-- Panoro Minerals Ltd. (TSXV: PML, Lima: PML,
Frankfurt: PZM) ("Panoro") is pleased
to announce that three drill holes totalling
1,252 metres have been completed as part of a
program of stepout and infill drilling at its Cotabambas Project. Drillhole
CB-36 at the main Ccalla zone was terminated at
a depth of 825 metres, having intersected a
number of zones of chalcopyrite � molybdenite
mineralization to a depth of 737 metres,
extending known mineralization an additional 200 metres
downwards. Drillholes CB-34 and CB-35 tested
the Azulccaca zone, located approximately 900 metres southwest of the Ccalla
zone, to depths of 207 metres and 220 metres respectively. Both holes intersected
chalcopyrite mineralization. Assay results for the three holes will be
reported when all have been received from the laboratory.
A magnetometer survey was completed over part of the property and an
Induced Polarization geophysical survey is being considered. The
objectives of this work are to further define the geological setting on
the property and to test for the extension of mineralization both between
the Ccalla and Azulccaca
zones as well as in other parts of the property.
Agreements with two of the three indigenous communities in the area, Guaclle and Ccalla, are in
place and Panoro has also been invited by the
third indigenous community, Cochapata, to
discuss an agreement.
At the Antilla Project, following the
termination of the JV agreement with Chancadora
Centauro, an arbitration process has commenced
to confirm termination of JV and to recover the assets transferred at the
signing of the JV agreement. Panoro terminated
the JV agreement and regained title of all related mineral concessions in
September 2010 after Chancadora Centauro failed to make a USD$4 million payment.
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
recently closed a $6.5 million non-brokered private placement positioning
the company 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
Cotabambas: 90 million tonnes
at 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff)
Antilla: 154 million tonnes
at 0.47% Cu and 0.009% Mo (0.25% Cu cutoff)
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 southeastern 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, the subject of a proposed
acquisition by Hudbay Minerals.
On behalf of the Board of
Panoro Minerals Ltd.
M.B.A., P.Eng., P.E.
President, CEO and Director
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
President & CEO
Jim Glass, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 225
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.