Panoro Announces the Appointment of Augusto Baertl as Chairman
Panoro Announces the Appointment of Augusto Baertl as Chairman
VANCOUVER, British Columbia, April 29, 2019 -- Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) ("Panoro",
or the "Company") is pleased to announce the appointment of Mr. Augusto Baertl of Lima, Peru as Chairman, effective as of
this date. He has been a Director of the Company since 2017.
Mr. Baertl is an experienced mining executive with over 50 years of experience in the Peruvian and International Mining
sectors. Mr. Baertl's career began with the San Cristobal Mining unit of the Cerro de Pasco Corporation followed by Compañía
Minera Milpo where he rose to the role of President & CEO. Mr. Baertl was also President & CEO of Compañía Minera
Antamina where he led the $2.25 billion development of one of the world's largest copper/zinc mines from exploration to start-
up. Mr. Baertl is a past member of the Board of Directors of many mining companies including Milpo, Atacocha, Huaron,
Chungar, Corporacion Minera Castrovirreyna, Norsemont Mining and Chinalco International in addition to serving on the boards
of banking, engineering, construction and contract mining companies in Peru. Mr. Baertl is a former Chairman of the SNMPE,
IIMP, Petroperu, the Canada Peru Chamber of Commerce and the Peru Chapter of the Latin American Business Council. Mr.
Baertl has recently been appointed as Chairman of the Board of Directors of Graña y Montero, a New York Stock Exchange
listed and Peru's largest Engineering and Infrastructure company. He is also currently a member of the Board of Directors of
Alturas Minerals, Fima and Stevia One and is active with a number of Non Governmental Organizations in Peru such as
Horizonte Corporativo and Cedro.
Mr. William Boden, who has served as Chairman since 2011, and will remain a director of the Company, comments “we are
excited that Mr. Baertl has accepted this position as we further develop our two flagship properties, which have a current
combined PEA valuation of $US990 million, after tax. Augusto’s experience will be of great benefit to the Company as it
advances its significant portfolio of Peruvian copper assets into feasibility and development stages.”
About Panoro
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The company is
advancing its flagship Cotabambas and Antilla Projects. The Company has also partnered two early stage projects,
Humamantata and Kusiorcco Projects, with Hudbay Minerals and JOGMEC. All projects are located in the strategically
important area of southern Peru. The company is well financed, with strategic partnerships including Wheaton Precious
Metals, 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 20 billion into the construction or expansion of six large open pit copper mines.
Since 2007, the Company has completed over 80,000 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.
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
Project1
Antilla Cu
Project2
Process Feed, life of mine million tonnes 483.1 118.7
Process Feed, daily Tonnes 80,000 20,000
Strip Ratio, life of mine 1.25 : 1 1.38: 1
Before Tax1 NPV7.5% million USD 1,053 520
IRR % 20.4 34.7
Payback years 3.2 2.6
After Tax1 NPV7.5% million USD 684 305
IRR % 16.7 25.9
Payback years 3.6 3.0
Annual Average Payable
Metals
Cu thousand tonnes 70.5 21.0
Au thousand ounces 95.1 -
Ag thousand ounces 1,018.4 -
Mo thousand tonnes - -
Initial Capital Cost million USD 1,530 250
1. 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
2. Project economics estimated at long term commodity price of Cu = US$3.05/lb and Short term commodity price of Cu
= US$3.20, US$3.15 and US$3.10 for Years 1,2 and 3 of operations, respectively.
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.
William J. Boden
Chairman
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246
Email: [email protected]
Web: www.panoro.com
Renmark Financial Communications Inc.
Melanie Marbeau
TPhone: 514.939.3989
www.renmarkfinancial.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.
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.