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Panoro Minerals Announces Receipt of Second Early Deposit Payment from Silver Wheaton for the Cotabambas Project, Peru
VANCOUVER, British Columbia, May 31, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) and its wholly-owned subsidiary, Panoro
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, May 31, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) and its wholly-owned subsidiary, Panoro Trading (Cayman) Ltd. (“Panoro” or the “Company”) are pleased to announce that they have received the second US$1 million Early Deposit payment as part of the Precious Metals Purchase Agreement (the “Cotabambas Early Deposit Agreement”) with Silver Wheaton (Caymans) Ltd., a wholly owned subsidiary of Silver Wheaton Corp. (\"Silver Wheaton\") (TSX:SLW) (NYSE:SLW) in respect of the Cotabambas project located in Peru. The principal terms of the Cotabambas Early Deposit Agreement are as described in the Company’s press release on March 21, 2016, whereby Silver Wheaton will pay Panoro upfront cash payments totalling US$140 million for 25% of the payable gold production and 100% of the payable silver production from the Company’s Cotabambas Project in Peru. In addition, Silver Wheaton will make production payments to Panoro of the lesser of the market price and US$450 per payable ounce of gold and US$5.90 per payable ounce of silver delivered to Silver Wheaton over the life of the Cotabambas Project. Panoro is entitled to receive US$14 million spread over a period of up to 9 years as an early deposit with payments to be used to fund corporate expenses related to the Cotabambas Project. The Cotabambas Early Deposit Agreement includes provisions to accelerate these payments through Silver Wheaton’s matching, up to certain limits, any third party financing by Panoro targeted for exploration at the Cotabambas Project. The acceleration could result in total early deposit payments of up to US$7 million being made to Panoro in the first two years of the agreement. The balance of the US$140 million, should Silver Wheaton elect to proceed with the Cotabambas Early Deposit Agreement, is payable in instalments during construction of the Cotabambas Project. About Panoro Panoro Minerals is a uniquely positioned copper exploration company focused on Peru. Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central Peru, including its advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla Copper-Molybdenum Projects. Since 2007, the Company has completed over 70,000 m of exploration drilling at these two...