Joining Peru’s mining Projects of National Importance

Panoro Minerals reports that the Government of Peru has asked the Congress to enact a law that would facilitate the advancement of and accelerate investments into the 20 mining exploration and development projects it has designated as Projects of National Importance. Two of the Company’s projects, Antilla and Cotabambas, are part of this list of prominent projects. Other projects on this list include Las Bambas (Xstrata) and Los Chancas (Grupo Mexico) which are located in the same region as the company’s projects and La Granja (Rio Tinto), Michiquillay and Quellaveco (Anglo American), Toromocho (Peru Copper) and Rio Blanco (Zijin Consortium). CVRD’s Bayovar phosphate project in the north of Peru is also on the list.

However, Panoro cautions against excessive expectations as a result of this proposed legislation, “which may take some time to go through the parliamentary process before its enactment can have the desired effect.”

The Antilla project consists of 7,400 ha located 25 km southeast of Grupo Mexico’s Los Chancas deposit which has an estimated 200Mt at 1.0% Cu. SRK Consulting provided a global estimate of geological potential at Antilla based on seven holes in the enriched chalcocite blanket on the East Block of: ± 135 Mt at 90% confidence 0.63% – 0.79% Cu “untrimmed”. A potential deep-seated hypogene porphyry remains to be tested as well as a similar supergene target to the west.

The Cotabambas project consists of 9,900 ha located 38 km due north of Xstrata’s Las Bambas, which has an estimated 300 Mt @ 1.1% Cu. Cotabambas is an advanced exploration project on a cluster of copper-gold porphyry systems. SRK Consulting, based on 24 drill holes estimated an Inferred mineral resource of 90Mt at 0.77% Cu and 0.42 g/t Au at a cutoff grade of 0.4% or 114 Mt at 0.68% Cu and 0.38 g/t Au at a cutoff grade of 0.30% Cu. Potential to expand this resource exists within the deposit’s block model, between the Ccalla and Azulccacca zones and within and around the cluster.