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Panoro Reports Positive Preliminary Economic Assessment For Antilla Copper-Molybdenum Project
VANCOUVER, British Columbia, May 02, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) (“Panoro”, the “Company”) is pleased to
About this update from Panoro Minerals Ltd.
[{"type":"text","content":"VANCOUVER, British Columbia, May 02, 2016 (GLOBE NEWSWIRE) -- Panoro Minerals Ltd. (TSXV:PML) (Lima:PML) (Frankfurt:PZM) (“Panoro”, the “Company”) is pleased to announce that it has received the results of an independent Preliminary Economic Assessment (\"PEA\") of the Company's 100% owned Antilla project in Peru. The Antilla project is a copper-molybdenum porphyry deposit, located 140 km south west of the city of Cuzco, in the Apurimac region in Southern Peru. Highlights Pre-tax NPV(7.5%) is US$ 491 million, IRR is 22.1% and payback is estimated at 3.3 years After-tax NPV(7.5%) is US$ 225 million, IRR is 15.1% and payback is estimated at 4.1 years Conventional open pit mining and flotation processing Design throughput of 40,000 tonnes per day with an operational life of mine of 24 years Low waste to mill feed ratio of 0.85:1 Average annual payable copper of 81 million pounds Average annual payable molybdenum of 1.9 million pounds Average direct cash costs (C1) of US$1.83 per pound of payable copper, net of by product credits Initial project capital costs of US$ 603 million, including contingencies Good potential for discovery of additional mineralization adjacent to the current mineral resource area. The PEA was prepared by SRK Consulting (Canada) Inc. (“SRK”) and Moose Mountain Technical Services Ltd. (“MMTS”) in accordance with the definitions in Canadian National Instrument 43-101. The PEA is based on a Mineral Resource estimate completed by Tetra Tech Inc. (“Tetra Tech”) in December 2013, based on 2,919 metres of drilling from legacy campaigns (2003-5), 9,130 metres of drilling by Panoro (2008), and 2,242 metres of drilling during a joint venture agreement with Chancadora Centauro SA (CHC) in 2010. The Mineral Resource estimate includes primary and supergene sulphides, as well as oxide copper. The PEA is considered preliminary in nature. It includes Inferred Mineral Resources that are considered too speculative to have the economic considerations applied that would enable classification as Mineral Reserves. There is no certainty that the conclusions within the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Luquman Shaheen, President & CEO of Panoro Minerals states, “We are pleased to complete another milestone for the Company. The Antilla Copper/M...