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Re: News Release - Wednesday, December 05, 2007
Panoro Signs Formal Agreement with Antilla Community Drilling in
early 2008
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Vancouver, B.C. and Lima, December 5, 2007. Panoro Minerals Ltd. (the
Company) is pleased to announce that it has signed a formal agreement
with the Community of Antilla regarding a program of socio-economic
assistance. The agreement provides the Company with a two year period
in which to significantly advance this project.
The Antilla Project
(http://www.panoro.com/i/pdf/2007-07-23_Peru_CDLM-APP.pdf), one of the
Company's flagship projects in the prolific Andahuaylas copper-gold
province consists of 7,300 hectares of mineral concessions after the
acquisition of two internal claim blocks earlier in the year. SRK
Consulting has provided a global estimate of a geological potential
based on 7 holes in the enriched chalcocite blanket on the East Block
of: � 135MT with a 90% confidence at a grade of 0.63% - 0.79% copper
"untrimmed" or �135MT with a 90% confidence at a grade of 0.61% - 0.75%
copper "trimmed" ("trimmed": all 2 metre assay intervals over 1.5%
copper reduced to 1.5% copper). A deep-seated potential hypogene copper
- porphyry remains to be tested as well as a supergene enriched target
to the west. The Antilla project is located 25 km southeast of Grupo
Mexico's Los Chancas deposit which has an estimated 200MT at a grade of
1.0% copper.
Other mineral deposits in the Andahuaylas copper - gold province
include XSTRATA's Las Bambas cluster of porphyry deposits, Norsemont's
Constancia project and the Haquira project of Antares.
The signing of the agreement with the community of Antilla was the
necessary first step for the permitting process with the Ministry of
Energy and Mines of Peru. The size of the program will require a
C-Class permit. The required environmental impact study has already
been completed. The project is one of 20 projects that were given
national priority by the Office of the President of Peru and while the
attendant legislation has not yet materialized, the Company does not
expect any delays in the permitting process other than those caused by
the impending holiday season. The Company expects to receive the
official drilling permit in time to commence drilling operations in
early 2008.
The drilling program recommended by SRK Consulting Ltd. encompasses
15,000 metres of core drilling, of which :
.. 7,500 metres are designed to further define the known zone of
mineralization,
.. 2,500 metres for exploration drilling between the Antilla East Zone
and the Antilla West target,
.. 3,000 metres for the exploration and definition of the Antilla West
target and
.. 2,000 metres for deep drilling below the Antilla East Zone to test
the presence of an underlying deep porphyry system.
The drilling program will be accompanied by environmental, geotechnical
and hydrological base line studies in preparation for a pre-feasibility
study.
With over $7 million in the treasury the Company is well funded to
embark on this and other drilling programs in its portfolio.
On behalf of the Board of
Panoro Minerals Ltd.
Helmut H. Wober, P.Eng.,
President and Director
ABOUT PANORO
Panoro Minerals Ltd. is a Canadian mineral exploration company trading
on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange
(PZM, WKN 914959) and on the Junior Board of the Lima Exchange.
Panoro's strategic focus is on exploring for large-potential gold and
copper/gold deposits in countries with the corresponding geological
potential and where the right political and economic conditions are
present. For investor inquiries please call 604-684 4246, or send an
e-mail to info@panoro.com or visit the company's website at
www.panoro.com.
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
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Copyright (c) 2007 PANORO MINERALS LTD. (PML) All rights reserved.
For more information visit our website at http://www.panoro.com/ or
send mailto:info@panoro.com
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