Panoro Minerals Ltd

Published : December 11th, 2012

Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag at the Cotabambas Cu/Au/Ag Project,

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Keywords :   Copper | Gold | Growth | Molybdenum | Peru | Report | Silver |
Panoro Minerals Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag at the Cotabambas Cu/Au/Ag Project, Peru
December 11, 2012

Vancouver, B.C., December 11, 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-silver project located in southern Peru. The drill results include infill and step out drill holes to both the south and west sides of the Ccalla deposit. Some highlights are as follows:
  • Drillhole CB-86 intersected 60.0m of supergene-enriched chalcocite mineralization grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag underlain by 70.3m of primary copper mineralization grading 1.34% Cu, 1.09 g/t Au and 7 g/t Ag and a second interval of 154.9m of primary copper mineralization grading 0.77% Cu, 0.51 g/t Au and 6 g/t Ag.
  • Drillhole CB-92 intersected 16.5m of supergene enriched chalcocite mineralization grading 0.89% Cu, 0.39 g/t Au and 7 g/t Ag, underlain by 56.4m of primary copper mineralization grading 0.75% Cu, 0.44 g/t Au and 4 g/t Ag and another interval of 158.1m grading 0.74% Cu, 0.37 g/t Au and 5 g/t Ag.
  • Drillhole CB-88 intersected 11.5m of leached capping grading 0.12% Cu, 0.90 g/t Au and 2 g/t Ag underlain by 38.0m of supergene copper oxide mineralization grading 0.83% Cu, 0.08 g/t Au and 1 g/t Ag.
The following table details the more significant intersections:

Drillhole From (m) To (m) Metres Cu (%) Au ( g/t) Ag ( g/t) Mo (%) Zone
CB-86 0.0 5.4 5.4 0.20 0.13 7 0.0023 Overburden
"" 5.4 11.4 6.0 0.13 0.29 7 0.0010 Leach
"" 11.4 71.4 60.0 1.55 0.57 7 0.0014 Supergene
"" 71.4 141.7 70.3 1.34 1.09 7 0.0012 Primary
"" 158.6 313.5 154.9 0.77 0.51 6 0.0011 Primary
"" 322.4 333.5 11.1 0.31 0.08 3 0.0011 Primary
"" 343.6 368.6 25.0 0.30 0.12 3 0.0010 Primary
"" 425.6 450.0 24.4 0.25 0.12 2 0.0053 Primary
"" 478.5 479.9 1.4 0.39 0.23 4 0.0050 Primary
"" 485.1 637.2 152.2 0.17 0.05 2 0.0205 Primary
CB-87 28.7 44.7 16.0 0.15 0.04 1 0.0020 Mixed
"" 44.7 181.7 137.1 0.11 0.03 1 0.0062 Primary
includes 136.9 162.9 26.0 0.12 0.03 1 0.0138 Primary
CB-88 0.0 11.5 11.5 0.12 0.90 2 0.0021 Leach
"" 11.5 49.5 38.0 0.83 0.08 1 0.0020 Oxide
"" 49.5 60.3 10.8 0.14 0.10 1 0.0016 Oxide
"" 69.5 93.5 24.0 0.27 0.13 1 0.0011 Oxide
"" 93.5 121.1 27.6 0.36 0.12 2 0.0041 Primary
"" 145.7 195.9 50.2 0.29 0.11 1 0.0037 Primary

Drilling on Southern Margin of the Ccalla Deposit

Hole CB-86 was an infill drill hole collared 75m to the south of previously reported hole CB-58. A 60.0m zone of supergene-enriched chalcocite mineralization grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag was intersected near the surface. This was immediately underlain by 70.3m of primary copper mineralization averaging 1.34%Cu, 1.09 g/t Au and 7 g/t Ag and a second interval of 154.9m of primary copper mineralization averaging 0.77% Cu, 0.51 g/t Au and 6 g/t Ag. The two intervals of primary mineralization are separated by a 16.9m wide barren latite dike. Inclusion of this barren dyke results in an interval of 285.1m grading 1.08%Cu, 0.67 g/t Au and 6 g/t Ag. Several other intervals of primary copper mineralization at greater depth in the hole are situated outside the pit shell limit constraining the current Inferred resource. The final 152.2m in the hole graded 0.17%Cu, 0.05 g/t Au, 2 g/t Ag and 0.020% Mo in mineralization associated with an intrusive not previously encountered on this side of the deposit.

Hole CB-87 was a step out hole drilled parallel to and 100m to the south of hole CB-92 but in the opposite direction. It was stopped at 181.7m because of operational problems but bottomed in mineralization after intersecting 26.0m of molybdenum mineralization averaging 0.12% Cu, 0.03 g/t Au, 1 g/t Ag and 0.014% Mo.

Hole CB-92 was a step out hole positioned 50m to the south of hole CB-86 and aimed at testing the continuity of supergene mineralization to the south. Below a 28.7m surface interval of oxide mineralization, the hole intersected 16.5m of supergene enriched chalcocite mineralization grading 0.89% Cu, 0.39 g/t Au and 7 g/t Ag. This was underlain by high grade primary copper mineralization including 56.4m grading 0.75% Cu, 0.44 g/t Au and 4 g/t Ag followed by 158.1m grading 0.74% Cu, 0.37 g/t Au and 5 g/t Ag. The second interval includes 44.2m grading 1.01% Cu, 0.52 g/t Au and 5 g/t Ag. Significantly, both holes CB-92 and CB-86 intersected high grade primary and supergene mineralization that are still open to the southwest of the Ccalla deposit.

Hole CB-90 is an infill drill hole collared 50m to the east of hole CB-58. It was stopped at 142.2m because of operational issues after intersecting a near surface, 26.0m interval of supergene copper oxide mineralization grading 0.29%Cu, 0.06 g/t Au and 2 g/t Ag underlain by 113.6m of primary copper mineralization averaging 0.32%Cu, 0.13 g/t Au and 3 g/t Ag.

Drilling West of the Ccalla Deposit

Hole CB-88 is an infill drill hole. From the surface, an 11.5m interval of leached capping graded 0.12%Cu, 0.90 g/t Au and 2 g/t Ag. This was underlain by 38.0m of supergene copper oxide mineralization grading 0.83%Cu, 0.08 g/t Au and 1 g/t Ag. At depth, several intervals of primary copper mineralization were intersected, including 27.6m grading 0.36% Cu, 50.2m grading 0.29% Cu, 43.6m grading 0.48% Cu and 104.7m grading 0.29% Cu. The final 29.5m averaged 0.36% Cu and mineralization is still open at depth. This primary mineralization is located below the pit shell used to constrain the current Inferred resource.

Hole CB-89 was a exploratory hole collared to the northeast of the deposit. Some intervals of primary mineralization with low values of copper were intersected.

A map showing the locations of the drill holes is available at Panoro's website, Five drills are working and another will arrive before January to push the step-out, exploration and infill drilling targeting continued growth of the resource and upgrade of the high grade pit area to the Indicated and Measured categories.

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:   404.1 Mt @ 0.42% Cu, 0.23 g/t Au and 2.84 g/t Ag @ 0.2% Cueq cut-off (AMEC 2012)
(in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au, 36.9 million oz. Ag)
Antilla:   154 Mt @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cut-off (AMEC, 2009)
(in-situ content of 1.6 billion lbs. Cu and 30 million lbs. 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 Southern Copper's Los Chancas Copper Project.

Luis Vela, 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 Inc.
Barbara Komorowski:
Barry Mire:
Media - Lynn Butler:
Tel.: (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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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
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8/16/2011(Cotabambas)Restarts Cotabambas Drill Program and Grants Options
2/19/2008Company Grants Stock Options
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5/8/2011. Retains Renmark Financial Communications Inc.
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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 ...
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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
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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...
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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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