NOT FOR DISTRUBUTION TO UNITED
STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES
VANCOUVER,
July 16, 2014 /CNW/ - Panoro
Minerals Ltd. (TSXV: PML) (Lima: PML) (Frankfurt: PZM)
("Panoro", the "Company") is pleased to announce that it has
completed its previously announced bought deal public equity
financing through its underwriters, National Bank Financial Inc.
and Laurentian Bank Securities Inc. (the "Underwriters"). In
conjunction with the completion of the bought deal financing, the
Underwriters exercised the over-allotment option granted to them by
the Company. Including the common shares issued pursuant to
the exercise of the over-allotment option, a total of 13,800,000
common shares of the Company were issued and sold at a price of
C$0.42 per common share for gross
proceeds of C$5,796,000.
The Underwriters received a cash commission of
C$347,760 representing 6% of the
gross proceeds of the bought deal financing.
The Company also announces that it has completed
its previously announced non-brokered private placement financing
with Hudbay Minerals Inc. ("Hudbay") whereby Hudbay maintained its
pro-rata ownership in Panoro of approximately 11.2%. A total
of 1,734,897 common shares were issued and sold to Hudbay at a
price of C$0.42 per common share for
gross proceeds of C$728,656.74. The common shares issued to
Hudbay are subject to a hold period expiring on November 17, 2014.
The Company intends to use the net proceeds from
the bought deal and private placement financings to fund the
continued exploration and development of the Company's Cotabambas
and Antilla projects.
This news release does not constitute an offer
to sell or a solicitation of an offer to buy any of the securities
in the United States. The
Securities have not been and will not be registered under the
United States Securities act of 1933, as amended, or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless an
exemption from such registration is available.
About Panoro
Panoro is advancing its significant portfolio of
copper and gold projects in the key Andahuaylas-Yauri belt in south
central Peru, including its
advanced stage Cotabambas Copper-Gold-Silver-Molybdenum and Antilla
Copper-Molybdenum Projects.
Since 2007, the company has completed over
70,000 m of exploration drilling at these two key projects leading
to the delineation of mineral resources in late 2013 of:
Cotabambas: |
|
Indicated Resource 117.1 Mt @ 0.42%
Cu, 0.23g/t Au, 2.74 g/t Ag & 0.001%Mo (@0.2% Cueq
cutoff) |
|
|
Inferred Resource 605.3 Mt @ 0.31%
Cu, 0.17g/t Au, 2.33 g/t Ag and 0.002 %Mo (@0.2% Cueq
cutoff)
(Tetra Tech, 2013). |
Antilla: |
|
Indicated Resource 188.5 Mt @ 0.40%
Cu and 0.009% Mo (@0.2% Cueq cutoff) |
|
|
Inferred Resource 145.9 Mt @ 0.28% Cu
and 0.009%Mo (@0.2% Cueq cutoff)
(Tetra Tech, 2014). |
Panoro continues its exploration and drilling at
the Cotabambas project while a Preliminary Economic Assessment
(PEA) is underway by AMEC Americas Ltd. The PEA is due for
completion in the fall of 2014. The already significant
resource, together with significant geologic potential demonstrate
the potential for a large scale open pit mine at the
project. To date exploration at the Cotabambas Project has
focused on the Ccalla and Azulccaca deposits. However, at
least eight other porphyry and skarn target zones have been
identified within the company's Cotabambas mineral concession
blocks. Drilling at these targets is planned.
A PEA for the Antilla Project is also planned
for completion in the fall of 2014. The moderate scale of the
resource at the Antilla Project together with strong infrastructure
in the area may result in a moderate capital cost development plan
for the project.
In addition to the Cotabambas and Antilla
Projects, Panoro's portfolio includes more than 10 earlier stage
projects in primarily the same region of south central Peru. Peru's national objective of doubling copper
production together with the development of the many copper
projects in the region, together with the private and public
investments into rail, road, power generation and transmission and
port infrastructure are leading to the rapid growth of an important
global center for copper production. Panoro's large portfolio
is situated here along with the Las Bambas, Tintoya, Antapaccay,
Haquira, Constancia, Las Chancas and Trapinche projects all of
which are either in exploration stage, construction or already in
production.
Luis Vela, a P.
Geo Qualified Person under National Instrument 43-101, has reviewed
and approved the scientific and technical information in this press
release.
On behalf of the Board of Panoro Minerals
Ltd.
Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO
This release was prepared by management of
the Company who takes full responsibility for its contents. Neither
TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Panoro Minerals Ltd.