There were 363 press releases posted in the last 24 hours and 171,871 in the last 365 days.

Panoro Minerals Announces Granting of Options

VANCOUVER, British Columbia, Nov. 14, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro", the "Company") Panoro announces the granting of 7,725,000 options exercisable at a price of $0.20 to 17 individuals including directors, officers, senior management and employees pursuant to the Company's stock option plan and subject to the TSX Venture Exchange rules and regulations.

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The company is advancing a significant project portfolio in the strategic Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects. The company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over $US 15 billion into the construction or expansion of four large open pit copper mines.

Since 2007, the company has completed over 70,000 m of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

Summary of Cotabambas and Antilla Project Resources

Project Resource
Classification
Million
tonnes
Cu (%) Au (g/t) Ag (g/t) Mo (%)
Cotabambas Cu/Au/Ag Indicated 117.1 0.42 0.23 2.74 0.001
Inferred 605.3 0.31 0.17 2.33 0.002
@ 0.20% CuEq cutoff, effective October 2013, Tetratech
Antilla Cu/Mo Indicated 291.8 0.34 - - 0.01
Inferred 90.5 0.26 - - 0.007
@ 0.175% CuEq cutoff, effective May 2016, Tetratech

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.

Summary of Cotabambas and Antilla Project PEA Results

Key Project Parameters   Cotabambas Cu/Au/Ag Project Antilla Cu/Mo Project
Mill Feed, life of mine million tonnes 483.1 350.4
Mill Feed, daily tonnes 80,000 40,000
Strip Ratio, life of mine   1.25 : 1 0.85 : 1
Before
Tax1
NPV7.5% million USD 1,053 491
IRR % 20.4 22.2
Payback years 3.2 3.3
After
Tax1
NPV7.5% million USD 684 225
IRR % 16.7 15.1
Payback years 3.6 4.1
Annual Average Payable
Metals
Cu thousand tonnes 70.5 36.8
Au thousand ounces 95.1 -
Ag thousand ounces 1,018.4 -
Mo thousand tonnes - 0.9
Initial Capital Cost million USD 1,530 603
Project economics estimated at commodity prices of; Cu = US$3.00/lb, Au = US$1,250/oz, Ag = US$18.50/oz, Mo = US$12/lb

The PEAs are considered preliminary in nature and include Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.

Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

On behalf of the Board of Panoro Minerals Ltd.

/EIN News/ -- Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO

CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Examples of forward-looking information and statements contained in this news release include information and statements with respect to:

  • acceleration of payments under PMPA to match third party financing by Panoro targeted for exploration at the Cotabambas Project
  • Panoro weathering the current depressed equity and commodity markets, minimizing dilution to existing shareholders and making targeted investments into exploration at the Cotabambas Project
  • mineral resource estimates and assumptions
  • the PEA, including, but not limited to, base case parameters and assumptions, forecasts of net present value, internal rate of return and payback;
  • copper concentrate grade from the Cotabambas Project;

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. In some instances, material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements. You are cautioned that the following list of material factors and assumptions is not exhaustive. The factors and assumptions include, but are not limited to, assumptions concerning: metal prices and by-product credits; cut-off grades; short and long term power prices; processing recovery rates; mine plans and production scheduling; process and infrastructure design and implementation; accuracy of the estimation of operating and capital costs; applicable tax and royalty rates; open-pit design; accuracy of mineral reserve and resource estimates and reserve and resource modeling; reliability of sampling and assay data; representativeness of mineralization; accuracy of metallurgical test work; and amenability of upgrading and blending mineralization.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

  • risks relating to metal price fluctuations;
  • risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;
  • the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro’s control;
  • risks relating to Panoro’s ability to enforce Panoro’s legal rights under permits or licenses or risk that Panoro’s will become subject to litigation or arbitration that has an adverse outcome;
  • risks relating to Panoro’s projects being in Peru, including political, economic and regulatory instability;
  • risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;
  • risks relating to potential challenges to Panoro’s right to explore and/or develop its projects;
  • risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;
  • risks relating to Panoro’s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro’s operations;
  • risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;
  • risks relating to inadequate insurance or inability to obtain insurance;
  • risks relating to the fact that Panoro’s properties are not yet in commercial production;
  • risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and
  • risks relating to Panoro’s ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward‑looking information. The forward‑looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.

Neither the 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. 

FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman A. Shaheen, President & CEO
Phone: 604.684.4246  Fax: 604.684.4200
Email: info@panoro.com 
Web: www.panoro.com

Renmark Financial Communications Inc. 
Bettina Filippone 
Tel.: (514) 939-3989 or (416) 644-2020 
bfilippone@renmarkfinancial.com 
www.renmarkfinancial.com

Distribution channels: Building, Construction