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Re: News Release - Wednesday, May 21, 2008
With Permit in Hand Panoro to Start Drilling Program at the
Antilla Project
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Vancouver, B.C. and Lima, May 21, 2008. Panoro Minerals Ltd. (the
Company) is pleased to announce that the final permit document for the
proposed exploration program at its Antilla Project has been issued by
the Peruvian Ministry of Energy and Mines. Bradley MDH of Lima, Peru
has been awarded the drilling contract for the Antilla Project and has
commenced mobilization of two drill rigs to site.
The Company is advancing all preparations for the commencement of the
drilling program. In accordance with the Company's agreement with the
community of Antilla, a work force of at least 30 people from the
community are employed on a rotational basis for these activities.
The Company's Flagship Antilla Project (7,400 hectares) is at an
advanced exploration stage. Mineralization consists of a zone of
supergene enrichment of porphyry-style copper mineralization and
secondary biotite alteration developed in a package of quartzites and
arenites and which is thought to be associated with an underlying
intrusive. The mineralization consists of predominantly sulphides
(chalcocite, chalcopyrite and pyrite) associated with quartz
stock-works, veinlets and disseminations. The project has to date been
explored by 4,012 metres of
Diamond drilling in 19 holes of which 8
holes lie within the so-called East Block of mineralization. SRK
Consulting (see Report on the Company's web site) has provided a global
estimate of geological potential of this Exploration Target based on 7
holes in the enriched chalcocite blanket on the East Block of: � 135
million tonnes (MT) @ 90% confidence 0.63% - 0.79% copper "untrimmed"
or �135MT @ 90% confidence 0.61% - 0.75% copper "trimmed" ("trimmed":
all 2m assay intervals over 1.5% reduced to 1.5%). The potential of an
underlying porphyry system remains to be tested as well as a similar
but separate supergene target to the west.
The reader is cautioned that the potential quantity and grade of
Exploration Targets as described in this release is conceptual in
nature, that there has been insufficient exploration to date to define
a mineral resource and that it is uncertain if further exploration will
result in the target being delineated as a mineral resource.
The initial drilling program includes forty seven (47) holes, or 10,000
metres. Thirty seven (37) of these holes are infill holes planned for
the East-Block of the project where the existing 135 MT geologic
potential has previously been identified. A few of the East Block holes
are planned to explore this area at greater depth to test for presence
of a hypogene porphyry copper deposit. Seven (7) additional holes are
planned for the West Block and three (3) holes are planned between this
block and the East Block to investigate the continuity and presence of
the supergene deposit between these areas. The program will include
environmental base line studies, geotechnical investigations and bench
scale metallurgical tests and is planned for completion by the end of
2008. Maps and sections illustrating the geology of the Antilla project
and the location of previous drillholes are available at
www.panoro.com.
The Company is well financed to carry out this program and potentially
other programs, subject to community agreements and permitting.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E.
President, CEO 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) 2008 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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