Panoro Minerals Announces Completion of OTCQB Listing
Panoro Minerals Announces Completion of OTCQB Listing
VANCOUVER, B.C., March 1, 2021 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, OTC QB:
POROF. Frankfurt: PZM) (“Panoro” or the “Company”) is pleased to announce that its common
shares have been approved for trading on the OTCQB Venture Market effective March 2. Panoro's
U.S. listing will trade under the symbol "POROF", while the Company's primary Canadian listing will
continue to trade on the TSX Venture Exchange under the symbol "PML", on the Bolsa de Valores
also under the symbol "PML” and on the Frankfurt Exchange under the symbol “PZM”.
Luquman Shaheen, President & CEO of Panoro Minerals said "We are very plea sed to offer our
current and prospective shareholders another regulated platform from which they can more
conveniently trade our common shares in the U.S. This important step will increase our visibility and
accessibility in the American market as we continue to advance the Cotabambas copper-gold-silver
project, the Antilla copper project in the strategically important area of southern Peru. These
projects, together with the Humamantata Project, partnered with JOGMEC, the Kusiorcco Project,
partnered with Hudbay Minerals, and the Cochasayhuas Project, partnered with Mintania, place
Panoro in a unique position with multiple copper projects, multiple strateg ic partnerships and a
stable, nondilutive funding. Meanwhile, the price of copper is expected to reach and exceed all-time
highs driven by supply shortages of this key commodity. The Company looks forward to a
transformative 2021.”
To be eligible for the OTCQB Venture Market, companies must be current in their financial reporting,
pass a minimum bid price test and undergo an annual company verification and management
certification process. The OTCQB Venture Market quality standards provide a strong basel ine of
transparency, as well as the technology and regulation to improve the information and trading
experience for investors.
About Panoro
Panoro is a uniquely positioned Peru focused copper exploration and development company. The Company
is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum
Projects located in the strategically important area of southern Peru.
Panoro has completed strategic partnerships at four of its projects:
1. Wheaton Precious Metals - Precious Metals Purchase Agreement, Cotabambas Project;
2. JOGMEC - Joint Venture, Humamantata Project;
3. Hudbay Minerals – NSR Royalty and Cash sale, Kusiorcco Project; and
4. Mintania – NSR Royalty and Cash sale, Cochasayhuas Project.
These partnerships would provide US$ 13 million of funding, if all funding is received, to Panoro from 2021 to
2024, not including the potential NSR royalties from the Kusiorcco and Cochasayhuas Projects.
At the Cotabambas Project, the Company is focused on delineating the growth potential while optimizing the
project economics. Exploration and step-out drilling from 2017, 2018 and 2019 has identified the potential for
both oxide and sulphide resource growth.
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Summary of Cotabambas and Antilla Project Resources
Project Resource
Classification
Million
Tonnes
Cu (%) Au (g/t) Ag (g/t) Mo (%) CuEq
%
Cotabambas
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
Antilla Cu/Mo Indicated 291.8 0.34 - - 0.01 0.38
Inferred 90.5 0.26 - - 0.007 0.29
@ 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.
Luquman Shaheen. M.B.A., P.Eng, P.E.
President & CEO
FOR FURTHER INFORMATION, CONTACT:
Panoro Minerals Ltd.
Luquman Shaheen, President & CEO
Phone: 604.684.4246 Fax: 604.684.4200
Email: [email protected]
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Web: www.panoro.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.
Examples of forward -looking information and statements contained in this news release include information
and statements with respect to:
• acceleration of payments by Wheaton Metals to match third party financing by Panoro targeted for
exploration at the Cotabambas Project;
• payment by Wheaton Metals of US$140 million in installments;
• Panoro weathering the current depressed equity and commodity markets, minimizing diluti on to
existing shareholders and making targeted investments into exploration at the Cotabambas Project;
• mineral resource estimates and assumptions;
• the PEA, including, but not limited to, base case parameters and assumptions, forecasts of net present
value, internal rate of return and payback; and
• copper concentrate grade from the Cotabambas Project.
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 th at 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 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 assumptio ns 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
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contained in this news release. Should one or more of these risks and uncertainties materialize, or s hould
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.