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

Panoro Minerals Ltd.

September 29, 2009 13:19 ET

Panoro Options Alicia Cu-Au Property in Peru to Strait Gold Corporation

VANCOUVER, BRITISH COLUMBIA and LIMA, PERU--(Marketwire - Sept. 29, 2009) - Panoro Minerals Ltd. (TSX VENTURE:PML)(BVLAC:PML)(FRANKFURT:PZM)(WKN914959) ("the Company") is pleased to announce that it has entered into an agreement with Strait Gold Corporation (Strait Gold) such that Strait Gold may earn up to a 100% interest in its early stage Alicia copper-gold property in Southern Peru subject to a 2% net smelter return royalty.

Under the terms of the option agreement, Strait Gold can earn a 100% interest by issuing 1,000,000 shares and spending $1.25 million over the three-year term of the agreement. The first 100,000 shares are to be issued upon signing with further payments on the first, second and third anniversary dates with the anniversary date established as the date a community agreement to allow drilling is reached but not later than 18 months from signing. Panoro will retain a 2% net smelter return royalty, half of which Strait Gold can purchase for a one-time payment of US $2.3 million within six months of earning a 100% interest. If Strait Gold does not earn the 100% interest but issues a minimum of 600,000 shares and conducts a minimum of $650,000 of work within two years, it will earn a 55% interest.

The Alicia property is one of 14 properties held by the Company. The Company's most advanced properties are the Cotabambas and Antilla projects which are also located within the same prolific Andahuaylas-Yauri porphyry copper belt as Las Bambas (900 million tonnes of 0.9% copper), Haquira (686 million tonnes at 0.5% copper), Los Chancas (355 million tonnes at 0.6% copper) and Tintaya (158 million tonnes at 1.2% copper and 0.16 g/t gold) among others.

The Company's Cotabambas and Antilla projects contain a NI 43-101 compliant inferred resource of:



Cotabambas 114 Mt @ 0.68% Cu and 0.38 g/t Au at 0.30% Cu cut-off
Antilla 154 Mt @ 0.47% Cu and 0.009% Mo at 0.25% Cu cut-off


The Company is in the late stages of evaluating financing alternatives to advance these projects to feasibility level.

The completion of the option agreement for its Alicia Property adds another property from the Company's portfolio to those on the road to development.

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 which 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. - Investor Inquiries
    Luquman Shaheen, M.B.A., P.Eng., P.E.
    President, CEO and Director
    604-684-4246
    info@panoro.com
    www.panoro.com