VANCOUVER, BC, Jan. 28, 2013 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company")
Panoro is pleased to announce that the company has completed the
transfer of all assets from its former joint venture (JV) partner and
has recommenced with exploration activities at its 100% owned Antilla
Copper/Molybdenum Project in Peru.
Panoro was successful in winning the arbitration process in September
2012 whereby the arbitration committee reconfirmed the termination of
the project JV and related agreements. Panoro's former partner did not
contest any aspects of the arbitration process in the courts and has
been working together with Panoro to complete an orderly transition.
In December 2012 all legal encumbrances on the project have been
Panoro has completed an inventory of all drill core and assets at the
project site. The company has also re-engaged the Indigenous Community
of Antilla and is pleased to note that the community has welcomed the
transition back to Panoro of control of the project and has agreed to a
rental agreement for the Company's campsite area.
Panoro has planned to carry out an update of the resource estimate for
the Antilla Project in the first half of 2013. The resource estimate
update will begin after the company has re-logged all drill core
samples and verified the QA/QC protocols from the 2010 drill program.
A metallurgical test program will also be completed during the first
half of 2013.
Approximately 2,200 m of drilling, completed in 2010, needs to be
integrated into the geologic model and resource estimate. This
drilling was infill drilling of the high-grade pit area. Following the
completion of the resource estimate update, Panoro will review the
timing to commence further drilling and a Preliminary Economic
Assessment (PEA) for the Antilla Project.
"We are very pleased with the developments at Antilla and are looking
forward to completing an updated resource estimate and planning the
PEA. The Antilla Project is a very interesting potential mid-sized
copper mine located in a very important part of an important
copper-producing nation. The potential moderate project scale should
constrain capital cost uncertainty, a concern throughout the copper
mining industry. The project has the potential to be a safe first step
for Panoro in developing the first project of its large portfolio in
Peru", stated the President & CEO, Luquman Shaheen.
The Antilla project Inferred resource includes a high grade and starter
pit zone as outlined in the table below. A copy of the NI 43-101
technical report is available at Panoro's website.
Life of Mine Pit
High Grade Pit
The starter pit with a 0.72% Cu grade and a 0.9 waste/ore ratio will
provide a strong start up phase for an open pit mine at Antilla.
Access to the site is very good with the national highway only 56km
from site via a level provincial road. The 220 kV power line and
substation is located approximately 30 km from site and water is
available from the valley immediately downhill of the proposed open pit
Panoro's strategic focus is to develop its Cotabambas and Antilla
Projects. The Company owns 100% of the Cotabambas Copper-Gold-Silver
Project and 100% of the Antilla Copper-Molybdenum Project. These
projects contain Inferred resources of:
404.1 Mt @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag @ 0.2% Cueq cut-off (AMEC
(in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au, 36.9
million oz. Ag)
154.4 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's significant portfolio of properties is located primarily in the
south-eastern region of which includes Xstrata's Las Bambas and
Antapaccay Copper Projects and the Tintaya Copper Mine where Xstrata is
completing a US$6.7 billion investment to develop two new large copper
projects. The region also includes First Quantum Minerals' Haquira
Copper Project, HudBay Minerals' Constancia Copper Project and Southern
Copper's Los Chancas Copper Project. Hudbay commenced a $US1.5 billion
into the Constancia Project in 2012.
Luis Vela, a Qualified Person under National Instrument 43-101, has
reviewed and approved the scientific and technical information in this
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.
Media - Lynn Butler:
Tel.: (416) 644-2020 or (514) 939-3989