South Pit Drilling Continues to Intersect High-Grade Mineralization, Cotabambas Project, Peru

Panoro Minerals Ltd. is pleased to announce 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 km 2 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. "To our surprise, it is becoming clear that the contribution of the South Pit to the total Cotabambas resource, and its high-grade component, is set to grow significantly. The results from CB-229 and CB-230, plus from CB-228 previously, highlight the continuity from surface to over 1100 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," states Luquman Shaheen, President & CEO. The principal intersections are summarized in Table 1 below and in the cross-sections in Figures 2 & 3. 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 Lithology cross-section for Drillhole CB-229 is depicted in Figure 3. 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. Lithology cross-section for Drillhole CB-230 is depicted in Figure 2. 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-g...