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Re: News Release - Wednesday,
December 05, 2007
Panoro Signs Formal Agreement with Antilla
Community Drilling in
early 2008
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Vancouver,
B.C. and Lima,
December 5, 2007. Panoro
Minerals Ltd. (the
Company) is pleased to announce that
it has signed a formal agreement
with the Community of Antilla regarding a program of socio-economic
assistance. The agreement provides the
Company with a two year period
in which to significantly advance this
project.
The Antilla
Project
(http://www.panoro.com/i/pdf/2007-07-23_Peru_CDLM-APP.pdf),
one of the
Company's flagship projects in the prolific
Andahuaylas copper-gold
province consists of 7,300 hectares of
mineral concessions after the
acquisition of two internal claim blocks
earlier in the year. SRK
Consulting has provided a global estimate
of a geological potential
based on 7 holes in the enriched chalcocite blanket on the East Block
of: ± 135MT with a 90% confidence at a
grade of 0.63% - 0.79% copper
"untrimmed" or ±135MT with a
90% confidence at a grade of 0.61% - 0.75%
copper "trimmed"
("trimmed": all 2 metre assay intervals
over 1.5%
copper reduced to 1.5% copper).
A deep-seated potential hypogene copper
- porphyry remains to be tested as
well as a supergene enriched target
to the west. The Antilla
project is located 25 km southeast of Grupo
Mexico's Los Chancas
deposit which has an estimated 200MT at a grade of
1.0% copper.
Other mineral deposits in the Andahuaylas copper - gold province
include XSTRATA's
Las Bambas cluster of porphyry deposits, Norsemont's
Constancia
project and the Haquira project of Antares.
The signing of the agreement with the
community of Antilla was the
necessary first step for the
permitting process with the Ministry of
Energy and Mines of Peru. The size of
the program will require a
C-Class permit. The required environmental
impact study has already
been completed. The project is
one of 20 projects that were given
national priority by the Office of the
President of Peru and while the
attendant legislation has not yet
materialized, the Company does not
expect any delays in the permitting
process other than those caused by
the impending holiday season. The Company
expects to receive the
official drilling permit in time to
commence drilling operations in
early 2008.
The drilling program recommended by SRK
Consulting Ltd. encompasses
15,000 metres
of core drilling, of which :
. 7,500
metres are designed to further define the known
zone of
mineralization,
. 2,500
metres for exploration drilling between the Antilla East Zone
and the Antilla
West target,
. 3,000
metres for the exploration and definition of the Antilla West
target and
. 2,000 metres for deep drilling below the Antilla
East Zone to test
the presence of an underlying
deep porphyry system.
The drilling program will be accompanied by environmental, geotechnical
and hydrological base line studies in
preparation for a pre-feasibility
study.
With over $7 million in the treasury the Company is well funded to
embark on this and other drilling
programs in its portfolio.
On behalf of the Board of
Panoro
Minerals Ltd.
Helmut H. Wober,
P.Eng.,
President and Director
ABOUT PANORO
Panoro
Minerals Ltd. is a Canadian mineral exploration company trading
on the TSX Venture Exchange (PML) and
on the Frankfurt Stock Exchange
(PZM, WKN 914959) and on the Junior
Board of the Lima Exchange.
Panoro's
strategic focus is on exploring for large-potential gold and
copper/gold deposits in countries with
the corresponding geological
potential and where the right political
and economic conditions are
present. For investor inquiries
please call 604-684 4246, or send an
e-mail to info@panoro.com or visit the
company's website at
www.panoro.com.
This release was
prepared by management of the Company who takes full
responsibility for its contents.
The TSX Venture Exchange has not
reviewed and does not accept responsibility
for the adequacy or
accuracy of this news release.
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Copyright (c) 2007 PANORO MINERALS
LTD. (PML) All rights reserved.
For more information visit our website
at http://www.panoro.com/ or
send mailto:info@panoro.com
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