VANCOUVER, Feb. 4, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company")
Panoro announces the granting of 3,575,000 options exercisable at a
price of $0.35 to 19 individuals including directors, officers, senior
management and employees pursuant to the Company's stock option plan.
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-Silver-Molybdenum
and Antilla Copper-Molybdenum Projects which include mineral resources
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 is very well positioned to advance exploration at the Antilla and
Cotabambas Projects. The Company has $11 million in cash which will
allow completion of additional infill and exploration drilling and
preliminary economic assessments as both projects move towards
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 Glencore-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 Las Bambas. The Antapaccay copper project is in operation. The
region also includes First Quantum Minerals' Haquira Copper Project,
HudBay Minerals' Constancia Copper Project, Southern Copper's Los
Chancas Copper Project and Buenaventura's Trapiche Project. The
Constancia project is currently in construction with start-up planned
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