September 30, 2009 (FinancialWire) — Panoro Minerals Ltd. (TSX Venture: PML) (FRANKFURT: PZM ; WKN914959) has entered into an agreement with Strait Gold Corp. 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 tons of 0.9% copper), Haquira (686 million tons at 0.5% copper), Los Chancas (355 million tons at 0.6% copper) and Tintaya (158 million tons at 1.2% copper and 0.16 g/t gold) among others.

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