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Panoro Signs Joint Venture Agreement for Antilla Copper/Molybdenum Project in Peru
VANCOUVER, BRITISH COLUMBIA AND LIMA, PERU, Apr 09, 2010 (MARKETWIRE via COMTEX News Network) --
Panoro Minerals Ltd. (TSX VENTURE: PML)(BVLAC: PML)(FRANKFURT: PZM) ("the Company") is pleased to announce that it has signed a joint venture (JV) agreement with Chancadora Centauro SAC (Centauro) of Lima, Peru for the development of the Antilla Copper Molybdenum Project (the "Project") in Peru.
Centauro will make cash payments of US$8 million to the Company and invest US$17 million into the Antilla Project in order to earn a 70% interest over a 30 month period. Under the terms of the joint venture, Centauro will pay $1 million upon signing, $4 million within 90 days and the final $3 million within 20 months. The US$17 million investment will be directed towards the completion of bankable feasibility studies on the project.
"We are very pleased to announce this JV and are looking forward to working with Centauro," stated Luquman Shaheen, President & CEO of Panoro. "Centauro is a successful Peruvian mining company with a proven track record and the in-house ability to explore, develop and operate mines in Peru. Their experience and expertise will prove to be invaluable in developing Antilla into an operating mine. Our partnership is a great example of Canadian exploration and a Peruvian mining companies working together to develop an important mineral resource that will provide benefits to the local communities, the Peruvian Mining sector and to shareholders."
Centauro's investments into the Antilla Project will be directed towards the completion of infill, step-out and exploration drilling as well as engineering, environmental and community relations works for the completion of feasibility studies. Exploration work is scheduled to commence at the end of the rainy season in April 2010.
Panoro will be using the cash proceeds from the Antilla JV agreement to advance its 100% owned Cotabambas Copper/Gold Project where the company recently completed agreements with two local communities. The company is planning infill, step out and exploration drilling aimed at increasing the resource.
About the Antilla Project
The Antilla Project NI43-101 resource of 154 million tonnes at 0.47% copper and 0.009% molybdenum includes a high grade zone of 70 million tonnes at 0.56% copper and 0.011% molybdenum. The resource is contained within the East Block where mineralization occurs as a tabular blanket of supergene sulphide mineralization dominated by chalcocite and molybdenite. The East Block mineralization is open to the north and northeast and similar mineralization has been identified in the West Block but is yet to be drilled. Infill drilling of the high grade zone has the potential to increase its grade.
About Chancadora Centauro SAC
Centauro is a privately owned Peruvian mining company operating the Quicay Gold Mine in the Cerro de Pasco region of Peru. Centauro commenced the exploration, feasibility studies and construction of the Quicay Mine in 2000 and poured its first gold in 2002. The Quicay mine is an open pit mine operating at a nominal rate of 10,000 tonnes per day. Centauro has produced over 341,000 ounces of gold and 93,000 ounces of silver, respectively averaging over 48,000 and 13,000 ounces per year. The mine has a remaining life of two years.
Exploration Update
Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold projects to feasibility and development stages and to explore its other projects. Panoro has a large portfolio of exploration projects in Peru of which the Cotabambas and Antilla Projects contain NI 43-101 inferred level resources of:
Cotabambas Project - 114 million tonnes at 0.68% copper and 0.38 g/t gold
Antilla Project - 154 million tonnes at 0.47% copper and 0.009% molybdenum.
The company will also be carrying out Phase I drilling at its 100% owned Kusiorcco Porphyry Copper Project, adjacent to Norsemont Mining's Constancia Project. Panoro's exploration permit for the Kusiorcco Project was approved by the Peruvian Ministry of Energy and Mines in December 2009.
The company has nine other exploration projects in Peru, including the El Rosal Polymetalic Project and the Cochasayhuas Gold Project. The company is currently evaluating investment options including joint venture options for these projects.
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 who takes full responsibility for its contents.
Neither 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.
Contacts: Panoro Minerals Ltd. Luquman Shaheen, M.B.A., P.Eng., P.E. President, CEO and Director 604.684.4246 604.684.4200 (FAX) info@panoro.com www.panoro.com Ascenta Capital Partners Inc. Investor Relations Jim Glass 604.684.4743 ext. 225 or 866.684.4209 jim@ascentacapital.com
SOURCE: Panoro Minerals Ltd.