Panoro Options Alicia Cu-Au Property in Peru to Strait Gold Corporation
30 September 2009 - 3:19AM
Marketwired
Panoro Minerals Ltd. (TSX VENTURE: PML)(BVLAC: PML)(FRANKFURT:
PZM)(WKN914959) ("the Company") is pleased to announce that it has
entered into an agreement with Strait Gold Corporation (Strait
Gold) such that Strait Gold may earn up to a 100% interest in its
early stage Alicia copper-gold property in Southern Peru subject to
a 2% net smelter return royalty.
Under the terms of the option agreement, Strait Gold can earn a
100% interest by issuing 1,000,000 shares and spending $1.25
million over the three-year term of the agreement. The first
100,000 shares are to be issued upon signing with further payments
on the first, second and third anniversary dates with the
anniversary date established as the date a community agreement to
allow drilling is reached but not later than 18 months from
signing. Panoro will retain a 2% net smelter return royalty, half
of which Strait Gold can purchase for a one-time payment of US $2.3
million within six months of earning a 100% interest. If Strait
Gold does not earn the 100% interest but issues a minimum of
600,000 shares and conducts a minimum of $650,000 of work within
two years, it will earn a 55% interest.
The Alicia property is one of 14 properties held by the Company.
The Company's most advanced properties are the Cotabambas and
Antilla projects which are also located within the same prolific
Andahuaylas-Yauri porphyry copper belt as Las Bambas (900 million
tonnes of 0.9% copper), Haquira (686 million tonnes at 0.5%
copper), Los Chancas (355 million tonnes at 0.6% copper) and
Tintaya (158 million tonnes at 1.2% copper and 0.16 g/t gold) among
others.
The Company's Cotabambas and Antilla projects contain a NI
43-101 compliant inferred resource of:
Cotabambas 114 Mt @ 0.68% Cu and 0.38 g/t Au at 0.30% Cu cut-off
Antilla 154 Mt @ 0.47% Cu and 0.009% Mo at 0.25% Cu cut-off
The Company is in the late stages of evaluating financing
alternatives to advance these projects to feasibility level.
The completion of the option agreement for its Alicia Property
adds another property from the Company's portfolio to those on the
road to development.
On behalf of the Board of Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and
Director
ABOUT PANORO
Panoro Minerals Ltd. is a Canadian mineral exploration company
trading on the TSX Venture Exchange (PML) and on the Frankfurt
Stock Exchange (PZM, WKN 914959) and on the Junior Board of the
Lima Exchange. Panoro's strategic focus is on exploring for
large-potential gold and copper/gold deposits in countries with the
corresponding geological potential and where the right political
and economic conditions are present. For investor inquiries please
call 604-684-4246, e-mail info@panoro.com or visit the company's
website at www.panoro.com.
This release was prepared by management of the Company which
takes full responsibility for its contents.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Panoro Minerals Ltd. - Investor Inquiries Luquman
Shaheen, M.B.A., P.Eng., P.E. President, CEO and Director
604-684-4246 info@panoro.com www.panoro.com
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