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.
