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Re: News Release - Wednesday, August 13, 2008
Encouraging First Results Indicating Continuity of Grade and
Mineralization at Panoro's Antilla Project, Peru
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Vancouver, B.C. and Lima, August 13, 2008. Panoro Minerals Ltd. ("the
Company") is pleased to announce that it has received the assay results
of the first seven drillholes from the East Block of the Company's
advanced stage exploration project, Antilla (7,400 hectares) located in
southern Peru. The locations of these holes are shown on the company's
website, at the following link:
http://www.panoro.com/i/maps/Antilla_EastBlock_11aug08.gif
The current drilling program which is being carried out under rigorous
quality control and quality assurance protocols is focused on infill
drilling in the East Block to provide sufficient information to allow
estimation of tonnage and grade for a National Instrument 43-101
compliant resource category. The current estimate represents a global
geological potential as projected by SRK Consulting, see report at:
http://www.panoro.com/i/pdf/PanoroApurimac43-101.pdf
The global estimate of the geological potential of the East Block based
on seven historic drill holes in the enriched chalcocite blanket of
approximately 135 million tonnes (MT), with a 90% probability
containing a copper grade of between 0.61% and 0.75%, whereby all
copper assays greater than 1.5% were trimmed back to 1.5% copper. The
presence of a potentially underlying porphyry system remains to be
tested as well as a similar but separate supergene target to the west.
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Drillhole From To Thickness % Cu
(m) (m) (m)
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ANT-20 60 96 36 0.71
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ANT-21 46 62 16 0.65
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ANT-22 54 102 48 0.70
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ANT-23 114 124 10 0.64
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ANT-24 18 74 56 0.70
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26 64 38 0.55
ANT-25 --------------------------
80 102 22 0.75
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ANT-26 6 62 56 0.69
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These results are highly encouraging as the grades and thicknesses of
the intersections are consistent with the intersections from the
previous drilling campaigns. The 36 m intersection of drillhole ANT-20
is contained within a 98 m intersection from 60 m to 158 m depth with a
grade of 0.51%. Drillholes ANT-21 and 23 are located at the northern
limit of the geological target and confirm the thinning of the
mineralized zone in this area. ANT-20, 22, 24, 25 and 26 are located in
the central area of the geological target and reinforce the grade and
thickness estimates for the geological target.
The current drilling program includes 37 drillholes located within the
East Block and 10 drillholes located in the West Block and Intermediate
areas for a total of 10,000 m. To date 32 drillholes have been
completed, all at the East Block. To date samples from 13 drillholes
have been submitted for analyses, the results from seven drillholes are
reported herein and results from six additional holes are currently
pending. Eventually all infill drillholes will be submitted for
analysis. The company will announce further results as they are
received. On completion of the infill program the results will be
subject of an independent resource estimate in compliance with the
provisions of National Instrument 43-101.
The reader is cautioned that the potential quantity and grade of
Exploration Target as described in this release is conceptual in
nature, that there has been insufficient exploration to date to define
a mineral resource and that it is uncertain if further exploration will
result in the target being delineated as a mineral resource.
All drilling was carried out by Bradley MDH S.A. and all assay samples
are being tested by ALS-Chemex laboratory in Lima, Peru. Fred Tejada,
P.Geo., is the Company's VP-Exploration and the Qualified Person for
this project.
On behalf of the Board of
Panoro Minerals Ltd.
Luquman Shaheen, M.B.A., P.Eng., P.E. President, CEO and Director
ABOUT PANORO
Panoro Minerals Ltd. is a Canadian mineral exploration company trading
on the TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange
(PZM, WKN 914959) and on the Junior Board of the Lima Exchange.
Panoro's strategic focus is on exploring for large-potential gold and
copper/gold deposits in countries with the corresponding geological
potential and where the right political and economic conditions are
present. For investor inquiries please call 604-684-4246, e-mail
info@panoro.com or visit the company's website at www.panoro.com
This release was prepared by management of the Company who takes full
responsibility for its contents. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this news release.
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Copyright (c) 2008 PANORO MINERALS LTD. (PML) All rights reserved.
For more information visit our website at http://www.panoro.com/ or
send mailto:info@panoro.com
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