Panoro Minerals Ltd.
TSX VENTURE : PML
FRANKFURT : PZM
BVL : PML

Panoro Minerals Ltd.

June 18, 2009 09:25 ET

Panoro Announces 1.6 Billion pound Copper Inferred Resource Estimate at the East Block of the Antilla Project, Peru

VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwire - June 18, 2009) - Panoro Minerals Ltd. (TSX VENTURE:PML)(BVL:PML)(FRANKFURT:PZM)(WKN:914959) ("the Company") is pleased to announce the completion of the NI 43-101 compliant inferred mineral resource estimate for its Antilla Copper-Molybdenum project in southern Peru. The global inferred mineral resource estimate of 154.4 million tonnes at an average grade of 0.47% copper and 0.009% molybdenum is contained within the East Block. This resource includes a higher grade zone of 70.4 million tonnes at an average grade of 0.56% copper and 0.011% molybdenum.

The mineral resource is a tabular blanket of supergene sulphide mineralization dominated by chalcocite and molybdenite but also includes some of the underlying primary chalcopyrite mineralization. The inferred resource is hosted by a package of quartzites and quartz arenites of the Soraya Formation and has alteration and mineralization characteristics which may be associated with undiscovered hypogene intrusive-hosted porphyry-style copper mineralization.

The resource estimate has been completed based on the results of a total of 67 drillholes, including the 48 drillholes from the Company's exploration program completed in December 2008. The mineral resource is contained by a conceptual life-of mine pit shell and is above a cut-off grade of 0.25% copper. A potential starter pit within the conceptual life of mine pit is contains 15 million tonnes of ore at a grade of 0.72% copper and 0.017% molybdenum with a stripping ratio of 0.9 and provides opportunity to improve the economics of a future operation. At a nominal 20,000 tonne per day open pit operation the East Block of the Antilla Project would have a 21 year mine life with a stripping ratio of 2.5.

The reader is cautioned that the future development into production of the Antilla project is subject to further resource definition, metallurgical testing and stages of pre-feasibility and feasibility studies.

The potential to increase the resource at the Antilla project includes a number of targets. Firstly, the potential for the extension of the supergene sulphide mineralization in the East Block to the north and northwest was identified during the 2008 exploration program. Secondly, in the West Block, located 2.5 km from the East Block, the potential exists for additional supergene sulphide mineralization similar to the East Block. This is based on the presence of chalcocite in the holes previously drilled in the area with some drill intervals assaying above 0.30% copper, particularly in Drillhole ANT-13, 15, 16a and 16b. Thirdly, the presence of higher grade hypogene porphyry copper mineralization in both the East and West Blocks remains to be tested.

With the completion of the Antilla Resource Estimate the Company's NI 43-101 compliant inferred resources include:



- Antilla Project, Peru
- 1.60 billion pounds of copper and 30.6 million pounds of molybdenum
(154 Mt @ 0.47% Cu and 0.009 % Mo @ 0.25% Cu cut-off, AMEC 2009)

- Cotabambas Project, Peru
- 1.71 billion pounds of copper and 1.39 million ounces of gold
(114 Mt @ 0.68% Cu and 0.38 g/t Au @ 0.30% Cu cut-off, SRK 2007)


In addition to the Antilla and Cotabambas Projects, the company holds a portfolio of 12 other exploration properties in Peru. The company plans to drill test at least one of these high priority prospects in 2009, subject to financing.

The Antilla project NI 43-101 technical report will be posted to Panoro's website (www.panoro.com) shortly. Christopher Wright, P.Geo of AMEC, is the Independent Qualified Person for the project and Fred Tejada, P.Geo., the Company's VP-Exploration, is the Qualified Person for this project.

On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and Director

ABOUT PANORO

Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM, WKN 914959) and on the Junior Board of the Lima Exchange. Panoro's strategic focus is on exploring for large-potential gold and copper/gold deposits in countries with the corresponding geological potential and where the right political and economic conditions are present. For investor inquiries please call 604-684-4246, e-mail info@panoro.com or visit the company's website at www.panoro.com.

This release was prepared by management of the Company who takes full responsibility for its contents.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Panoro Minerals Ltd.
    Luquman Shaheen, M.B.A., P.Eng., P.E.
    President, CEO and Director
    604 684 4246
    604 684 4200 (FAX)
    info@panoro.com
    www.panoro.com