Panoro Minerals Announces Appointment of Mr. Guillermo Torres Torres as Vice-President of Project Development
Panoro Minerals Announces Appointment of
Mr. Guillermo Torres Torres as Vice-President
of Project Development
VANCOUVER, BC
,
May 2, 2022
/CNW/ -
Panoro Minerals Ltd.
(TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) is pleased to announce the appointment of
Guillermo Torres
Torres
as Vice-President of Project Development effective immediately. Mr. Torres will lead
Panoro's team in the execution of the pre-feasibility and feasibility studies for the Cotabambas
Project.
Mr. Torres has over 22 years of experience in the mining industry in
Peru
and
Argentina
with an in-
depth knowledge of the mining business from pit to refinery. Guillermo has over 12 years experience
in managing engineering projects, including technical and financial assessments of projects with
capital requirements in excess of
$US 1.8 billion
. He has completed projects for publicly listed and
privately owned mining companies as well as for multinational consulting engineering firms with
operations in
Peru
. Mr. Torres is a metallurgical engineer with over 10 years of experience in
metallurgical plant operations, process design, research and optimization. He completed
his Bachelor's degree in Metallurgical Engineering from the Universidad Nacional de Trujillo in 2000,
a Masters in Business Administration from Universidad ESAN in 2004 and studies in geological
engineering from the Pontificia Universidad Cató lica del Perú.
Mr. Torres will be based in Panoro's
Lima
office and together with Mr.
Luis Vela
, VP Exploration,
and Mr.
Yves Barsimantov
, VP Operations, will lead the advancement of the Cotabambas Project to
Feasibility stage.
Luquman Shaheen, President & CEO, states "
We are very delighted to have Guillermo join our
team. His metallurgical and project management background will contribute significantly to our
team. The goals for the prefeasibility study of the Cotabambas Project include targets for
increased resource and improved metallurgical recoveries plus the addition of a heap leach &
SX/EW circuit to the process. With the commencement of the infill and exploration drilling
programs, the addition of Guillermo will help Panoro to scope out and advance the engineering
studies required for the prefeasibility study
."
About Panoro
Panoro is a uniquely positioned
Peru
-focused copper development company. The Company is
advancing its flagship Cotabambas Copper-Gold-Silver Project located in the strategically important
area of southern
Peru
.
The Company's objective is to complete a Prefeasibility study in 2023 with work programs
commencing in Q1 2022.
At the Cotabambas Project, the Company will first focus on delineating resource growth potential
and optimizing metallurgical recoveries. These objectives are expected to further enhance the project
economics as part of the Prefeasibility studies during 2022 and 2023. Exploration and step-out
drilling from 2017, 2018 and 2019 have already identified the potential for both oxide and sulphide
resource growth.
Summary of Cotabambas Project Resources
Project
Resource
Classification
Million
Tonnes
Cu (%)
Au (g/t)
Ag (g/t)
Mo (%)
CuEq
%
Cotabambas
1
Cu/Au/Ag
Indicated
117.1
0.42
0.23
2.74
0.001
0.59
Inferred
605.3
0.31
0.17
2.33
0.002
0.44
@ 0.20% CuEq cutoff, effective October 2013, Tetratech
1.
Cotabambas Project, Apurimac, Peru, NI 43-101 Technical Report on Updated Preliminary Economic Assessment, Amec Foster Wheeler and Moose Mountain Technical
Services, 22 September 2015
A PEA has been completed for the Cotabambas Project, the key results are summarized below:
Summary of Cotabambas Project PEA Results
Key Project Parameters
Cotabambas Cu/Au/Ag Project
1
Process Feed, life of mine
million tonnes
483.1
Process Feed, daily
tonnes
80,000
Strip Ratio, life of mine
1.25 : 1
Before
Tax
1
NPV
7.5%
million US$
1,053
IRR
%
20.4
Payback
years
3.2
After
Tax
1
NPV
7.5%
million US$
684
IRR
%
16.7
Payback
years
3.6
Annual Average Payable
Metals
Cu
thousand tonnes
70.5
Au
thousand ounces
95.1
Ag
thousand ounces
1,018.4
Mo
thousand tonnes
-
Initial Capital Cost
million US$
1,530
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
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 PEAs 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.mineralization
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.
Examples of forward-looking information and statements contained in this news release include
information and statements with respect to:
Panoro delineating growth potential at the Cotabambas Project, while optimizing project
economics;
mineral resource estimates and assumptions; and
the PEAs, including, but not limited to, base case parameters and assumptions, forecasts of net
present value, internal rate of return and payback.
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 or its partners' ability to enforce legal rights under permits or licenses
or risk that Panoro or its partners will become subject to litigation or arbitration that has an
adverse outcome
risks relating to Panoro's or its partners' 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 or its partners' right to explore or develop
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 or its partners' operations being subject to environmental and
remediation requirements, which may increase the cost of doing business and restrict
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 and its partners' properties are not yet in commercial
production;
risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates
risks relating to Panoro's ability to raise funding to continue its exploration, development, and
mining activities; and
counterparty risk under Panoro's agreements.
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 r
elease.
SOURCE
Panoro Minerals Ltd.
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For further information:
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.: Scott Logan, Account Manager, Phone: 416.644.2020 /
212.812.7680, Email: [email protected]; Web: www.renmarkfinancial.com
CO: Panoro Minerals Ltd.
CNW 09:20e 02-MAY-22