VANCOUVER, British Columbia, Aug. 21, 2017 (GLOBE NEWSWIRE) -- At the request of IIROC, Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro", the "Company") wishes to confirm that the Company’s management is unaware of any material change in the Company’s operations that would account for the recent increase in market activity.
About Panoro
Panoro Minerals 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. 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. Panoro has recently commenced an exploration and stepout drilling program at its Flagship Cotabambas Project.
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.