Panoro Minerals Announces Closing of Sale of Antilla Copper Project
Panoro Minerals Announces Closing of Sale of
Antilla Copper Project
VANCOUVER, BC
,
Dec. 6, 2021
/CNW/ -
Panoro Minerals Ltd
. (TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) ("Panoro" or the "Company") is pleased to announce the
closing of the sale of the Antilla Project, previously announced on
October 8, 2021
. At the closing of
the transaction, Panoro has received the first scheduled advance payment of CA$10 million. The
details of future payments, net smelter return royalties and Panoro's equity position in the Antilla
Project are outlined in the
October 8, 2021
, press release.
Luquman Shaheen, President & CEO of Panoro Minerals states,
"We are pleased to have closed
the Antilla transaction under the terms of the previously announced agreement. The Company
looks forward to supporting the advancement of the work programs at Antilla. Panoro is currently
completing the scope, budget, and schedules for the Cotabambas Project Pre-Feasibility Study,
including drilling and metallurgical testing programs. Panoro plans to commence this work early in
the first quarter of 2022 and is targeting a 2023 completion of the Pre-Feasibility Study. The Pre-
Feasibility study work will incorporate resource expansion drilling at the Maria Jose, Petra-David
and Chaupec satellite targets with the objective of delineating additional higher grade, sulfide
porphyry and skarn as well as oxide mineralization. The oxide target areas, together with oxide
resources already defined in the project resource, will be investigated for the addition of a copper
heap leach SX/EW component to the Cotabambas Project. We are optimistic that the significant
project growth opportunities identified in the preliminary economic assessment and through
subsequent exploration drilling can be incorporated into the proposed Pre-Feasibility Study."
About Panoro
Panoro is a uniquely positioned
Peru
-focused copper development company. The Company is
advancing its flagship project, the Cotabambas Copper-Gold-Silver Project located in the
strategically important area of southern
Peru
.
Panoro has previously completed a precious metals purchase agreement for the Cotabambas
Project with Wheaton Precious Metals as well as other agreements with Hudbay Minerals which
together provide additional funding for corporate costs and for the Cotabambas Project.
At the Cotabambas Project, the Company is focused on delineating growth potential while optimizing
project economics. Exploration and step-out drilling from 2017, 2018 and 2019 have 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.
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:
future payments
net smelter return royalties and equity position in the Antilla Project
advancing work programs at the Antilla Project
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; 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 06-DEC-21