VANCOUVER, June 19, 2012 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company")
Panoro is pleased to announce that the Environmental Impact Assessment
(EIAsd) for an expanded exploration program at the 100% owned
Cotabambas Copper/Gold Project has been given final approval by the
Peruvian Ministry of Energy and Mines.
The expanded exploration program is aimed at continued growth of the
resource base at the Cotabambas Project where the Company is completing
step-out, infill and exploration drilling in the vicinity of the Ccalla
and Azulccaca deposits. The current program of 24,400 m of drilling is
nearing completion and Panoro has hired the international engineering
firm of AMEC to provide an updated resource estimate. Their report is
expected in July.
In addition to the Ccalla and Azulccaca deposits, three other porphyry
centres have been identified to date on the property, including
Guaccle, Ccaryoc and Cochapata. These are largely untested and up to
30,000 m of additional drilling in an expanded exploration program will
include drill-testing of these targets as well as aiming for resource
growth at both the Ccalla and Azulccaca deposits.
The Ccalla deposit remains open to the north, northeast and northwest as
well as to depth. On the north end of the deposit and elsewhere,
drilling has encountered significant near-surface intercepts of both
gold-enriched, leached cap-style mineralization and underlying high
grade, supergene enriched chalcocite mineralization. (see drillhole
CB-43 from January 19, 2012 news release). Both types of mineralization
represent an opportunity to improve the potential economics of the
project, respectively through the offsetting of waste-stripping costs
and early mining of higher grade mineralization. They remain open for
expansion and their potential extensions represent priority drill
targets. Finally, a program of geological mapping and geochemical
sampling aimed at identifying new drill targets has been expanded to
cover the majority of the property which had remained unexplored until
The approval of the Environmental Impact Assessment (EIAsd) allows the
Company to drill up to 200 additional drillholes at the Cotabambas
Project. The Company estimates that the expanded drilling program
should be completed during 2012. The estimated investment for the
expanded exploration program is $15 million for drilling as well as
environmental, metallurgical and engineering work to support future
economic studies on the project. The company has approximately $19
million in cash and $5.2 million of in-the-money warrants which expire
at the end of 2012.
"The approval of the EIA for the expanded exploration program is another
important step in realizing the full potential of the Cotabambas
Project. The permit together with our strong cash position and the
skilled team we have put together make for a bright outlook for our
shareholders. We began exploring at Cotabambas in late 2010 with a
5,500 m drill hole program and have now completed 24,400 m and look
forward to the results from an additional 30,000 m. The growth in our
plans at Cotabambas reflects the growth in the geologic potential of
the project.", stated Luquman Shaheen, President & CEO of 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:
90 million tonnes @ 0.77% Cu and 0.42 g/t Au @ 0.4% Cu cutoff (SRK,
(in situ content of 1.5 billion pounds of Cu and 1.2 million ounces of
154 million tonnes @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cutoff (AMEC,
(in-situ content of 1.6 billion pounds of Cu and 30 million pounds of
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 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 Grupo Mexico's Los Chancas Copper Project.
Chris Staargaard, M.Sc., P.Geo., a Director of the Company and a
Qualified Person under National Instrument 43-101, has reviewed and
approved the scientific and technical information in this press
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
Renmark Financial Communications Inc.
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