Ccalla zone. The former cut a number of low grade zones of copper-gold mineralization while the latter intersected 317.35 metres grading 0.27% copper, 0.31 g/t gold and 2 g/t silver, including 96.2 metres grading 0.44% copper, 0.65 g/t gold and 3 g/t silver, extending mineralization a further 150 metres to depth.

A plan map and cross sections showing the location of drill holes are available at Panoro's website.

Three drills continue to work at the Cotabambas Project and are engaged in step-out and exploration drilling targetting continued growth of the resource at both the Ccalla and Azulccaca deposits. The results of drilling will be incorporated into an updated resource estimate for Cotabambas recently commissioned from AMEC Peru, a preliminary report for which is expected in July 2012.

"We are very pleased with the progress of the drilling program at Cotabambas. The infill component of the program was completed at the Ccalla deposit and the step-out and exploration drilling continues. AMEC has commenced its work on the technical report to support an updated NI 43-101 resource estimate. The exploration and stepout drilling is identifying a number of good target areas at both the Ccalla and Azulccaca Deposits for potential resource growth. The company is well financed to continue our exploration work and we expect to have at least four drills working throughout 2012", stated Luquman Shaheen, President & CEO, Panoro Minerals Ltd.

Strong Working Capital Position

The Company is pleased to announce the exercise of a total of 14,088,545 warrants between March and May 2012 at a strike price of $0.35. The exercise of these warrants yielded $4,930,991 which, together with the March 2012 closing of a $13.8 million bought deal financing, leaves the Company with approximately $19 million in cash to continue exploration at the Cotabambas Project and commence exploration at selected early stage properties within the same Andahuaylas-Yauri porphyry belt in Peru.

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 of 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


Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Fax: 604.684.4200


Renmark Financial Communications
Barbara Komorowski or Rachel Zhou
Phone 514.939.3989 or 416.644.2020

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.

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

Panoro Minerals Ltd

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$ 33.6 millions as of today (US$ 26.8 millions, € 23.5 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
8/16/2011(Cotabambas)Restarts Cotabambas Drill Program and Grants Options
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...
Project news of Panoro Minerals Ltd
7/15/2013(Cotabambas)Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9...
5/6/2013(Cotabambas)Intersects 103.6 Meters Grading 0.79 %Cu, 0.58 g/t Au and 5....
1/28/2013(Antilla)Recommences Antilla Cu/Mo Project, Peru
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...
1/28/2009(Antilla)Successful Completion of 2008 Exploration Program at Antilla...
9/3/2008(Antilla)Antilla, Peru, Further Results Meet and Exceed Expectations,...
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...
5/24/2016Panoro Announces Appointment of Chief Financial Officer
5/2/2016Panoro Reports Positive Preliminary Economic Assessment For ...
4/19/2016Panoro Minerals Announces Receipt of First Early Deposit Pay...
12/2/2015Panoro Minerals Announces Approval of Expanded Environmental...
11/25/2015Panoro Minerals Announces Interim CFO
11/2/2015Panoro Announces Ms. Kathryn Johnson as Chief Financial Offi...
9/22/2015IIROC Trading Resumption - PML
9/22/2015Panoro Reports Updated Preliminary Economic Assessment Resul...
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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