January 16, 2006 15:33 ET

eResearch Issues Initiating Report on Panoro Minerals Ltd.

TORONTO, ONTARIO--(CCNMatthews - Jan. 16, 2006) - eResearch analysts, Emanuel Abraham, B.Comm., and Bob Leshchyshen, MBA, CFA, have written an Initiating Report on Panoro Minerals Ltd. This international mineral exploration company is focused on exploring for and developing large gold and copper-gold deposits. It is active in the Philippines and Peru. The Company has strategically aligned itself with significant partners and associates, notably Mindoro Resources Ltd. and BHP Billiton plc.

In the Report, the Analysts state that the Company's property in the Philippines " well located with regard to the geological and structural features controlling the recent discovery of a cluster of high grade copper-gold deposits."

The Analysts go on to say, "With about $2 million cash available for exploration expenditures, the Company is well funded for 2006. Despite the recent run-up in the share price since October, we still consider the shares to be undervalued at current levels".

eResearch is Canada's primary source for independent, quality, investment research, focused primarily on small- and mid-cap companies. Our focus is on identifying interesting, under-valued, under-covered, and over-looked companies that have interesting prospects, sound management, and significant potential for share price appreciation. We provide the investment community with a consistent, quality source of information and analysis, which has the potential of reaching up to 6 million global investors through our distribution networks. Clients include institutional and retail investors, investment dealers, limited market dealers, and corporations. eResearch does not trade in the securities of the companies it covers, nor does it accept any stock related compensation for research services. eResearch does not engage in retail or institutional sales, trading, or corporate finance activities, nor does it conduct investment banking or investor relations services for the companies covered.

Panoro Minerals Ltd. paid eResearch a fee of C$10,000 to conduct research on the Company, on a Single Report only basis.

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