Panoro Minerals Intersects 128.9 Meters Grading 1.29 % Cu, 0.96 g/t Au and 9.4 g/t Ag at the Cotabambas Cu/Au/Ag Project, Peru

VANCOUVER, July 15, 2013 /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. Highlights are as follows:

  • Drillhole CB-139 intersected 128.9m of primary copper mineralization grading 1.29% Cu, 0.96g/t Au and 9.4g/t Ag including 59.7m averaging 1.64%Cu, 1.30g/t Au and 10.3 g/t Ag, underlain by a second interval of 198.6m of primary copper mineralization grading 0.48% Cu, 0.24g/t Au and 4.7g/t Ag, including 48.0m grading 0.82%Cu, 0.41 g/t Au and 8.3 g/t Ag.
  • Drillhole CB-138 intersected 55.7m of primary copper mineralization grading 0.93%Cu, 0.74 g/t Au, 6.5g/t Ag, underlain by another interval of 67.4m averaging 0.61% Cu, 0.33g/t Au, 4.1g/t Ag, including 46.0m grading 0.79% Cu, 0.46g/t Au and 4.9g/t Ag.
  • Drillhole CB-120 intersected 46.8m of copper oxide mineralization grading 0.89% Cu, 0.07g/t Au and 0.9 g/t Ag in a broader interval of 155.3m averaging 0.60% Cu, 0.06g/t Au and 1.0 g/t Ag.

High-grade oxide mineralization intersected at or near surface to the north of the Ccalla zone indicate the potential to continue expanding the high-grade oxide resource to the north. Drilling to both the west and east sides of the Ccalla deposit has intersected new oxide, supergene and primary mineralization both within and beyond the existing pit shell limit as defined by AMEC and published in a September 2012 release. High-grade zones of primary copper mineralization were intersected in both the southwestern and eastern areas of the Ccalla deposit. In many places, this additional mineralization has potential to add to the resource base and/or re-classify material currently classified in the model as waste to resource.

"The results of drilling continue to reinforce management's belief in the significant expansion potential of the Ccalla Deposit", commented Luquman Shaheen, President and CEO. "The current Inferred resource at the Cotabambas Project includes 404.1 million tonnes @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag at a 0.2% CuEq cut-off and was based on drill holes CB-01 to CB-64.  Since then, the company has completed drill holes CB-65 to CB-140 in a successful program of mainly infill and stepout drilling. These new holes will form the basis of an updated resource estimate by Tetra Tech due for completion in September 2013."

The following table details the more significant intersections. A plan, sections and animation of drill hole locations can be found at the company's website, www.panoro.com.

Drillhole From (m) To (m) Metres Cu (%) Au (g/t) Ag (g/t) Mo (%) Zone
CB-120 0.0 155.3 155.3 0.60 0.06 1.0 0.0017 Oxide
Including 0.0 8.0 8.0 0.73 0.01 0.7 0.0008 Oxide
Including 54.0 100.8 46.8 0.89 0.07 0.9 0.0017 Oxide
Including 115.6 132.9 17.3 1.01 0.10 1.6 0.0028 Oxide
" " 155.3 227.4 72.1 0.32 0.09 1.4 0.0044 Primary
" " 243.0 268.8 25.8 0.18 0.06 1.4 0.0019 Primary
" " 278.0 386.0 108.0 0.34 0.11 2.5 0.0020 Primary
Including 327.6 338.0 10.4 0.80 0.23 7.4 0.0010 Primary
CB-121 0.0 34.9 34.9 0.23 0.06 1.4 0.0011 Oxide
" " 34.9 110.5 75.6 0.29 0.11 1.4 0.0011 Enrichment
Including 34.9 57.2 22.3 0.43 0.17 1.9 0.0010 Enrichment
" " 110.5 160.0 49.5 0.21 0.06 1.8 0.0010 Primary
" " 207.4 234.8 27.4 0.19 0.05 1.1 0.0012 Primary
" " 396.9 444.9 48.0 0.19 0.05 2.1 0.0052 Primary
" " 537.3 590.5 53.2 0.18 0.03 1.8 0.0153 Primary
CB-122 67.5 91.5 24.0 0.12 0.06 2.2 0.0043 Mixed
" " 156.2 302.0 145.8 0.18 0.06 1.4 0.0080 Primary
" " 360.4 392.5 32.1 0.19 0.05 1.2 0.0121 Primary
" " 426.9 437.5 10.6 0.26 0.09 5.0 0.0115 Primary
" " 452.6 476.6 24.0 0.20 0.07 1.5 0.0147 Primary
" " 493.6 610.2 116.6 0.18 0.06 1.5 0.0102 Primary
Including 493.6 514.8 21.2 0.26 0.09 2.0 0.0081 Primary
Including 526.8 546.4 19.6 0.20 0.06 1.3 0.0108 Primary
Including 555.8 567.9 12.1 0.28 0.06 1.4 0.0101 Primary
Including 595.5 610.2 14.7 0.24 0.07 1.6 0.0367 Primary
CB-123 429.0 455.3 26.3 0.21 0.07 1.8 0.0101 Primary
" " 467.7 545.5 77.8 0.22 0.06 2.1 0.0290 Primary
" " 578.3 622.2 43.9 0.23 0.06 1.9 0.0106 Primary
" " 696.9 750.0 53.1 0.23 0.09 2.9 0.0026 Primary
CB-124 13.8 40.7 26.9 0.14 0.06 1.4 0.0028 Leach
" " 86.7 110.7 24.0 0.24 0.07 2.2 0.0065 Oxide
" " 185.0 225.0 40.0 0.19 0.04 1.1 0.0041 Enrichment
" " 238.5 282.0 43.5 0.17 0.02 0.0 0.0228 Primary
" " 303.7 354.7 51.0 0.18 0.06 1.5 0.0018 Primary
CB-125 0.0 33.0 33.0 0.21 0.27 3.9 0.0014 Oxide
" " 33.0 129.1 96.1 0.24 0.11 2.3 0.0026 Primary
" " 153.2 292.7 139.5 0.46 0.22 3.2 0.0014 Primary
Including 159.2 243.4 84.2 0.57 0.27 3.6 0.0013 Primary
" " 324.7 379.4 54.7 0.19 0.08 2.6 0.0011 Primary
" " 399.8 418.7 18.9 0.41 0.27 3.2 0.0010 Primary
" " 442.7 461.3 18.6 0.25 0.18 2.1 0.0027 Primary
" " 483.4 602.6 119.2 0.30 0.22 2.4 0.0162 Primary
Including 539.6 570.6 31.0 0.40 0.15 4.5 0.0311 Primary
CB-126 183.9 459.7 275.8 0.35 0.11 1.7 0.0088 Primary
Including 264.4 312.4 48.0 0.45 0.12 2.1 0.0174 Primary
" " 509.5 524.5 15.0 0.46 0.12 5.8 0.0036 Primary
" " 550.7 562.1 11.4 0.48 0.16 3.4 0.0053 Primary
CB-127 276.2 336.1 59.9 0.12 0.04 1.6 0.0062 Primary
" " 341.7 359.0 17.3 0.29 0.15 1.8 0.0067 Primary
" " 394.3 427.3 33.0 0.33 0.10 1.5 0.0041 Primary
" " 438.7 595.8 157.1 0.28 0.07 1.8 0.0031 Primary
" " 628.8 671.3 42.5 0.56 0.20 3.0 0.0033 Primary
Including 648.1 671.3 23.2 0.73 0.27 3.1 0.0033 Primary
" " 679.1 720.3 41.2 0.74 0.37 5.5 0.0036 Primary
Including 699.1 719.4 20.3 1.04 0.46 6.7 0.0035 Primary
" " 730.3 746.5 16.2 0.71 0.35 5.0 0.0070 Primary
" " 753.6 792.7 39.1 0.57 0.25 3.2 0.0104 Primary
Including 753.6 783.6 30.0 0.67 0.31 3.8 0.0111 Primary
CB-128 0.0 172.5 172.5 0.33 0.10 1.2 0.0020 Oxide
" " 212.8 242.1 29.3 0.81 0.39 4.4 0.0099 Enrichment
" " 242.1 433.5 191.4 0.43 0.19 1.8 0.0015 Primary
Including 242.1 334.6 92.5 0.60 0.27 2.0 0.0020 Primary
Including 242.1 294.1 52.0 0.69 0.29 2.6 0.0026 Primary
Including 340.8 356.0 15.2 0.57 0.25 2.1 0.0012 Primary
CB-129 35.0 47.0 12.0 0.13 0.03 1.5 0.0012 Oxide
" " 120.8 150.2 29.4 0.22 0.04 2.1 0.0015 Enrichment
" " 166.8 196.7 29.9 0.12 0.04 1.1 0.0021 Primary
" " 231.6 252.7 21.1 0.18 0.04 1.2 0.0022 Primary
" " 305.4 335.1 29.7 0.18 0.05 1.3 0.0016 Primary
" " 349.1 375.8 26.7 0.14 0.04 1.0 0.0028 Primary
" " 381.8 403.5 21.7 0.15 0.04 1.2 0.0025 Primary
" " 456.0 469.5 13.5 0.15 0.13 2.2 0.0029 Primary
CB-130 0.0 130.1 130.1 0.18 0.07 1.2 0.0011 Oxide
Including 4.0 44.0 40.0 0.23 0.15 1.3 0.0012 Oxide
Including 78.0 99.8 21.8 0.23 0.04 1.3 0.0011 Oxide
" " 128.1 148.1 20.0 0.14 0.03 1.3 0.0016 Mixed
" " 146.1 167.3 21.2 0.12 0.03 1.4 0.0017 Primary
" " 202.2 240.9 38.7 0.11 0.02 1.1 0.0039 Primary
CB-131 No significant values
CB-132 159.7 275.5 115.8 0.30 0.19 1.9 0.0070 Primary
" " 301.2 338.4 37.2 0.97 0.45 7.2 0.0040 Primary
" " 353.5 380.6 27.1 0.45 0.12 5.1 0.0049 Primary
" " 424.7 466.6 41.9 0.50 0.18 3.0 0.0107 Primary
" " 481.8 549.9 68.1 0.32 0.09 2.7 0.0035 Primary
CB-133 0.0 124.5 124.5 0.27 0.09 2.7 0.0014 Oxide
Including 2.0 21.2 19.2 0.51 0.14 3.4 0.0022 Oxide
" " 124.5 161.9 37.4 0.13 0.03 1.4 0.0016 Primary
" " 219.7 237.7 18.0 0.15 0.03 1.4 0.0036 Primary
CB-134 0.0 52.5 52.5 0.77 0.05 1.4 0.0018 Oxide
Including 0.5 30.5 30.0 1.17 0.05 1.5 0.0018 Oxide
CB-135 0.0 53.6 53.6 0.62 0.05 1.0 0.0011 Oxide
Including 0.0 31.6 31.6 1.05 0.08 1.8 0.0019 Oxide
CB-136 0.0 50.1 50.1 0.19 0.37 1.9 0.0013 Leach
" " 50.1 214.4 164.3 0.26 0.17 1.7 0.0013 Oxide
Including 50.1 68.1 18.0 0.30 0.23 1.3 0.0010 Oxide
Including 109.7 115.7 6.0 0.55 0.22 2.2 0.0011 Oxide
Including 185.2 198.3 13.1 0.47 0.11 1.5 0.0010 Oxide
" " 214.4 217.6 3.2 0.25 0.08 2.4 0.0014 Mixed
" " 217.6 234.1 16.5 0.48 0.15 2.4 0.0011 Enrichment
" " 249.5 333.0 83.5 0.25 0.12 2.0 0.0013 Primary
Including 249.5 270.0 20.5 0.51 0.21 2.6 0.0014 Primary
CB-137 No significant values
CB-138 168.6 234.8 66.2 0.18 0.03 1.3 0.0052 Primary
" " 268.9 316.5 47.6 0.22 0.09 1.3 0.0019 Primary
" " 339.3 395.0 55.7 0.93 0.74 6.5 0.0017 Primary
" " 447.9 452.3 4.4 0.70 0.27 5.3 0.0032 Primary
" " 458.5 486.3 27.8 0.64 0.29 3.7 0.0017 Primary
" " 501.8 511.2 9.4 0.73 0.26 5.7 0.0014 Primary
" " 515.3 582.7 67.4 0.61 0.33 4.1 0.0049 Primary
Including 515.3 561.3 46.0 0.79 0.46 4.9 0.0020 Primary
CB-139 45.5 174.4 128.9 1.29 0.96 9.4 0.0010 Primary
Including 63.5 174.4 110.9 1.47 1.09 10.6 0.0010 Primary
Including 99.5 159.2 59.7 1.64 1.30 10.3 0.0010 Primary
" " 193.0 391.6 198.6 0.48 0.24 4.7 0.0012 Primary
Including 193.0 279.0 86.0 0.74 0.37 7.2 0.0012 Primary
Including 193.0 241.0 48.0 0.82 0.41 8.3 0.0010 Primary
CB-140 151.8 187.6 35.8 0.23 0.05 2.5 0.0042 Primary
" " 221.1 321.6 100.5 0.25 0.08 1.7 0.0019 Primary
" " 345.1 426.6 81.5 0.38 0.15 2.1 0.0020 Primary
Including 355.1 400.1 45.0 0.44 0.19 2.0 0.0020 Primary
" " 441.7 482.9 41.2 0.49 0.17 4.1 0.0033 Primary
" " 524.6 577.5 52.9 0.56 0.33 4.5 0.0046 Primary
Including 526.5 557.2 30.7 0.69 0.41 4.7 0.0049 Primary

Discussion of Results

Ccalla Deposit - North
CB-134 and CB-135 were drilled at the current northern limit of the resource model. The holes intersected oxide mineralization with grades from 0.62% Cu to 1.17% Cu indicating both the potential to add to the high-grade oxide component of the resource and for future growth to the north.

Ccalla Deposit - Northwest
CB-120, 124, 128 and 136 were drilled to the northwest side of the Ccalla Deposit. CB-120 intersected copper oxide mineralization, including higher-grade zones, followed by primary copper mineralization. CB-124 and CB-128 both intercepted oxide, supergene and primary copper mineralization. CB-136 intersected a leached zone overlying oxide copper mineralization, followed by zones of mixed and supergene-enriched copper mineralization. At depth, two intervals of copper primary mineralization were also intercepted.

Most of the material drilled in this area is classified as waste in the current resource model and significant mineralized intercepts in these holes provide the potential to add to the resource here while decreasing waste:ore ratios in the area.  Mineralization is still open to the west and north. 

Ccalla Deposit - Southwest
Various intervals of oxide copper mineralization underlain by supergene- enriched mineralization and/or primary copper mineralization at depth were intersected in CB-121, CB-125, CB-129, CB-130 and CB-133.  A number of these intervals were at sufficient grade to have the potential to, both add to the resource and improve the projected strip ratio by converting some material currently classified as waste to resource. In addition, mineralization is still open to the southwest.

CB-139 and CB-140 intersected mainly intervals of high-grade primary copper mineralization, respectively near surface and at depth. The results indicate that high-grade copper mineralization is still open for additional exploration to the south of the Ccalla deposit.

CB-131 and CB-137 did not intersect significant mineralization and may suggest a western limit of the Ccalla deposit in this area.

Calla Deposit - East
Holes CB-122, CB-123, CB-126, CB-127, CB-132 and CB-138 intercepted various intervals of primary copper+-molybdenum mineralization, the more significant of which were at depth. A number of these have the potential to add to the existing resource at relatively high grades within the currently modeled pit shell and/or convert material classified as waste to resource. The presence of elevated levels of molybdenum in this area suggests that it may be near to the margins of the porphyry system.

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, 0.23g/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 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 is very well positioned to continue advancing the exploration at the Antilla and Cotabambas Projects.  The Company completed a $15 million financing in March 2013 and is planning to continue its exploration activities, updating the resource estimates for both projects in 2013 and commencing Preliminary Economic Assessments.  Additional drill results will be announced as they are received from the ongoing exploration at Cotabambas Cu/Au/Ag Project.

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$5.2 billion of investment to develop the Las Bambas.  The Antapaccay copper project has been completed by Xstrata and is in operation. The region also includes First Quantum Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper Project and Southern Copper's Los Chancas Copper Project.  The Constancia project is currently in construction with startup 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 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

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Panoro Minerals Ltd.

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