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Re: News Releases - Wednesday, October 08, 2008
Panoro Expands Target Area at Antilla Project and Continues
Success with Infill Drilling highlighted by 96 m of 0.72% Copper
and 0.029% Molybdenum
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VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwire - Oct. 8, 2008)
- Panoro Minerals Ltd. (TSX
VENTURE:PML)(BVL:PML)(FRANKFURT:PZM)(WKN:914959) ("the Company") is
pleased to announce that its exploration program at its 100% owned
Antilla Project in Peru continues its success in delineating and
expanding the target area of copper and molybdenum mineralization.
The Company has received assay results from additional drillholes of
the Antilla advanced stage exploration project. The locations of these
holes are shown at the Company's website at the following link,
http://www.panoro.com/s/MapsandPhotos_Antilla.asp?ReportID=322037&_Tit
le=Antilla-Eastblock.
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>From To Width Copper Molybdenum
Drillhole (metres) (metres) (metres) (%) (%)
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ANT-34 60 82 22 0.55 0.038
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ANT-35 38 52 14 0.36 0.001
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ANT-36 30 54 24 0.54 0.017
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62 142 80 0.52 0.001
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ANT-37 Incl.66 94 28 0.62 0.001
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Incl.118 142 24 0.67 0.001
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34 130 96 0.72 0.029
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ANT-38 Incl.34 112 78 0.80 0.029
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Incl.122 130 8 0.63 0.037
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2 82 80 0.55 0.002
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ANT-39 Incl.6 26 20 0.60 0.001
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Incl.36 82 46 0.61 0.002
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14 84 70 0.48 0.008
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Incl.14 36 22 0.62 0.005
ANT-40 -----------------------------------------------------
Incl.56 70 14 0.68 0.013
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Incl.76 84 8 0.58 0.018
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58 149 91 0.56 0.013
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ANT-41 Incl.74 149 75 0.60 0.014
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Incl.114 149 35 0.73 0.018
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34 44 10 0.68 0.004
ANT-42 -----------------------------------------------------
114 121 7 0.53 0.002
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ANT-43 44 64 20 0.63 0.011
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28 36 8 1.10 0.008
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ANT-44 70 90 20 0.56 0.009
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112 119 7 0.34 0.059
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86 114 28 0.35 0.014
ANT-47 -----------------------------------------------------
138 148 10 0.33 0.012
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150 182 32 0.41 0.016
ANT-50 -----------------------------------------------------
Incl.168 174 6 0.71 0.024
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66 82 16 0.56 0.016
ANT-51 -----------------------------------------------------
88 98 10 0.54 0.019
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ANT-54 136 156 20 0.64 0.021
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Drillhole ANT-53 intersected mineralization below 0.30% copper
confirming the boundary of the East Block target area to the south.
The drillhole intersections listed in the above table and in earlier
news releases have been selected to contain assays for 2 metre samples
of at least 0.3% copper. No economic consideration is implied at this
time and while the remaining lengths of drillholes still contain wide
sections of copper mineralization in the 0.1% to 0.29% range, the
current "cut off criterion" has been selected on a preliminary basis
only to compare more directly with the selection made by SRK Consulting
(SRK) in their earlier projections. (See below.)
All drillholes are part of the infill drilling program at the East
Block target area except ANT-41 and ANT-43 which are located outside
the target area to the northwest side of the East Block. The assay
results from these drillholes indicate the supergene enriched zone is
open to the northwest. Additional drillholes are being programmed to
target the potential further extension of the supergene enriched zone
in this direction. The extension of the supergene enriched zone
together with the presence of molybdenum mineralization indicate the
possibility of increasing the global geologic potential of the East
Block.
Additionally, a review of the core samples of the infill drillholes
completed to date suggest the presence of primary porphyry copper
mineralization at depth in the northwest area of the East Block. A deep
exploration drillhole is currently underway to investigate this
possibility.
The current drilling program is being carried out to provide sufficient
information to allow estimation of tonnage and grade for a National
Instrument 43-101 compliant resource category. This estimate will
incorporate economic considerations at specified copper and molybdenum
price assumptions. The current estimate represents a global geological
potential as projected by SRK, see report at:
http://www.panoro.com/i/pdf/PanoroApurimac43-101.pdf.
The global estimate of the geological potential of the East Block based
on seven historic drill holes in the enriched chalcocite blanket of
approximately 135 million tonnes (MT), with a 90% probability
containing a copper grade of between 0.61% and 0.75%, whereby all
copper assays greater than 1.5% were trimmed back to 1.5% copper. The
presence of a potentially 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 Target 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 results of the Antilla exploration program are encouraging. The
company is financed for its current programs and is well positioned to
advance its projects through these turbulent economic times.
All drilling was carried out by Bradley MDH S.A. and all assay samples
are being tested by ALS-Chemex laboratory in Lima, Peru. Fred Tejada,
P.Geo., is the Company's VP-Exploration and the Qualified Person for
this project.
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, e-mail
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
Message sent on Wed Oct 8, 2008 at 6:10:45 AM Pacific Time
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