Business
Panoro Minerals Ltd Restarts Cotabambas Drill Program and Grants Options
VANCOUVER, Aug. 16, 2011 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frank...
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Aug. 16, 2011 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) (\"Panoro\") Panoro is pleased\n to announce that it has resumed drilling to complete the 5,500 metre\n Phase One exploration program at its Cotabambas Copper-Gold Project in\n Peru, a total of 2,800 metres having already been completed as of June.\n A Phase Two exploration program will follow immediately and will\n include up to an additional 29 drill holes totalling approximately\n 21,500 m and mainly focused on step-out drilling to increase the\n resource at the main Ccalla deposit. An Induced Polarization survey has\n now been completed over the entire resource and surrounding area and a\n magnetic survey is expected to finish within two weeks.\n\n\nThe Company also announces that it has granted options to purchase a\n total of 3,900,000 shares exercisable at a price of $.50 per share to\n officers, directors, employees and consultants pursuant to the\n Company's stock option Plan.\n\n\nThe Company is well-financed following the recent completion of a $7.8\n million brokered private placement and is targeting a significant\n increase in the resource at the Cotabambas Project with the planned\n exploration program.\n\n\nAbout Panoro\n\n\nPanoro's strategic focus is to move its advanced stage Copper and\n Copper/Gold projects to the feasibility and development stages and to\n explore its other projects. Panoro's strong cash position puts the\n company in a good position to continue developing its significant\n portfolio of exploration projects. The Company's large portfolio\n includes the advanced Cotabambas Copper-Gold and Antilla\n Copper-Molybdenum Projects which include NI 43-101 inferred level\n resources of:\n\n\n\n\n\nCotabambas:\n\n\n90 million tonnes @ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff, SRK 2007)\n\n\nAntilla:\n\n\n154 million tonnes @ 0.47% Cu and 0.009% Mo (0.25% Cu cutoff, AMEC 2009)\n\n\nIn addition to the exploration program at the Cotabambas Project, the\n Company will also be carrying out exploration work at its Antilla\n Copper-Molybdenum Project, Kusiorcco Copper Project and Cochasayhuas\n Gold Project in 2011. Panoro has ten other exploration properties in\n Peru and is currently evaluating investment alternatives including\n joint ventures.\n\n\nPanoro's significant portfolio of proj...