PML.V · 2021-11-11 12:00:00

Panoro Minerals Retains Proconsul Capital Ltd. for Investor Relations Support

Marketing Announcement

Panoro Minerals Retains Proconsul Capital

Ltd. for Investor Relations Support

VANCOUVER, BC

Nov. 11, 2021

/CNW/ -

Panoro Minerals Ltd

. (TSXV: PML) (Lima: PML)

(Frankfurt: PZM) (OTCQB: POROF) ("Panoro" or the "Company") wishes to announce that it has

retained the services of

Toronto

based Proconsul Capital Ltd., ("

Proconsul

"), a full-service investor

relations and marketing consulting services company. Proconsul, founded by its principals,

Andreas

Curkovic

and

Martti Kangas

, provides investor relations services to Canadian publicly listed

companies. Proconsul will focus on broadening relationships with the professional investment

community on Panoro's behalf.

Panoro will compensate Proconsul

$5,000

monthly and will grant 100,000 options to Proconsul or its

nominee, subject to the rules of the TSX Venture Exchange. The Proconsul Agreement and all stock

options are subject to regulatory approval.

Luquman Shaheen, the Company's CEO, comments:

"With our funding arrangements in place to

advance the Cotabambas project to Pre-feasiblity and Feasibility stages, we look forward to

repositioning the company to attract an expanded and diversified shareholder base. The

Cotabambas Project has demonstrated economic upside from resource growth potential,

metallurgical recovery improvements, addition of a heap leach & SX/EW circuit and from

increased commodity prices as compared to the Preliminary Economic Assessment. The

Cotabambas Projects' strategic location in the heart of the significant and growing Peruvian copper

mining district bodes well for the Cotabambas Project to become

Peru's

next large-scale copper

project on the track for development. We are working to complete the closing of the recently

announced Antilla transaction and moving forward with the step-out, exploration and infill drilling

programs and other studies to support the Pre-Feasibility work. We look forward to working with

the Proconsul team to expand Panoro's investor outreach and awareness program."

About Panoro

Panoro is a uniquely positioned

Peru

-focused copper mine development company. The Company is

advancing its flagship project, the Cotabambas Copper-Gold-Silver Project located in the

strategically important area of southern

Peru

In support of funding the Cotabambas Project to Pre-feasibility, Feasibility and Construction stages,

while minimizing share capital dilution, Panoro has completed a number of strategic transactions.

These transactions are estimated to generate up to

$US 73 million

to fund the Pre-feasibility and

Feasibility studies plus

$US 126 million

for the construction of the Cotabambas Mine. These

transactions include:

HCAC – NSR and Cash sale of majority interest, Antilla Project;

Wheaton Precious Metals - Precious Metals Purchase Agreement, Cotabambas Project;

Hudbay Minerals – NSR Royalty and Cash sale, Kusiorcco Project; and

Mintania – NSR Royalty and Cash sale, Cochasayhuas 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

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 Preliminary Economic Assessment 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 per day

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

The PEA is considered preliminary in nature and includes 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 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

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:

closing of the sale of Antilla shares to HCAC;

scheduled and contingent payments by HCAC;

drilling permits for the Antilla Project being obtained;

completion of a Study on the Antilla Project and the NPV estimated in such Study;

potential dilution of Panoro's equity in Antilla below 5%;

advancing the Antilla Project to production;

Panoro weathering the current depressed equity and commodity markets, minimizing dilution to

existing shareholders and making targeted investments into exploration at the Cotabambas

Project;

mineral resource estimates and assumptions;

the PEAs, 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 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.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/November2021/11/c7319.html

%SEDAR: 00019503E

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

CO: Panoro Minerals Ltd.

CNW 08:45e 11-NOV-21

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