Business
Panoro Minerals Welcomes Option Agreement between Strait Gold and Teck for the Alicia Property in Peru
VANCOUVER, Dec. 12, 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, Dec. 12, 2011 /CNW Telbec/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM) (\"Panoro\", the \"Company\")\n Panoro is pleased to note that Strait Gold Corp. (Strait Gold) has\n signed a binding agreement with Teck Peru S.A. (Teck), a wholly owned\n subsidiary of Teck Resources Limited, giving Teck an option to earn up\n to a 75% interest in the Alicia copper-gold property. Panoro currently\n holds a 45% interest in the Alicia Project with Strait Gold holding an\n option to earn in a 100% interest and Panoro retaining a 2% NSR\n royalty.\n\n\nStrait Gold has earned in a 55% interest in the Alicia Property having\n completed the minimum $US 650,000 investment in exploration and the\n payment of 600,000 Strait Gold shares. A 100% interest can be earned by\n Strait Gold with the completion of an additional $US 600,000 investment\n into exploration and the payment of 400,000 additional Strait Gold\n shares to Panoro. Upon Strait Gold earning a 100% interest, Panoro will\n retain a 2% NSR royalty with Strait Gold holding the right to purchase\n half of the NSR royalty with the payment of $US 2.3 million within six\n months of completing the 100% earn in interest.\n\n\nCotabambas Copper/Gold Project Progress\n\n\nPanoro is currently focused on its Cotabambas Copper-Gold Project\n located in southern Peru from which the company recently announced\n results of its on going 24,400 m drill program. To date the company has\n completed approximately 16 drillholes for a total of 8,595 m of the\n program. The results from the first 8 drillholes have been announced\n while other results are pending receipt of assay results from the\n laboratory. The turn around time for receipt of assay results is being\n affected by the significant demand for assaying services for\n laboratories in Peru.\n\n\nThe ongoing drill program is targetting an expansion of the resource\n from the main Ccalla porphyry with both infill and stepout\n drillholes. The deposit is open both laterally and at depth and with\n good potential for expansion into Area 1 and Area 2 along the\n northeast-southwest trends identified by the recently completed\n geophysical program. The drillhole program also includes exploration\n drilling targetting an expansion of the Azulccaca Deposit into Area 3\n along a...