Discovery Of New Mineralized Zones At Cotabambas Copper-Gold Project

VANCOUVER - Panoro Minerals Ltd. reported additional assay results from its 100% owned Cotabambas porphyry copper-gold project located in southern Peru . Hole CB-61 was drilled to test the area immediately east of the Ccalla zone and was terminated early because of operational programs after intersecting 24.30 metres of leached capping grading 0.14% copper followed by 187.6 metres of primary mineralization grading 0.18% copper. This target was redrilled with hole CB-68.

Holes CB-62 and CB-64 tested a portion of the northwestern flank of the Ccalla porphyry but intersected only minor porphyry-style mineralization. However, a 1.15 metre wide quartz-pyrite-chalcopyrite vein graded 3.63% copper, 11.8 g/t gold and 16 g/t silver.

Hole CB-68 was a step-back and redrill of hole CB-61 aimed at testing the area east of the Ccalla zone. It is mineralized along its entire length of 1,181.1 metres with an average grade of 0.32% copper, 0.10 g/t gold, 3 g/t silver and 0.005% Mo. The upper portions include a 31.3 metre thick supergene oxide zone and a 92.4 metre thick mixed supergene zone overlying primary mineralization. Within the latter, a higher grade interval associated with new quartz monzonite bodies to the east and outside of the main Ccalla porphyry graded 0.47% copper, 0.16 g/t gold, 4 g/t silver and 0.009% Mo over 403.3 metres. This in turn included a number of higher grade intervals as listed in the table above, one of which contained unusually high levels of molybdenum. These results are particularly significant as they reveal the presence of entirely new mineralized porphyry intrusives to the east of the main Ccalla zone with excellent potential for both significant additional tonnage and a major positive impact on the eventual stripping ratio. Followup drilling will test the updip and lateral extensions of these zones and the possibility of near surface supergene enrichment.

Hole CB-71 is an infill hole aimed at extending the high grade supergene mineralization in hole CB-58 previously reported in an April 16, 2012 news release. It intersected the supergene zone approximately 60 metres to the south with a 20.7m thick interval grading 0.53% copper, 0.15 g/t gold and 3 g/t silver. A number of high grade intercepts of mainly primary mineralization further down beginning with 179.3 metres grading 0.87% copper, 0.54 g/t gold, 5 g/t silver and 0.002% molybdenum. This included a lower grade zone of mixed primary and supergene mineralization immediately above 96.9 metres of primary mineralization grading 1.21% copper, 0.80 g/t gold and 7 g/t silver and 0.001% molybdenum. Several other higher grade intervals of primary mineralization were subsequently encountered as listed in the table above. This hole was drilled at a low angle to the average dip of the porphyry system and the true width of the mineralized intercepts will be significantly lower. More detailed drilling in future will determine its potential to add some high grade mineralization to the resource.

Luquman Shaheen, President & CEO said, "We are very pleased with the identification of significant new mineralized intrusives to the east of the main Ccalla deposit. This area will be a key focus for the ongoing 30,000 m drill program aimed at adding more resource over and above the interim resource update we expect to report soon. The Cotabambas project is well on its way to becoming a world-class copper-gold project. The project growth profile, together with the strong financial position of the company, give us confidence that we will continue to provide exceptional shareholder value."