Panoro Announces the Appointment of Director
VANCOUVER, July 23, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") is pleased to announce that Mr. Anthony Laub Benavides, of Lima Peru, has been appointed a Director of the Company.
Mr. Laub is a partner in Laub and Quijandria, a Peruvian firm which provides legal, regulatory advisory, and economic and financial consulting services to the energy and mining industries. In addition to a law degree from Peru, he holds an LL.M. in Energy Law and Policy from the University of Dundee, United Kingdom.
From 1997 to 2005, Mr Laub held various positions in the Ministry of Energy and Mines (Lima, Peru), including Director-General of Legal Counsel, and Secretary General of the Ministry. He has also acted as a Director of several leading companies in the power generation and metal mechanic sectors.
William Boden, Chairman, states: "We are extremely pleased that Mr. Laub has agreed to join our Board. His strong background and local presence adds further depth to the Company as we move forward in the development of our Cotabambas and Antilla projects".
Mr. Laub has been granted a stock option for 300,000 shares pursuant to the terms of the Company's Stock Option Plan. The stock options have an exercise price of $0.42 which vest immediately and are exercisable for a period of five (5) years from the date of grant. These stock options have been granted pursuant to the Company's stock option plan.
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 at the Cotabambas project while a Preliminary Economic Assessment (PEA) is underway by AMEC Americas Ltd. The PEA is due for completion in the fall of 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 the fall of 2014. The moderate scale of the resource at the Antilla Project together with strong infrastructure in the area indicate the potential for a moderate scale open pit copper 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. Panoro's large portfolio is situated here along with the Las Bambas, Tintaya, Antapaccay, Haquira, Constancia, Las Chancas and Trapiche projects all of which are either in exploration stage, construction or already in production.
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.
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