Panoro Closes Third and Final Tranche of $6.5 Million Financing

Vancouver, B.C., November 1, 2010 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) (“Panoro”) is pleased to announce that further to its news release dated October 18, 2010, the third tranche of its private placement was closed on October 29, 2010. The tranche consisted of 14,803,084 Units at a price of $0.25 per Unit and gross proceeds of $3,700,771. The Company will pay $243,030 in finder’s fees and issue 972,122 finders warrants which will entitle the finders to purchase shares of the Company on the same terms as the warrants under the financing. Shares and warrants comprising the Units are subject to a hold period expiring on March 2, 2011.

The combined total of the three tranches is 25,805,000 Units for gross proceeds of $6,451,250. Total finder’s fees were $297,233 and 1,188,933 warrants. Insiders of the Company purchased 1,643,264 Units.

The proceeds will be utilized to expeditiously advance Panoro's projects in Peru. Details of programs will be forthcoming.

On behalf of the Board of

Panoro Minerals Ltd.

Luquman Shaheen, M.B.A., P.Eng., P.E.

President, CEO and Director

FOR FURTHER INFORMATION, CONTACT:

Panoro Minerals Ltd. Investor Relations

Luquman Shaheen, President & CEO Jim Glass, Ascenta Capital Partners Inc.

Phone: 604.68.4246 Phone: 604.684.4743 ext. 225 Fax: 604.684.4200 Phone: 866.684.4209 Email: [email protected] Email: [email protected] Web: 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.