PML.V · 2022-04-19 12:00:00

Panoro Minerals Commences Pre-Feasibility Drilling Program at Cotabambas Project, Peru

Exploration Programs

Panoro Minerals Commences Pre-Feasibility

Drilling Program at Cotabambas Project, Peru

VANCOUVER, BC

April 19, 2022

/CNW/ -

Panoro Minerals Ltd.

(TSXV: PML) (Lima: PML)

(Frankfurt: PZM) (OTCQB: POROF) is pleased to announce the mobilization of a drilling contractor

to commence the pre-feasibility study infill and step out drilling program at the Cotabambas Project.

The proposed drilling program will commence within the next two weeks and is scheduled to be

completed in

December 2022

. Additional drilling is planned for 2023 to test satellite targets

identified within Cluster 1 and Cluster 2 of the Cotabambas Project.

The infill drilling program goal is to upgrade 100% of inferred category resource included in the

Preliminary Economic assessment ("PEA") mine plan to indicated category. The infill drilling will

include an estimated 44 drillholes for a total estimated 12,192 meters at the proposed North and

South Pits. The current mineral resources included in the mine plan of the PEA includes 127.3 million

tonnes at Indicated category and 355.8 million tonnes at Inferred category.

Step-out drilling of approximately 4,778 meters will target the growth of both the copper oxide and

high grade sulphide resource for inclusion into the mine plan for the pre-feasibility study. The

program will be distributed between 22 drill holes located in close proximity to the North and South

Pits as well as over the exploration targets of

Maria Jose

2, Petra and David,

previously drilled in 2017 and 2018.

Both the infill and step out drilling programs are constrained within Cluster 1 where various targets of

copper and gold mineralization are characterized by quartz monzonite porphyry centers intruding

diorite and volcanic host rocks. The proposed exploration work is within the already approved

exploration area of the Cotabambas Project. The permits allow for drilling from up to 500 drilling

platforms.

In addition to the pre-feasibility drilling program Panoro is scoping the engineering, environmental

and social studies to support the pre-feasibility work program. Metallurgical, tailings trade off, heap

leach pad and SX/EW plant location and open pit geotechnical studies will be completed in 2022 in

support of the pre-feasibility study planned for completion in 2023.

Permits for the proposed exploration program are in place and access preparations are underway.

Having completed the funding for the pre-feasibility studies at the end of 2021 and first quarter of

2022 we look forward to advancing the pre-feasibility works and demonstrating the economic

upside to the Cotabambas Project. Our targeted resource growth, improved recoveries, addition of

a cathode production circuit and significantly higher commodity prices will together enhance the

already significant value of the Cotabambas Project

.", states Luquman Shaheen, President & CEO.

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

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

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

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

NPV

7.5%

million US$

1,053

IRR

20.4

Payback

years

3.2

After

Tax

NPV

7.5%

million US$

684

IRR

16.7

Payback

years

3.6

Annual Average Payable

Metals

thousand tonnes

70.5

thousand ounces

95.1

thousand ounces

1,018.4

thousand tonnes

Initial Capital Cost

million US$

1,530

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:

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 19-APR-22

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