Panoro Minerals Announces Receipt of Early Deposit Payment from Wheaton Precious Metals for the Cotabambas Project, Peru
Panoro Minerals Announces Receipt of Early
Deposit Payment from Wheaton Precious
Metals for the Cotabambas Project, Peru
VANCOUVER, BC,
Sept. 27, 2021
/CNW/ -
Panoro Minerals Ltd.
(TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) and its wholly-owned subsidiary, Panoro Trading (Cayman)
Ltd. ("Panoro" or the "Company") are pleased to announce that they have received the thirteenth
Early Deposit payment of
US$750,000
as part of the Precious Metals Purchase Agreement (the
"Cotabambas Early Deposit Agreement") with Wheaton Precious Metals International Ltd. ("WPMI"),
a wholly owned subsidiary of Wheaton Precious Metals Corp. (TSX:WPM) (NYSE:WPM), in respect
of the Cotabambas project located in
Peru
.
The principal terms of the Cotabambas Early Deposit Agreement are as described in the Company's
press release on
March 21, 2016
, whereby WPMI will pay Panoro upfront cash payments totalling
US$140 million
for 25% of the payable gold production and 100% of the payable silver production
from the Company's Cotabambas Project in
Peru
. In addition, WPMI will make production payments
to Panoro of the lesser of the market price and
US$450
per payable ounce of gold and
US$5.90
per
payable ounce of silver delivered to WPMI over the life of the Cotabambas Project.
Panoro is entitled to receive
US$14 million
spread over a period of up to 9 years as an early deposit
with payments to be used to fund corporate expenses related to the Cotabambas Project. The
balance of the
US$126 million
, should WPMI elect to proceed with the Cotabambas Early Deposit
Agreement, is payable in instalments during construction of the Cotabambas Project.
Together with this payment, the total advanced to date is
US$11.5 million
, including the accelerated
tranche of
US$2.0 million
received in
December 2016
.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO
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.
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 16:15e 27-SEP-21