VANCOUVER , June 26, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (PML.V) (PML.V) (PZM.F) ("Panoro", the "Company")
announces that the Company has altered its Articles to include advance
notice provisions relating to the nomination of individuals for
election of directors. These provisions are designed to: (i)
facilitate orderly and efficient shareholder meetings at which
directors are to be elected; (ii) ensure that all shareholders,
including those participating in a shareholders' meeting by proxy
rather than in person, receive adequate notice of all director
nominations and sufficient information with respect to all nominees;
and (iii) allow shareholders to register an informed vote. This
alteration of the Company's Articles was approved by shareholders at
the Company's annual and special general meeting held on June 24, 2014 .
A more detailed discussion of the advance notice provision is contained
in the Company's management information circular dated May 20, 2014
prepared in conjunction with the annual and special general meeting, a
copy of which is available for review on Sedar at www.sedar.com.
About Panoro
Panoro is advancing its significant portfolio of copper and gold
projects in the key Andahuaylas-Yauri belt in south central Peru ,
including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum
and Antilla Copper-Molybdenum Projects.
Since 2007, the company has completed over 70,000 m of exploration
drilling at these two key projects leading to the delineation of
mineral resources in late 2013 of:
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Cotabambas:
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Indicated Resource 117.1 Mt @ 0.42% Cu, 0.23g/t Au, 2.74 g/t Ag &
0.001%Mo (@0.2% Cueq cutoff)
Inferred Resource 605.3 Mt @ 0.31% Cu, 0.17g/t Au, 2.33 g/t Ag and 0.002
%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2013).
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Antilla:
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Indicated Resource 188.5 Mt @ 0.40% Cu and 0.009% Mo (@0.2% Cueq cutoff)
Inferred Resource 145.9 Mt @ 0.28% Cu and 0.009%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2014).
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Panoro continues its exploration and drilling at the Cotabambas project
while a Preliminary Economic Assessment (PEA) is underway by AMEC
Americas Ltd. The PEA is due for completion in mid 2014. The already
significant resource, together with significant geologic potential
demonstrate the potential for a large scale open pit mine at the
project. To date exploration at the Cotabambas Project has focused on
the Ccalla and Azulccaca deposits. However, at least eight other
porphyry and skarn target zones have been identified within the
company's Cotabambas mineral concession blocks. Drilling at these
targets is planned.
A PEA for the Antilla Project is also planned for completion in mid
2014. The moderate scale of the resource at the Antilla Project
together with strong infrastructure in the area may result in a
moderate capital cost development plan for the project.
In addition to the Cotabambas and Antilla Projects, Panoro's portfolio
includes more than 10 earlier stage projects in primarily the same
region of south central Peru . Peru's national objective of doubling
copper production together with the development of the many copper
projects in the region, together with the private and public
investments into rail, road, power generation and transmission and port
infrastructure are leading to the rapid growth of an important global
center for copper production where Panoro's large portfolio is
situated.
This region contains a number of important copper and copper/gold
deposits including the Las Bambas Project, recently acquired by a
consortium led by China's Minmetals for $5.85 Billion ,
GlencoreXstrata's Tintaya Copper Mine and the Antapaccay copper project
which was completed with an investment of US$1.5 billion . The region
also includes First Quantum Minerals' Haquira Copper Project, HudBay
Minerals' Constancia Copper Project, Southern Copper's Los Chancas
Copper Project and Buenaventura's Trapiche Project. Hudbay's Constancia
project is currently in construction with start-up planned for 2014.
Luis Vela , a P. Geo 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 A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO
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.
SOURCE Panoro Minerals Ltd.