Panoro Minerals Announces Plan for OTCQB listing and Issuance of Shares

VANCOUVER, British Columbia, Feb. 08, 2021 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro” or the “Company”) is pleased to announce that it has filed an application to list its common shares on the OTC Venture Market ("OTCQB"), a USA based trading platform operated by the OTC Markets Group, in New York. Panoro also reports that its Form 211 filed with the governing US securities regulators (i.e. FINRA) to trade in the USA has been accepted. The Company will provide further information once its common shares commence trading.

Panoro’s stock is currently traded on the OTC Pink Sheets under the symbol POROF. The OTCQB Market is a premiere marketplace for early stage and developing U.S. and international companies that are committed to providing a high-quality trading and information experience for U.S. investors. Investors can find real-time quote and market information for OTCQB listed companies at https://www.otcmarkets.com .

The Company believes that trading on the OTCQB Markets will provide additional liquidity as well as increasing the Company’s visibility within the U.S. capital markets. Panoro Minerals Ltd. continues to trade on the TSX Venture Exchange, on the BVL in Lima, Peru under its symbol “PML”, and on the BORSE in Frankfurt, Germany under its symbol “PZM”.

Issuance of Shares

The Company also announces that, pursuant to the amended employment agreement (“Amendment Agreement”) between the Company and the Company’s Chief Executive Officer, which defined a portion of his remuneration to be satisfied by the issuance of common shares of the Company until December 31, 2020. Pursuant to the terms of the Amendment Agreement, 186,653 common shares were issued at a deemed price of $0.125, in consideration of certain services provided to the Company for the quarterly period from September 1, 2020 to December 31, 2020, using the volume weighted average closing price of the Company’s shares for each of the trading days in the four-month period. The shares are subject to a four-month plus one day hold period and may not be traded until June 4, 2021. The Amended Agreement was terminated effective December 31, 2020.

About Panoro

Panoro is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Projects located in the strategically important area of southern Peru.

Panoro has completed strategic partnerships at four of its projects:

1. Wheaton Precious Metals - Precious Metals Purchase Agreement, Cotabambas Project;
2. JOGMEC - Joint Venture, Humamantata Project;
3. Hudbay Minerals – NSR Royalty and Cash sale, Kusiorcco Project; and
4. Mintania – NSR Royalty and Cash sale, Cochasayhuas Project.

These partnerships would provide US$ 13 million of funding, if all funding is received, to Panoro from 2021 to 2024, not including the potential NSR royalties from the Kusiorcco and Cochasayhuas Projects.

At the Cotabambas Project, the Company is focused on delineating the growth potential while optimizing the project economics. Exploration and step-out drilling from 2017, 2018 and 2019 has identified the potential for both oxide and sulphide resource growth.

Summary of Cotabambas and Antilla Project Resources

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

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.

Luquman Shaheen. M.B.A., P.Eng, P.E.
President & CEO

FOR FURTHER INFORMATION, CONTACT:

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

Examples of forward-looking information and statements contained in this news release include information and statements with respect to:

• acceleration of payments by Wheaton Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project;
• payment by Wheaton Metals of US$140 million in installments;
• 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; and
• 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.