Panoro Minerals Adopts Advance Notice Provision
VANCOUVER, June 26, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") announces that the Company has altered its Articles to include advance notice provisions relating to the nomination of individuals for election of directors. These provisions are designed to: (i) facilitate orderly and efficient shareholder meetings at which directors are to be elected; (ii) ensure that all shareholders, including those participating in a shareholders' meeting by proxy rather than in person, receive adequate notice of all director nominations and sufficient information with respect to all nominees; and (iii) allow shareholders to register an informed vote. This alteration of the Company's Articles was approved by shareholders at the Company's annual and special general meeting held on June 24, 2014.
A more detailed discussion of the advance notice provision is contained in the Company's management information circular dated May 20, 2014 prepared in conjunction with the annual and special general meeting, a copy of which is available for review on Sedar at www.sedar.com.
Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects.
Since 2007, the company has completed over 70,000 m of exploration drilling at these two key projects leading to the delineation of mineral resources in late 2013 of:
Indicated Resource 117.1 Mt @ 0.42% Cu, 0.23g/t Au, 2.74 g/t Ag &
0.001%Mo (@0.2% Cueq cutoff)
Inferred Resource 605.3 Mt @ 0.31% Cu, 0.17g/t Au, 2.33 g/t Ag and 0.002 %Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2013).
Indicated Resource 188.5 Mt @ 0.40% Cu and 0.009% Mo (@0.2% Cueq cutoff)
Inferred Resource 145.9 Mt @ 0.28% Cu and 0.009%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2014).
Panoro continues its exploration and drilling at the Cotabambas project while a Preliminary Economic Assessment (PEA) is underway by AMEC Americas Ltd. The PEA is due for completion in mid 2014. The already significant resource, together with significant geologic potential demonstrate the potential for a large scale open pit mine at the project. To date exploration at the Cotabambas Project has focused on the Ccalla and Azulccaca deposits. However, at least eight other porphyry and skarn target zones have been identified within the company's Cotabambas mineral concession blocks. Drilling at these targets is planned.
A PEA for the Antilla Project is also planned for completion in mid 2014. The moderate scale of the resource at the Antilla Project together with strong infrastructure in the area may result in a moderate capital cost development plan for the project.
In addition to the Cotabambas and Antilla Projects, Panoro's portfolio includes more than 10 earlier stage projects in primarily the same region of south central Peru. Peru's national objective of doubling copper production together with the development of the many copper projects in the region, together with the private and public investments into rail, road, power generation and transmission and port infrastructure are leading to the rapid growth of an important global center for copper production where Panoro's large portfolio is situated.
This region contains a number of important copper and copper/gold deposits including the Las Bambas Project, recently acquired by a consortium led by China's Minmetals for $5.85 Billion, GlencoreXstrata's Tintaya Copper Mine and the Antapaccay copper project which was completed with an investment of US$1.5 billion. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project, Southern Copper's Los Chancas Copper Project and Buenaventura's Trapiche Project. Hudbay's Constancia project is currently in construction with start-up planned for 2014.
Luis Vela, a P. Geo 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 A. 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: