Panoro Announces significant increase and development of resources in the Cu-Mo project Antilla


Vancouver, British Columbia, 16. December 2013 – Panora Minerals Ltd.. (TSXV: PML, Lime: PML, Frankfurt: ASN) (“PANORO”, the “Business”) PANORO announced, that the company Tetra Tech has received a current mineral resource estimate for the company's own porphyry copper-molybdenum project in southern Peru Antilla.


• Indicated Mineral Resources in the baseline scenario: 188,5 Million tonnes 0,40 % The und 0,009 % Mo at a CuEq cutoff value of 0,20 %.

• Inferred Mineral Resources in the baseline scenario: 145,9 Million tonnes 0,28 % The und 0,009 % Mo at a CuEq cutoff value of 0,20 %.

• The new resources correspond to an increase of 38 % the copper content and to 53 % the molybdenum content.

• The stripping ratio in the “Conceptual Pit Shell”, which was used to limit the mineral resource, was of 2,5:1 in the resource estimate 2012 on 1:1 reduced; based on a strong copper-molybdenum mineralization is within the scope of follow-up drilling the possibility of increasing the amount of resources in several directions and also below the current pit shell.

• In the Project Antilla new exploration targets have been identified.

Mineral resource estimate

Tetra Tech used in the mineral resource estimate for the Antilla Project all drilling- and analysis results to 11. June 2013. The resource estimate is based on the results of the performed Panoro holes over 9.130 Meter (49 Boreholes) holes and other companies in the amount of 5.162 Meters of drilling (39 Boreholes). Included are supergene and hypogene sulphides from the deposit East Block, in a single “Conceptual Pit Shell” is included. Diese Conceptual Pit Shell wurde so modelliert, that that portion of the mineral resource block model is included, the basis of the new findings about the deposit has realistic chances of economic advancement. The mineral resource estimate for the indicated category in the tables 1 and 2 summarized. See also Plan 1 on the The company's website (, in which the resource limits, and drill hole locations are shown.

Table 1: Sensitivity of the Indicated Mineral Resources in relation to the cutoff value

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Note: Baseline scenario is highlighted in bold. The mineral resources are ex 27. September 2013 and were from the qualified expert Paul Daigle, P.Geo. (APGO, 1592 ) valued. The estimate is based on drilling over 9.130 Meter, conducted Panoro, and holes on 5.162 m from other drilling programs. The mineral resources are above a cut-off grade of CuEQ 0,20 % and are characterized by a “Conceptual Pit Shell” limited. The report on the mineral resources is a long-term copper price of 3,25 U.S. $ / pound and a molybdenum price of 9,00 U.S. assumed $ / pound. The parameters used for the pit optimization of the production costs 1,90 US$/geförderte Tonne, the total cost of 10,00 U.S. $ / t including general expenses / administrative expenditure and a metallurgical recovery of 90 % for copper and 80 % for molybdenum. Mineralization is derived from an above-ground production operations with an inclination angle of 45 ° and is processed by conventional flotation and hydrometallurgical flowchart. Roundings in accordance with the reporting guidelines may result in Summierungsdifferenzen.

Table 2: Mineral resources of the indicated category divided by mineralization type

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The mineral resource estimate for the derived category in the tables 3 and 4 summarized.

Table 3: Sensitivity of inferred mineral resources in relation to the cutoff value

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Table 4: Mineral resources of the derived category divided by mineralization type

These mineral resource estimates include inferred mineral resources, which are usually too speculative geologically, to be classified as a commercially viable mineral reserves can. Mineral Resources, are not mineral reserves represent, are not necessarily economically viable. It can not be said with certainty, whether the inferred mineral resources will be converted by follow-up drilling in the category of measured and indicated resources.

In the AMEC 2009 created resource estimate (19. June 2009, PML message) was a so-called “Starter Pit” with 15 Million tonnes and an ore grade of 0,72 % Copper and 0,017 % Molybdenum with a cut-off value of 0,25 % Cu at a stripping ratio of 0,9 defined. This high degree of mineralization and a large part of the remaining defined by AMEC inferred resources have been upgraded as part of the current study within the category of Indicated Resources. A Tetra Tech conducted “Conceptual Pit Shell”-Modeling in the indicated resource has shown, that a significant proportion of higher grade mineralization for early planning “Starter Pit” could be suitable. However, the new definition of a starter pits and / or a higher grade pits only in the context of a preliminary economic assessment is (PEA) made for the project. However, the PEA should be initiated in the near future.

The mineral resources are composed of an approximately horizontal layer of supergene sulphide mineralization, which is dominated by chalcocite and molybdenite, and an underlying second layer of primary chalcopyrite- and molybdenite. Both mineralized zones extend parallel to surface, but either of a top layer of leached material and / or of a mixture of mineralized Kolluviumschicht a sulphide, Covered oxide copper and molybdenum.

The mineralized horizon is embedded in the laminated quartzite and Quarzarenit the Soraya Formation. The character of the hypogene alteration and mineralization suggests, that this is around the distal portion of an embedded intrusive nearby porphyry copper deposit.

President & CEO Luquman Shaheen now: “We look forward, that the new resource estimate for the project Antilla in project metrics showing significant improvements. This provides us with a solid basis for the soon planned Preliminary Economic Assessment. The appreciation of 188,5 My. Tonnes in the indicated category, the creation of new 145,9 My. Tonnes of inferred resources and lower stripping ratio of 1:1 Face the previous estimate (145 My. Tonnes of inferred resources and a stripping ratio of 1:1) represents a significant improvement. With the current resource estimates for the projects Antilla and Cotabambas, which was announced in October, Panoro has a resource base, since the 2007 by over 400 % has grown.”

Parameters and assumptions, based on which the mineral resource estimate

There are “Conceptual Pit Shell”, which limits the amount of mineral resource block model, the basis of the new findings about the deposit has realistic chances of economic advancement, was in accordance with the technical and economic parameters in Table 7 constructed.

Table 7: Parameter, in the construction of the “Conceptual Pit Shell” were used for the determination of mineral resources

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Wie in Plan 2 on Site the company can be seen (, the East is block, in the current mineral resources are embedded in Antilla, in the eastern part of the concession, where the copper- and molybdenum mineralization with quartz monzonite porphyry of the Andahuaylas-Yauri-Batholithformation from the Middle Eocene or. Early Oligocene associated. Here are also quartzite- and Areniteinträge from the Soraya Formation (Chalk). In the western part of the concession stores like porphyry rock of the late phase, the up in the arenite, Shale and limestone of the runway lineup (Jura Mountains) draws. For the expansion of resources in the Antilla Project, there are a number of ways:

 At the local level. Drilling to date has shown, that the supergene mineralization of the current resources starting in both the north and south and at times even in the depth of space. Further drilling could lead to an expansion of resources in these areas.

 At the district level. The results of the systematic removal of geochemical sampling and geological mapping suggests, that are the current limits of the mineral resources in the center of a running east-west structural trends, the 2,5 km wide and 5 km ist. The trend is characterized by significant copper- and molybdenum anomalies from and in addition to quartz monzonite porphyry outcrops with copper mineralization and Kaliumalterierung apparently also a top layer of leached material, that has formed in quartzite and arenite of the Soraya Formation.

A second extensive copper anomaly is found in the zone Chabuca (1,3 km x 1,5 km), the east of the current resource is located. Here are copper- and molybdenum anomalies with copper mineralized outcrops and quartz monzonite porphyry with Kaliumalterierung in conjunction. The ability, that both the East Block and the West Block of a hypogene porphyry copper mineralization is underlain must be studied essentially only. Further systematic withdrawals of samples for geochemical analysis are currently being held in the north and west of the concession. See also plan 3 on the Company's website (

On concession level. In the far west of the concession, a new exploration target was recently discovered, under the name of “Track” is performed. It consists of outcrops of porphyry- and skarn mineralization, in Kalkstein, Arenite and shale is embedded. Currently find sampling (Rock chip) and detailed geological mapping instead.

Über Panoro

The strategy of Panoro is, its advanced-stage projects to feasibility- and to bring development level and to carry out exploration activities in the other projects. The company owns the advanced copper-gold-silver-molybdenum project Cotabambas and Antilla Copper-Molybdenum Project, in which the following mineral resources are included:

Cotabambas: Indicated Resources:117,1 My. Tonnes 0,42 % With, 0,23 g / t Au, 2,74 g / t Ag and 0,001 % Mo at a CuEq cutoff value of 0,2 %
inferred resources: 605,3 My. Tonnes 0,31 % With, 0,17 g / t Au, 2,33 g / t Ag and 0,002 % Mo at a CuEq cutoff value of 0,2 % (Tetra Tech, 2013).

Antilla: Indicated Resources:188,5 My. Tonnes 0,40 % The und 0,009 % Mo at a CuEq cutoff value of 0,20 %
inferred resources:145,9 My. Tonnes 0,28 % The und 0,009 % Mo at a CuEq cutoff value of 0,20 %
(Tetra Tech, 2013).

Panoro is well positioned, continue the exploration in the projects Antilla and Cotabambas. The company has a cash balance of 11 Million $, with the additional infill- and exploration drilling as well as economic Initial evaluation can be carried out in view of a future feasibility study.

Panoro's comprehensive portfolio of concession areas is concentrated in the southeastern region of Peru. This region is home to a number of significant copper- and copper-gold deposits, including operated by Glencore / Xstrata Copper Projects Las Bamba and Antapaccay and copper mine Tintaya. Im September 2010 Xstrata announced an investment of 5,2 Billion U.S. $ in the development of Las Bamba on. The copper project Antapaccay is in operation. The region also hosts the copper project Haquira (First Quantum Minerals), das Kupferprojekt Certainty (HudBay Minerals) and the Copper Project Los Chanca (Southern Copper). The Constancia project is currently being constructed and is 2014 go into operation.

Luis Vela (P.Geo.) In his function as a Qualified Person under National Instrument 43-101 the scientific and technical information reviewed and approved this press release.

Behalf of the Board of Panoro Minerals Ltd..

Luquman Shaheen, M.B.A., P.Eng., P.E.
President & CEO

For more information, please contact:
Panora Minerals Ltd..
Luquman Shaheen, President & CEO
Such: 604.684.4246
Fax: 604.684.4200
Renmark Financial Communications Inc.
Barbara Komorowski:
Barry Mire

This press release was prepared by management of the company, who takes the full responsibility for its content. The TSX Venture Exchange nor its Regulation Services Provider (described in the policies of the TSX Venture Exchange Regulation Services Provider) assume no responsibility for the adequacy or accuracy of this release.

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