Panoro Minerals Unaware of Any Material Change
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Panoro Minerals Unaware of Any Material Change
Vancouver, B.C., August 21, 2017 - At the request of IIROC, Panoro Minerals Ltd. (TSXV: PML, Lima: PML,
Frankfurt: PZM) ("Panoro", the "Company") wishes to confirm that the Company’s management is unaware
of any material change in the Company’s operations that would account for the recent increase in market
activity.
About Panoro
Panoro Minerals 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. The company is well
financed to expand, enhance and advance its projects in the region where infrastructure such as railway,
roads, ports, water supply, power generation and transmission are readily available and expanding quickly.
The region boasts the recent investment of over $US 15 billion into the construction or expansion of four
large open pit copper mines.
Since 2007, the Company has completed over 70,000 m of exploration drilling at these two key projects
leading to substantial increases in the mineral resource base for each, as summarized in the table below.
Panoro has recently commenced an exploration and stepout drilling program at its Flagship Cotabambas
Project.
Summary of Cotabambas and Antilla Project Resources
Project Resource
Classification
Million
Tonnes
Cu (%) Au (g/t) Ag (g/t) Mo (%)
Cotabambas Cu/Au/Ag Indicated 117.1 0.42 0.23 2.74 0.001
Inferred 605.3 0.31 0.17 2.33 0.002
@ 0.20% CuEq cutoff, effective October 2013, Tetratech
Antilla Cu/Mo Indicated 291.8 0.34 - - 0.01
Inferred 90.5 0.26 - - 0.007
@ 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
Project
Antilla Cu/Mo Project
Mill Feed, life of mine million tonnes 483.1 350.4
Mill Feed, daily tonnes 80,000 40,000
Strip Ratio, life of mine 1.25 : 1 0.85 : 1
Before
Tax1
NPV7.5% million USD 1,053 491
IRR % 20.4 22.2
Payback years 3.2 3.3
After
Tax1
NPV7.5% million USD 684 225
IRR % 16.7 15.1
Payback years 3.6 4.1
Annual
Average
Payable
Metals
Cu thousand tonnes 70.5 36.8
Au thousand ounces 95.1 -
Ag thousand ounces 1,018.4 -
Mo thousand tonnes - 0.9
Initial Capital Cost million USD 1,530 603
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
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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. PEng, PE, MBA
President & CEO
FOR FURTHER INFORMATION, CONTACT:
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.
Laura Welsh
Tel.: (416) 644-2020 or (416) 939-3989
www.renmarkfinancial.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.
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 assumptions 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.
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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 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.
This news release may contain assumptions, estimates, and other forward-looking statements regarding
future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to
factors, many of which are beyond the Company's control that may cause actual results or performance to
differ materially from those currently anticipated in such statements.