Panoro Transaction with Hudbay Minerals for Kusiorcco Project Net Smelter Return Royalty
Panoro Transaction with Hudbay Minerals for
Kusiorcco Project Net Smelter Return Royalty
VANCOUVER, BC
,
Jan. 8, 2025
/CNW/ - Panoro Minerals Ltd. ("
Panoro
" or the "
Company
")
(TSXV: PML) (Lima: PML) (Frankfurt: PZM) (OTCQB: POROF) announces that Hudbay Peru
S.A.C. ("Hudbay Peru"), a wholly-owned subsidiary of Hudbay Minerals Inc. ("Hudbay") has
delivered notice to Panoro that it intends to exercise its option to repurchase and cancel the 2% net
smelter return royalty on the Kusiorcco Project (the "Royalty") held by the Company, for cash
consideration of USD
$2.0 million
. Hudbay Peru and Panoro are in the process of having the
repurchase and cancellation of the Royalty registered in the Peru Public Registry ("Royalty
Registration") which when finalized, will complete the transaction. The Royalty Registration is
expected to be finalized in the coming weeks. The Company retained the Royalty from the sale of its
Kusiorcco Project to Hudbay in 2018.
"We are grateful for Hudbay's continued strong relationship with, and support for, Panoro. We look
forward to advancing the Cotabmabas project through prefeasibility and feasibility studies while the
Company, in parallel, evaluates strategic alternatives to deliver value to shareholders and advance
the Cotabambas Project into development," commented Luquman Shaheen, CEO and President of
Panoro.
Panoro remains focussed on completing its technical objectives at the Cotabambas Project including
project optimization studies which will feed into an updated PEA and help define the scope for the
prefeasibility study.
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 release.
SOURCE
Panoro Minerals Ltd.
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For further information:
FOR FURTHER INFORMATION, CONTACT: Panoro Minerals Ltd.,
Luquman Shaheen, President & CEO, Email: [email protected], Web: www.panoro.com
CO: Panoro Minerals Ltd.
CNW 18:44e 08-JAN-25