PML.V · 2017-04-03 12:00:00

Panoro Delineating Expanded Gold Oxide Mineralization at the Cotabambas Project, Peru

Exploration Programs

Panoro Delineating Expanded Gold Oxide Mineralization at the

Cotabambas Project, Peru

VANCOUVER, British Columbia, April 03, 2017 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSX-

V:PML) (Lima:PML) (Frankfurt:PZM) ("Panoro", the "Company") is pleased to announce identification of an

expanded area of gold oxide mineralization at its Cotabambas Project.

Current mapping, trenching and sampling work has identified fourteen gold oxide anomalies extending from

the northern pit limit, as outlined in the Preliminary Economic Assessment (PEA), to approximately 900 m

(see accompanying map ), towards the northeast along the local faulting structures. The zone

encompassing the fourteen anomalies corresponds to an area of pervasive argillic alteration extending

over a total of approximately 1.3 km along strike. Eleven of these gold oxide anomalies have been

identified outside the PEA pit limit over an area of approximately 1.0 km by 1.4 km.

The current project resource includes gold oxides of 220,000 tonnes averaging 0.64 g/t Au and 3.8 g/t Ag

classified as indicated plus 1.2 Million tonnes averaging 0.61 g/t Au and 3.27 Ag g/t classified as inferred,

at a 0.5 g/t Au cut -off. This zone of mineralization was intercepted previously in four drillholes, see table

below, collared at the northern limit of the project resource. However, processing of this zone was not

included in the mine plan in the PEA due to limited quantities of gold oxides.

Table 2: Drill hole sampling results.

The delineation of additional gold oxide mineralization opens the potential to add a gold oxide leach

operation to the project plan included in the PEA. The newly defined gold oxides and the gold oxides

included in the project resource contain low Cu grades, presenting favorable conditions for potential

leaching of the contained gold and silver. The location of the anomalies, to the north of the PEA pit and at

relatively shallow depths from surface, can lead to potential mining and processing in the early part of the

Cotabambas Project mine life with potential material increases to the project cash flow, decreased

operating costs and increased project economic indicators of NPV and IRR.

The Company is commencing a 19,000 m drill program this month. Mapping, trenching and geophysics

work was commenced in January 2017, following the completion of the Community Agreement, and is

nearing completion. The 2017 drill program will be targetting the newly identified near -surface, gold oxide

Drill holeFrom(m) To(m) Metres(m) Au(g/t)Ag(g/t)Cu(%) Mo(%) Zone

CB-43 2,00 76,00 74 1.17 5 0.06 0.0010 Leach Cap

76,00 90,00 14 0.66 4 1.03 0.0011 Oxide

90,00 123,80 33,8 0.65 3 3.04 0.0010 Enrichment

CB-54 4,80 14,90 10,1 0.15 1 0.02 0.0018 Leach Cap

95,40 116,20 20,8 0.25 4 0.06 0.0021 Leach Cap

199,75 209,75 10 0.01 1 0.34 0.0001 Oxide

CB-62 1,00 5,35 4,4 0.13 1 0.24 0.0017 Overburden

5,35 23,30 18,0 0.04 1 0.16 0.0015 Oxide

CB-117 57,10 110,20 53,1 0.53 3 0.13 0.0014 Leach Cap

124,20 136,20 12 0.12 3 0.96 0.0032 Oxide

148,20 172,20 24 0.09 2 0.52 0.0019 Oxide

214,00 228,00 14 0.03 1 1.65 0.0040 Enrichment

mineralization zone; as well as the previously identified targets of:

High grade, near-surface sulphides at the Maria Jose zone; and

Near-surface copper oxides at the Cochapata zone.

All of these targets are within the Company ’s permit area. In 2017, the Company expects to expand its

exploration permit to include the area of the Chaupec target where a drill program will target the 3 km long

zone of Skarn and Porphyry mineralization.

Panoro’s 2017 exploration plans at these targets are funded with financings completed by the Company in

2016. Panoro is also pleased to announce that they have received the third scheduled Early Deposit

payment of US$750,000 as part of the Precious Metals Purchase Agreement (the “Cotabambas Early

Deposit Agreement ”) with Silver Wheaton (Caymans) Ltd., a wholly owned subsidiary of Silver Wheaton

Corp. ("Silver Wheaton") (TSX:SLW) (NYSE:SLW) in respect of the Cotabambas project located in Peru.

“The Cotabambas Project continues to unfold as a target -rich environment. The impacts on the project

economic indicators can be significant with the potential addition of high grade near -surface sulphides at

the Maria Jose zone, the low cost near -surface copper oxides and gold oxides at the Cochapata zone and

the large -scale high grade skarn targets at the Chaupec zone. The combination of a strong Cotabambas

PEA, a target -rich setting and funding to the end of 2018, position Panoro at the top of very short list of

exploration companies. We are poised to deliver a new Copper project to a market looking to confront a

looming worldwide shortage of copper, ” stated Luquman Shaheen, President & CEO.

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The

company is advancing a significant project portfolio in the strategic Andahuaylas -Yauri belt in south central

Peru, including its advanced stage Cotabambas Copper -Gold-Silver-Molybdenum and Antilla Copper -

Molybdenum Projects. 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.

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

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

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, PEng, PE, MBA

President & CEO

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;

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

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.

FOR FURTHER INFORMATION, CONTACT:

Panoro Minerals Ltd.

Luquman Shaheen, President & CEO

Phone: 604.684.4246 Fax: 604.684.4200

Email: [email protected]

Web: www.panoro.com

Renmark Financial Communications Inc.

Laura Welsh

Tel.: (416) 644-2020 or (416) 939-3989

[email protected]

www.renmarkfinancial.com

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CB-78-12

CB-89-12

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Lithology

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D:\PA NO RO_SE RV ER\DATA G ENE RA L\M x d_pr oy ecto P anoro\Cotabambas \Coc hapata\P anor o-M ar zo2017

Cotabambas Project

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1:5,000

Sc ale:Form at: File Name:

A1PS AD56_UTM

Rev is ed:

L.Vedego

Area:Approv ed

GeologiaL.V

Versión:

01Marz o-2017

Loc ation:

Antilla- Apurim ac

Av. Pardo y Aliaga Nº 699, O f. 601 B

San Isid ro

Tel f; 628 5978 F ax; 6285979

http://W WW.Panoro.com

PANORO APURIMAC S.A.

Project

Description:

Datum :

Drawing:

Date:

Cochapata Zone

Rock Chip Sample

Drill Hole!.

System Coord: PSAD56 UTM Zone 18S

Gold Oxide Resources

PEA Pit

Channel Sample!(

Gold Anomaly

Trench

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