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Panoro Minerals Recommences Antilla Cu/Mo Project, Peru
Published : January 28, 2013
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Panoro Minerals Recommences Antilla Cu/Mo Project, Peru

VANCOUVER, BC, Jan. 28, 2013 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to announce that the company has completed the transfer of all assets from its former joint venture (JV) partner and has recommenced with exploration activities at its 100% owned Antilla Copper/Molybdenum Project in Peru.

Panoro was successful in winning the arbitration process in September 2012 whereby the arbitration committee reconfirmed the termination of the project JV and related agreements.  Panoro's former partner did not contest any aspects of the arbitration process in the courts and has been working together with Panoro to complete an orderly transition.  In December 2012 all legal encumbrances on the project have been removed.

Panoro has completed an inventory of all drill core and assets at the project site.  The company has also re-engaged the Indigenous Community of Antilla and is pleased to note that the community has welcomed the transition back to Panoro of control of the project and has agreed to a rental agreement for the Company's campsite area.

Panoro has planned to carry out an update of the resource estimate for the Antilla Project in the first half of 2013.  The resource estimate update will begin after the company has re-logged all drill core samples and verified the QA/QC protocols from the 2010 drill program.  A metallurgical test program will also be completed during the first half of 2013.

Approximately 2,200 m of drilling, completed in 2010, needs to be integrated into the geologic model and resource estimate.  This drilling was infill drilling of the high-grade pit area.  Following the completion of the resource estimate update, Panoro will review the timing to commence further drilling and a Preliminary Economic Assessment (PEA) for the Antilla Project.

"We are very pleased with the developments at Antilla and are looking forward to completing an updated resource estimate and planning the PEA.  The Antilla Project is a very interesting potential mid-sized copper mine located in a very important part of an important copper-producing nation.  The potential moderate project scale should constrain capital cost uncertainty, a concern throughout the copper mining industry.  The project has the potential to be a safe first step for Panoro in developing the first project of its large portfolio in Peru", stated the President & CEO, Luquman Shaheen.

The Antilla project Inferred resource includes a high grade and starter pit zone as outlined in the table below.  A copy of the NI 43-101 technical report is available at Panoro's website.

Pit Scenario Inferred Resource
(Mt)
Cu% Mo% Strip Ratio
(waste/ore)
Life of Mine Pit 154.4 0.47 0.009 2.5
High Grade Pit 70.5 0.56 0.011 1.5
Starter Pit 15.0 0.72 0.017 0.9

The starter pit with a 0.72% Cu grade and a 0.9 waste/ore ratio will provide a strong start up phase for an open pit mine at Antilla.  Access to the site is very good with the national highway only 56km from site via a level provincial road.  The 220 kV power line and substation is located approximately 30 km from site and water is available from the valley immediately downhill of the proposed open pit area.

About Panoro

Panoro's strategic focus is to develop its Cotabambas and Antilla Projects. The Company owns 100% of the Cotabambas Copper-Gold-Silver Project and 100% of the Antilla Copper-Molybdenum Project.  These projects contain Inferred resources of:

Cotabambas:   404.1 Mt @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag @ 0.2% Cueq cut-off (AMEC 2012)
(in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au, 36.9 million oz. Ag)
Antilla:   154.4 Mt @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cut-off (AMEC, 2009)
(in-situ content of 1.6 billion lbs. Cu and 30 million lbs. Mo)

Panoro's significant portfolio of properties is located primarily in the south-eastern region of which includes Xstrata's Las Bambas and Antapaccay Copper Projects and the Tintaya Copper Mine where Xstrata is completing a US$6.7 billion investment to develop two new large copper projects. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project and Southern Copper's Los Chancas Copper Project.  Hudbay commenced a $US1.5 billion into the Constancia Project in 2012.

Luis Vela, a 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 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.

For further information:

Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone:604.684.4246
Fax: 604.684.4200
Email: info@panoro.com
Web: www.panoro.com

Renmark Financial Communications Inc. 
Barbara Komorowski:
bkomorowski@renmarkfinancial.com
Barry Mire
bmire@renmarkfinancial.com
Media - Lynn Butler:
lbutler@renmarkfinancial.com
Tel.: (416) 644-2020 or (514) 939-3989
www.renmarkfinancial.com

Data and Statistics for these countries : Peru | All
Gold and Silver Prices for these countries : Peru | All
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Panoro Minerals Ltd

DEVELOPMENT STAGE
CODE : PML.V
ISIN : CA69863Q1037
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Financings of Panoro Minerals Ltd
3/9/2012Closes Bought Deal Private Placement to Raise $13.8 Million
2/23/2012Announces $10,002,000 Bought Deal Financing
7/8/2011Announces Closing of Second and Final Tranche of Financing
7/4/2011Announces Closing of First Tranche of Financing
6/13/2011Arranges Private Placement
10/1/2010Closes First Tranche of Private Placement
1/5/2010Closes $622,800 Private Placement
Option Grants of Panoro Minerals Ltd
8/16/2011(Cotabambas)Restarts Cotabambas Drill Program and Grants Options
2/19/2008Company Grants Stock Options
Nominations of Panoro Minerals Ltd
5/8/2011. Retains Renmark Financial Communications Inc.
2/22/2011Announces Appointment of Mr. David W. Huber as Chief Financi...
6/8/2010Appoints Kallpa Securities SAB as Sponsor for Listing on Lim...
3/25/2010Appoints Richard Mundie To Board of Directors
4/18/2008 Lays Foundation for Future with Orderly CEO Succession, App...
Project news of Panoro Minerals Ltd
7/15/2013(Cotabambas)Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9...
7/15/2013(Cotabambas)Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9...
5/6/2013(Cotabambas)Intersects 103.6 Meters Grading 0.79 %Cu, 0.58 g/t Au and 5....
1/28/2013(Antilla)Recommences Antilla Cu/Mo Project, Peru
11/27/2012(Cotabambas)Announces Results from Ongoing Exploration at Cotabambas Cu/...
11/1/2012(Cotabambas)Announces Results from Ongoing Exploration At 100% Owned ...
7/10/2012Adds Significant Potential for Additional Resources With Dis...
6/20/2012Announces Approval of Environmental Impact Assessment (EIAsd...
4/16/2012(Cotabambas)Intersects 114.1 metres Grading 1.70% Copper, 1.2 G/t Gold a...
12/12/2011Welcomes Option Agreement between Strait Gold and Teck for t...
10/5/2011(Cotabambas)Completes Geophysical Program and Advances 24,400 m Drill Pr...
3/29/2011(Cotabambas)Completes Three Year Community Agreement and Plans Expansion...
2/17/2011(Cotabambas)Project Update
11/15/2010(Cotabambas)Commences Exploration at Cotabambas Copper-Gold Project in P...
9/27/2010(Antilla)Announces Termination of Antilla Project Agreement with Chan...
8/26/2010(Antilla)Antilla Joint Venture Drills 45 Metres of 0.73% Cu
8/20/2010(Antilla)Results from Antilla Joint Venture Project in Peru Highlight...
7/23/2010(Antilla)Initial Assay Results Of The Infill Drilling Program At Pano...
6/23/2010(Antilla)Infill Drilling Program Making Progress at Panoro's Antilla...
9/29/2009(Alicia Property)Options Alicia Cu-Au Property in Peru to Strait Gold Corpora...
5/1/2009(Antilla)Completes Quality Control and Validation Program for Antilla...
1/28/2009(Antilla)Successful Completion of 2008 Exploration Program at Antilla...
12/8/2008(Antilla)Announces Double Success at Antilla Project, Peru with 48 Me...
10/8/2008(Antilla)Expands Target Area at Antilla Project and Continues Success...
9/3/2008(Antilla)Antilla, Peru, Further Results Meet and Exceed Expectations,...
8/13/2008(Antilla)Encouraging First Results Indicating Continuity of Grade and...
6/25/2008(El Rosal)Acquires Additional Mineral Concessions at El Rosal Project,...
12/3/2007(El Rosal)Final Drilling Permit for El Rosal received Field Work under...
11/21/2007Progress on the Permitting Front and Community Relations App...
Corporate news of Panoro Minerals Ltd
2/5/2014Announces Granting of Options
1/20/2014(Cotabambas)Continues to Intersect Good Copper-Gold Grades at the Cotaba...
12/31/2013- Death of Director - Jaime Quijandr=EDa Salm=F3n
12/16/2013(Antilla)announces significant increase and upgrade for Antilla Cu/Mo...
10/30/2013(Cotabambas)Increases Copper and Gold Resources by 40% at the Cotabambas...
3/14/2013completes C$15 million bought deal financing
2/25/2013(Cotabambas)Intersects 110.8 Meters Grading 1.64 % Cu, 0.68 g/t Au and 6...
1/21/2013(Cotabambas)Intersects 92 Metres Grading 0.95 %Cu, 0.49 g/t Au and 6.2 g...
12/11/2012completed Table from December 11, 2012 Press Release
12/11/2012(Cotabambas)Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t...
11/15/2012(Cotabambas)Announces Community Agreement and Approval of Additional Min...
11/15/2012Announces Community Agreement and Approval of Additional ...
10/26/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/24/2012(Cotabambas)Announces Filing of NI 43-101 Technical Report for Cotabamba...
10/17/2012Announces Granting of Options and Appointment of VP Expl...
9/28/2012(Antilla)Arbitration Committee Confirms Termination of Joint Venture ...
9/27/2012Arbitration Committee Confirms Termination of Joint Venture ...
9/11/2012(Cotabambas)Cotabambas Project Resource Estimate Shows Increase to 3.75 ...
6/13/2012(Cotabambas)Intersects 55.35 Metres Grading 0.97% Copper, 0.16 G/t Gold ...
1/19/2012(Cotabambas)Intersects Near Surface Enriched Zone With 92.35 Metres Grad...
1/4/2012Announces Approval of Application to the British Columbia an...
12/7/2011(Cotabambas)Continues to Intersect High Grade Copper-Gold Mineralization...
6/15/2011Announces Corporate Plans
5/11/2011(Cotabambas)Intersects 206 Metres Grading 0.51% Cu and 0.31 g/t Au at th...
3/7/2011(Cotabambas)Announces First Drill Results for the Cotabambas Copper Gold...
11/1/2010Closes Third and Final Tranche of $6.5 Million Financing
10/18/2010Announces Increase in Financing to $6,500,000 and Closing of...
10/13/2010Announces Increase in Financing to $4,500,000
10/12/2010Announces Increase in Financing to $3,000,000
9/25/2010Clarifying press release
4/30/2010The Northern Miner - Panoro finds partner for Antilla in Per...
2/13/2010Retains Ascenta Capital Partners for Investor Relations
6/22/20091.6 Billion pound Copper Inferred Resource Estimate at the E...
6/15/2009annual general meeting
5/15/2009Grants Options
9/9/2008Research Capital presents update report on Panoro Minerals L...
6/2/2008Exploration Program Commenced at Antilla Project
5/21/2008With Permit in Hand Panoro to Start Drilling Program at the ...
5/13/2008Announces Proposed Implementation of Shareholders Rights Pla...
4/7/2008 Changes Name of Subsidiary in Peru to Panoro Apurimac S.A.
3/17/2008 Grants Consorcio Minero Horizonte Option to earn 50% in Coc...
1/21/2008 Starts First of Four Drill Programs
12/5/2007 Signs Formal Agreement with Antilla Community Drilling in e...
10/4/2007Two of the Company's Projects Designated as Projects of Nati...
9/18/2007Progress Report since the Acquisition of Cordillera de las M...
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TSX-V (PML.V)FRANKFURT (PZM.F)
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