VANCOUVER, March 17, 2014 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) ("Panoro", the "Company")
Panoro Minerals has been advised of Hudbay Minerals' ("Hudbay") (TSX:
HBM) purchase of 10,127,500 common shares of Panoro representing 4.9%
of the issued and outstanding shares. Immediately after the
acquisition, Hudbay advises that it owns and controls 22,907,500 shares
representing 11.2% of the issued and outstanding common shares of
Panoro. The shares acquired by Hudbay were purchased over the TSX
Venture Exchange pursuant to a private agreement with a third party or
parties. Hudbay has been a shareholder of Panoro since 2011.
Hudbay is currently completing the construction of the Constancia Copper
Project in south-eastern Peru where they have announced expected
start-up in 2014 and commercial production expected for 2015.
Panoro is advancing its significant portfolio of copper and gold
projects in the key Andahuaylas-Yauri belt in south central Peru,
including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum
and Antilla Copper-Molybdenum Projects.
Since 2007, the company has completed over 70,000 m of exploration
drilling at these two key projects leading to the delineation of
mineral resources in late 2013 of:
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Cotabambas:
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Indicated Resource 117.1 Mt @ 0.42% Cu, 0.23g/t Au, 2.74 g/t Ag &
0.001%Mo (@0.2% Cueq cutoff)
Inferred Resource 605.3 Mt @ 0.31% Cu, 0.17g/t Au, 2.33 g/t Ag and 0.002
%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2013).
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Antilla:
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Indicated Resource 188.5 Mt @ 0.40% Cu and 0.009% Mo (@0.2% Cueq cutoff)
Inferred Resource 145.9 Mt @ 0.28% Cu and 0.009%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2014).
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Panoro continues its exploration and drilling at the Cotabambas project
while a Preliminary Economic Assessment (PEA) is underway by AMEC
Americas Ltd. The PEA is due for completion in mid 2014. The already
significant resource, together with significant geologic potential
demonstrate the potential for a large scale open pit mine at the
project. To date exploration at the Cotabambas Project has focused on
the Ccalla and Azulccaca deposits. However, at least eight other
porphyry and skarn target zones have been identified within the
company's Cotabambas mineral concession blocks. Drilling at these
targets is planned.
A PEA for the Antilla Project is also planned for completion in mid
2014. The moderate scale of the resource at the Antilla Project
together with strong infrastructure in the area may result in a
moderate capital cost development plan the project.
In addition to Cotabambas and Antilla Projects, Panoro's portfolio
includes more than 10 earlier stage projects in primarily the same
region of south central Peru. Peru's national objective of doubling
copper production together with the development of the many copper
projects in the region, together with the private and public
investments into rail, road, power generation and transmission and port
infrastructure are leading to the rapid growth of an important global
center for copper production where Panoro's large portfolio is
situated.
This region contains a number of important copper and copper/gold
deposits including Glencore-Xstrata's Las Bambas and Antapaccay Copper
Projects and the Tintaya Copper Mine. In September 2010, Xstrata
announced US$5.2 billion of investment to develop Las Bambas. The
Antapaccay copper project was completed with an investment of US$1.5
billion and is in operation. The region also includes First Quantum
Minerals' Haquira Copper Project, HudBay Minerals' Constancia Copper
Project, Southern Copper's Los Chancas Copper Project and
Buenaventura's Trapiche Project. Hudbay's Constancia project is
currently in construction with start-up planned for 2014.
Panoro is very well positioned to advance exploration at the Antilla and
Cotabambas Projects. The Company has $8 million in cash, which will
allow completion of additional drilling and preliminary economic
assessments as both projects move towards feasibility studies.
Luis Vela, a P. Geo 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.
Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO
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.
SOURCE Panoro Minerals Ltd.
