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
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.
SOURCE: Panoro Minerals Ltd.
For further information:
Panoro Minerals Ltd.
Luquman A. Shaheen, President & CEO
Renmark Financial Communications Inc.
Tel.: (514) 939-3989 or (416) 644-2020