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Panoro Minerals Appoints Mr. Ronald Ashley Hall to the Board of Directors

VANCOUVER, British Columbia, Dec. 27, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro", the "Company") is pleased to announce the appointment of Mr. Ronald A. Hall to the Board of Directors of the Company.  Mr. Hall holds a BSc. in Metallurgy from Cardiff University in the UK and has over 40 years’ experience in the management, operation, evaluation and design of mining projects globally.  Over his career he has worked and lived in the UK, South Africa, Botswana, Canada, Australia, China and elsewhere where he has advanced mining projects from early stages through feasibility and into development and operation.  From 2004 to 2011, Mr. Hall lead the growth of Wardrop Engineering’s mining business in Vancouver, B.C. and internationally, including the establishment of offices in the UK, China, Chile, Brazil, Hong Kong and Australia, prior to the acquisition of Wardrop by TetraTech Inc.

Mr. Hall is currently an independent director of Chinalco Mining Corporation International (CMCI), a publicly listed company on the Hong Kong stock exchange, which operates the Toromocho Copper project in Peru.

The Company has granted options to purchase 600,000 shares exercisable at a price of $0.20 per share to Mr. Hall pursuant to the Company's stock option plan.

“We are delighted that Ron has joined our Board. His broad and relevant experience will be of great benefit as we move forward in the development and increased valuation of our flagship projects,” stated William Boden, Chairman of the Company.

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.

William Boden, CPA, CA
Chairman of the Board of Directors

FOR FURTHER INFORMATION, CONTACT:

Panoro Minerals Ltd. Renmark Financial Communications Inc. 
William Boden, Chairman of the Board Bettina Filippone 
Phone: 604.684.4246   Fax: 604.684.4200 Tel.: (514) 939-3989 or (416) 644-2020 
Email: info@panoro.com bfilippone@renmarkfinancial.com 
Web: www.panoro.com  www.renmarkfinancial.com 

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.

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.

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