VANCOUVER, Sept. 27, 2012 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company")
Panoro is pleased to announce that the two year long arbitration
process for the Antilla Project Joint Venture Agreement has concluded
with the receipt of the final ruling of the arbitration committee. The
committee has ruled that Panoro's termination of the Joint Venture
Agreement with Chancadora Centauro S.A.C on September 16, 2010 was
legal and that Panoro retains a 100% interest in the Antilla Project.
The arbitration committee ruled that Panoro followed the contractual
procedures defined in the Joint Venture Agreement in its termination of
the agreement following a lack of payment by Chancadora Centauro
S.A.C. The decision of the arbitration committee is binding and may
not be appealed.
Luquman Shaheen, President & CEO of Panoro states, "We are very pleased
that the arbitration committee has ruled in Panoro's favour and we look
forward to preparing our next plans for the Antilla Project. Together
with the Cotabambas Project, the company looks forward to advancing
both of its 100% owned copper projects in the prolific
Andahualyas-Yauri copper belt of Peru."
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 category mineral
404.1 Mt @ 0.42% Cu, 0.23g/t Au and 2.84g/t Ag @ 0.2% CuEq cut-off with
an effective date of 30 June, 2012 (AMEC, 2012)
(in situ content of 3.75 billion lbs. Cu, 3.0 million oz. Au, 36.9
million oz. Ag)
154 Mt @ 0.47% Cu and 0.009% Mo @ 0.25% Cu cut-off with an effective
date of 1 June 2009, amended 23 August, 2009 (AMEC, 2009)
(in-situ content of 1.6 billion lbs. Cu and 30 million lbs. Mo)
*Note: Mineral Resources have reasonable prospects for economic
exploitation from open pit considering conventional metallurgical
process flow sheets. Key assumptions for the calculation of copper
equivalent (CuEQ) for Cotabambas are provided in this press release.
Mineral resources that are not mineral reserves do not have
demonstrated economic viability. There is also no certainty that these
Inferred mineral resources will be converted to the Measured and
Indicated resource categories through additional drilling.
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.
Xstrata is completing a US$6.7 billion investment program to develop
the Las Bambas and Antapaccay 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 Minerals has announced the commencement of a US$1.5 billion
investment to develop the Constancia 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.
Barbara Komorowski: email@example.com
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Tel.: (514) 939-3989 or (416) 644-2020