Announcement • Sep 08

Panoro Minerals Reports Drilling Results from Cotabambas Project in Peru

Panoro Minerals Ltd. announced assay results from drillholes CB-229 and CB-230 at the Cotabambas Project, Peru. The exploration program is advancing two parallel objectives; Objective 1: To define the limits and orientation of high-grade copper-gold porphyry mineralization within the North and South resource areas; and Objective 2: Unravel the broader geologic potential over the 165 km2 Cotabambas project. Drill holes CB-229 and CB-230 were designed to test the limits of copper-gold porphyry mineralization to the southeast and below the high-grade South pit resource area. The results from CB-229 and CB-230, plus from CB-228 previously, highlight the continuity from surface to over 1,100 m depth and along 600 m of strike. The objective of the step-out program is to find the limits of the high-grade at the South Pit, which currently contains only 70 million tonnes of the high-grade component of Cotabambas' resource. These drillholes have not found the limits of the mineralization. The step out drill program is continuing with additional drillholes 200 m to the south and north sides of the South Pit and will include infill holes to delineate the high-grade component within the South Pit. Drillhole CB-229 is defining the limits of the Principal Porphyry (QMP1) and the high-grade to the southeast of the south pit while leaving open the high-grade potential to the south and southwest and also leaving open the potential for near surface mineralization within the Diorite host rock. The results also provide further evidence that the broader zone of mineralization within the Diorite is both widening with depth and continuous along over 600 m of strike. Mineralization intersected to the southern limits of the South Pit; Mineralization remains open to the south and southwest along strike; and Mineralization along 303 m of intersection is present in the adjacent Diorite host rock. Drillhole CB-230, similar to previous Drillhole CB-228, tested the vertical continuity of the high-grade mineralization at depths identifying continuity from surface to 1,100 m of the QMP1, the source of the high-grade. Drillhole 230 indicates a 200 m extension to the northeast of the QMP1 from drillhole 228. The results leave open the QMP1 extension to the northeast into the gap area between the north and south pits. CB-230, while confirming continuity of mineralization from surface to over 1,100 m, also indicates the widening of the mineralized zone at depth and confirms the presence of the Porphyry Stock where Endoskarn mineralization has been intersected for the first time. This indicates the potential for more massive skarn mineralization adjacent to the porphyry intrusion. Skarn mineralization has been extensively mapped at surface throughout the property where it is present with grades of over 7% Cu. Drilling planned for Target #7 located approximately 4 km to the west will also investigate the potential for massive skarn mineralization and potential connectivity with the Porphyry Stock and Skarn intersected in Drillhole 230. High-grade mineralization extended from surface to 1,100 m depth, a 300 m vertical extension; High-grade mineralization remains open at depth; Mineralization, including the high-grade component, is widening with depth; Mineralization, including the high-grade component, intersected along 600 m of strike; Mineralization, including the high-grade component, remains open to the north along strike; Mineralization along 616 m of intersection is present in the adjacent Diorite host rock; and Evidence of Skarn type mineralization and Principal Porphyry at the bottom of the hole. The 222 million tonnes high-grade component within the current resource, is already sufficient to support the mine design. As the limits and orientation of the high-grade zone are defined, they will inform the staged design of the mine plan to optimize higher grade mining in the early years of the mine life while minimizing stripping. Ongoing drilling will focus on both objectives in parallel. Infill drill holes are being added at the South Pit, around the highest-grade areas, to provide better definition of orientation along strike and depth. Drillholes CB-229 and CB-230 represent the lateral extensions of the main high-grade component intersected by Drillhole CB-228, between elevations 2900 m and 3200 m. The cross-section for CB-230 shows the increase in the true width of the mineralization from 150 m at surface (elevation 3700 m) to 600 m at depth (elevation 2700 m), and at CB-229 from 120m (elevation 3600 m) to 300m (elevation 3100 m). It is estimated that the true width will continue expanding until reaching contact with the head of the porphyry stock, where contact with limestone is expected to generate high-grade skarn mineralization. In the below referenced long section these intersections are shown to extend the footprint of the high-grade component 600 m along strike between the elevations of 2900 m and 3200 m, although Drillhole CB-230 leaves the mineralization open at depth at an elevation of 2600 m. This indicates 1,100 m of vertical continuity of the high-grade component. A next battery of 3 drillholes is exploring the expansion of this footprint 200 m to the north, with CB-232, and at depth with CB-231 and CB-233 (between levels 2500 and 2900 m). Drill Hole Descriptions Drillhole CB-229-26 directed to explore the continuity of the high-grade copper and gold, 200 m to the south of drillhole CB-228 at similar elevation. At the High-Grade Scale, this hole intersected 69.90 m of primary copper sulfides grading 0.52% CuEq (0.27% Cu, 0.32 g/t Au, 1.83 g/t Ag) in the diorite host rock, characterized by secondary biotite and magnetite, in dissemination and veinlets with quartz veinlets hosting chalcopyrite. The geologic environment is characterized by narrow dikes of the Principal Porphyry (QMP1) of quartz-monzonite composition intruding the diorite host rock. The hypogene mineralization is composed of type "A" quartz veinlets with chalcopyrite and minor pyrite within an envelop of potassic and SCC alterations. At Larger Scale, the High-grade intersected is a small part of a Main Porphyry Stock (QMP2) intruding the micro-diorite and diorite host rocks. The Main Porphyry Stock (QMP2) was intersected along 192.1 m where the hypogene copper mineralization average 0.32% CuEq (0.25% Cu, 0.06 g/t Au, 1.11 g/t Ag), while in the host rock is extended along 616.0 m grading 0.3% CuEq (0.21% Cu, 0.12 g/t Au, 1.66 g/t Ag).

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