Panoro Minerals Intersects 60 Metres Grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag at the Cotabambas Cu/Au/Ag Project, Peru

VANCOUVER, Dec. 11, 2012 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro", the "Company") Panoro is pleased to report additional assay results from its 100% owned Cotabambas porphyry copper-gold-silver project located in southern Peru. The drill results include infill and step out drill holes to both the south and west sides of the Ccalla deposit. Some highlights are as follows:

  • Drillhole CB-86 intersected 60.0m of supergene-enriched chalcocite mineralization grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag underlain by 70.3m of primary copper mineralization grading 1.34% Cu, 1.09 g/t Au and 7 g/t Ag and a second interval of 154.9m of primary copper mineralization grading 0.77% Cu, 0.51 g/t Au and 6 g/t Ag.

  • Drillhole CB-92 intersected 16.5m of supergene enriched chalcocite mineralization grading 0.89% Cu, 0.39 g/t Au and 7 g/t Ag, underlain by 56.4m of primary copper mineralization grading 0.75% Cu, 0.44 g/t Au and 4 g/t Ag and another interval of 158.1m grading 0.74% Cu, 0.37 g/t Au and 5 g/t Ag.

  • Drillhole CB-88 intersected 11.5m of leached capping grading 0.12% Cu, 0.90 g/t Au and 2 g/t Ag underlain by 38.0m of supergene copper oxide mineralization grading 0.83% Cu, 0.08 g/t Au and 1 g/t Ag.

The following table details the more significant intersections:

Drillhole From (m) To (m) Metres Cu (%) Au ( g/t) Ag ( g/t) Mo (%) Zone
CB-86 0.0 5.4 5.4 0.20 0.13 7 0.0023 Overburden
"" 5.4 11.4 6.0 0.13 0.29 7 0.0010 Leach
"" 11.4 71.4 60.0 1.55 0.57 7 0.0014 Supergene
"" 71.4 141.7 70.3 1.34 1.09 7 0.0012 Primary
"" 158.6 313.5 154.9 0.77 0.51 6 0.0011 Primary
"" 322.4 333.5 11.1 0.31 0.08 3 0.0011 Primary
"" 343.6 368.6 25.0 0.30 0.12 3 0.0010 Primary
"" 425.6 450.0 24.4 0.25 0.12 2 0.0053 Primary
"" 478.5 479.9 1.4 0.39 0.23 4 0.0050 Primary
"" 485.1 637.2 152.2 0.17 0.05 2 0.0205 Primary
CB-87 28.7 44.7 16.0 0.15 0.04 1 0.0020 Mixed
"" 44.7 181.7 137.1 0.11 0.03 1 0.0062 Primary
includes 136.9 162.9 26.0 0.12 0.03 1 0.0138 Primary
CB-88 0.0 11.5 11.5 0.12 0.90 2 0.0021 Leach
"" 11.5 49.5 38.0 0.83 0.08 1 0.0020 Oxide
"" 49.5 60.3 10.8 0.14 0.10 1 0.0016 Oxide
"" 69.5 93.5 24.0 0.27 0.13 1 0.0011 Oxide
"" 93.5 121.1 27.6 0.36 0.12 2 0.0041 Primary
"" 145.7 195.9 50.2 0.29 0.11 1 0.0037 Primary
CB-88 198.1 241.7 43.6 0.48 0.13 2 0.0042 Primary
"" 311.3 416.0 104.7 0.29 0.07 4 0.0014 Primary
"" 431.8 461.2 29.5 0.36 0.13 4 0.0010 Primary
CB-89 no significant values
CB-90 2.6 28.6 26.0 0.29 0.06 2 0.0018 Oxide
"" 28.6 142.2 113.6 0.32 0.13 3 0.0014 Primary
includes 28.6 53.2 24.6 0.25 0.07 1 0.0021 Primary
includes 56.2 66.4 10.2 0.27 0.13 2 0.0022 Primary
includes 94.3 142.2 47.9 0.56 0.23 5 0.0017 Primary
CB-92 0.0 28.7 28.7 0.22 0.25 6 0.0010 Oxide
"" 28.7 45.2 16.5 0.89 0.39 7 0.0039 Supergene
"" 45.2 101.5 56.4 0.75 0.44 4 0.0010 Primary
"" 132.4 290.5 158.1 0.74 0.37 5 0.0017 Primary
includes 168.2 212.4 44.2 1.01 0.52 5 0.0015 Primary
"" 304.6 321.1 16.5 0.26 0.11 2 0.0027 Primary
"" 340.8 353.9 13.1 0.24 0.11 2 0.0029 Primary

Drilling on Southern Margin of the Ccalla Deposit

Hole CB-86 was an infill drill hole collared 75m to the south of previously reported hole CB-58. A 60.0m zone of supergene-enriched chalcocite mineralization grading 1.55% Cu, 0.57 g/t Au and 7 g/t Ag was intersected near the surface. This was immediately underlain by 70.3m of primary copper mineralization averaging 1.34%Cu, 1.09 g/t Au and 7 g/t Ag and a second interval of 154.9m of primary copper mineralization averaging 0.77% Cu, 0.51 g/t Au and 6 g/t Ag. The two intervals of primary mineralization are separated by a 16.9m wide barren latite dike. Inclusion of this barren dyke results in an interval of 285.1m grading 1.08%Cu, 0.67 g/t Au and 6 g/t Ag. Several other intervals of primary copper mineralization at greater depth in the hole are situated outside the pit shell limit constraining the current Inferred resource. The final 152.2m in the hole graded 0.17%Cu, 0.05 g/t Au, 2 g/t Ag and 0.020% Mo in mineralization associated with an intrusive not previously encountered on this side of the deposit.

Hole CB-87 was a step out hole drilled parallel to and 100m to the south of hole CB-92 but in the opposite direction. It was stopped at 181.7m because of operational problems but bottomed in mineralization after intersecting 26.0m of molybdenum mineralization averaging 0.12% Cu, 0.03 g/t Au, 1 g/t Ag and 0.014% Mo.

Hole CB-92 was a step out hole positioned 50m to the south of hole CB-86 and aimed at testing the continuity of supergene mineralization to the south. Below a 28.7m surface interval of oxide mineralization, the hole intersected 16.5m of supergene enriched chalcocite mineralization grading 0.89% Cu, 0.39 g/t Au and 7 g/t Ag. This was underlain by high grade primary copper mineralization including 56.4m grading 0.75% Cu, 0.44 g/t Au and 4 g/t Ag followed by 158.1m grading 0.74% Cu, 0.37 g/t Au and 5 g/t Ag. The second interval includes 44.2m grading 1.01% Cu, 0.52 g/t Au and 5 g/t Ag. Significantly, both holes CB-92 and CB-86 intersected high grade primary and supergene mineralization that are still open to the southwest of the Ccalla deposit.

Hole CB-90 is an infill drill hole collared 50m to the east of hole CB-58. It was stopped at 142.2m because of operational issues after intersecting a near surface, 26.0m interval of supergene copper oxide mineralization grading 0.29%Cu, 0.06 g/t Au and 2 g/t Ag underlain by 113.6m of primary copper mineralization averaging 0.32%Cu, 0.13 g/t Au and 3 g/t Ag.

Drilling West of the Ccalla Deposit

Hole CB-88 is an infill drill hole. From the surface, an 11.5m interval of leached capping graded 0.12%Cu, 0.90 g/t Au and 2 g/t Ag. This was underlain by 38.0m of supergene copper oxide mineralization grading 0.83%Cu, 0.08 g/t Au and 1 g/t Ag. At depth, several intervals of primary copper mineralization were intersected, including 27.6m grading 0.36% Cu, 50.2m grading 0.29% Cu, 43.6m grading 0.48% Cu and 104.7m grading 0.29% Cu. The final 29.5m averaged 0.36% Cu and mineralization is still open at depth. This primary mineralization is located below the pit shell used to constrain the current Inferred resource.

Hole CB-89 was a exploratory hole collared to the northeast of the deposit. Some intervals of primary mineralization with low values of copper were intersected.

A map showing the locations of the drill holes is available at Panoro's website, www.panoro.com. Five drills are working and another will arrive before January to push the step-out, exploration and infill drilling targeting continued growth of the resource and upgrade of the high grade pit area to the Indicated and Measured categories.

About Panoro

Panoro's strategic focus is to move its advanced stage projects to the feasibility and development stages and to explore its other projects. The Company owns the advanced Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include Inferred level resources of:

Cotabambas:   404.1 Mt @ 0.42% Cu, 0.23 g/t Au and 2.84 g/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 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 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 First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project and Southern Copper's Los Chancas Copper Project.

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

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