NOT FOR DISTRUBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
VANCOUVER, July 16, 2014 /CNW/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company") is
pleased to announce that it has completed its previously announced
bought deal public equity financing through its underwriters, National
Bank Financial Inc. and Laurentian Bank Securities Inc. (the
"Underwriters"). In conjunction with the completion of the bought deal
financing, the Underwriters exercised the over-allotment option granted
to them by the Company. Including the common shares issued pursuant to
the exercise of the over-allotment option, a total of 13,800,000 common
shares of the Company were issued and sold at a price of C$0.42 per
common share for gross proceeds of C$5,796,000.
The Underwriters received a cash commission of C$347,760 representing 6%
of the gross proceeds of the bought deal financing.
The Company also announces that it has completed its previously
announced non-brokered private placement financing with Hudbay Minerals
Inc. ("Hudbay") whereby Hudbay maintained its pro-rata ownership in
Panoro of approximately 11.2%. A total of 1,734,897 common shares were
issued and sold to Hudbay at a price of C$0.42 per common share for
gross proceeds of C$728,656.74. The common shares issued to Hudbay are
subject to a hold period expiring on November 17, 2014.
The Company intends to use the net proceeds from the bought deal and
private placement financings to fund the continued exploration and
development of the Company's Cotabambas and Antilla projects.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
Securities have not been and will not be registered under the United
States Securities act of 1933, as amended, or any state securities laws
and may not be offered or sold within the United States or to U.S.
Persons unless an exemption from such registration is available.
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 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 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. Panoro's large portfolio is situated here
along with the Las Bambas, Tintoya, Antapaccay, Haquira, Constancia,
Las Chancas and Trapinche 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