PML Panoro Minerals Ltd

Panoro Minerals Ltd. (TSX VENTURE:PML)(BVLAC:PML)(FRANKFURT:PZM) ("Panoro") is
pleased to announce that further to its news release dated September 27, 2010,
the private placement offering (the "Offering") of up to 10,000,000 units (the
"Units") for gross proceeds of $2,500,000 has been increased to 12,000,000 Units
for total proceeds of approximately $3,000,000 with an allowance for an
overallotment of an additional 2,000,000 Units and proceeds of $500,000.


Each Unit consists of one common share and one-half of one common share purchase
warrant, with each full warrant entitling the holder thereof to acquire one
additional common share of Panoro at a price of $0.35 for a period of 18 months
following the closing of the financing. 


The first tranche of the private placement was completed on September 30, 2010
and consisted of 5,379,620 Units at a price of $0.25 for total gross proceeds of
$1,344,905. Shares and warrants comprising the Units are subject to a statutory
hold period expiring on February 1, 2011.


The proceeds from the increased financing will be used to advance the Company's
Cotabambas Copper-Gold Project in Southern Peru and for general working capital.
The Cotabambas project includes at least two copper-gold porphyry mineralized
centre's and a NI 43-101 compliant Inferred resource of 90 million tonnes
grading 0.77% copper and 0.42 grams/tonne gold using a 0.40% copper cut-off
grade has been defined based on drilling to date. Mineralization is open to
expansion laterally and to depth.


The first part of the exploration program at Cotabambas includes the re-logging
of existing core to better constrain the geologic and resource block models.
Secondly, an expanded program of drilling will test the extensions of known
mineralization in a number of areas and preliminary metallurgical test work will
be carried out to assess potential recoveries of copper and gold. 


The NI 43-101 technical report for the Cotabambas Project will then be updated
to reflect the updated geologic model and resource estimate.


On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and Director

About Panoro Minerals Ltd. 

Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold
projects to feasibility and development stages and to explore its other
projects. 


The Company's most advanced projects, Cotabambas and Antilla, contain NI 43-101
compliant inferred resources of: 




Cotabambas       90 Mt @ 0.77% Cu and 0.42 g/t Au at 0.40% Cu cut-off      
Antilla         154 Mt @ 0.47% Cu and 0.009% Mo at 0.25% Cu cut-off

Panoro Minerals (TSXV:PML)
Historical Stock Chart
From Jun 2024 to Jul 2024

Panoro Minerals (TSXV:PML)
Historical Stock Chart
From Jul 2023 to Jul 2024