Panoro Reports Updated Preliminary Economic Assessment Results
for Cotabambas Copper-Gold-Silver Project, PeruVancouver, B.C., September 22, 2015 – Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM)
(“Panoro”, the “Company”) is pleased to announce that it has received the results of an updated
independent Preliminary Economic Assessment ("PEA") of the Company's 100% owned Cotabambas
porphyry copper-gold-silver project in Peru. The results show strongly improved economics compared
with PEA results announced on April 9, 2015 as the result of an optimized mine plan and processing cutoff
grade strategy along with associated improvements to waste rock and tailings management.
Highlights• At the updated base case prices of copper at $3.00/lb, gold at $1,250/oz and silver at $18.50/oz:
o After tax economic metrics of:
§ NPV(7.5%) of $US 683.9 million, increased from $US 379.4 million;
§ IRR of 16.7%, increased from 11.8%; and
§ Payback of 3.6 years, decreased from 4.8 years
o Pretax economic metrics of:
§ NPV(7.5%) of $US 1,052.6 million, increased from $US 647.9 million;
§ IRR of 20.4%, increased from 14.2%; and
§ Payback of 3.2 years, decreased from 4.4 years
• Decreased average direct cash costs (C1) to $US1.22 per pound of copper, decreased from
$US1.26, net of by product credits
• Increased average annual payable metal of:
o Copper 155.1 million pounds, increased from 143.3 million pounds;
o Gold 95.1 thousand ounces, increased from 88.0 thousand ounces; and
o Silver 1,018.4 million ounces, increased from 967.2 thousand ounces.
• As a comparison only with the now superseded prices used in the April 2015 PEA: copper at
$3.25/lb, gold at $1,300/oz and silver at $20.50/oz, after tax economic metrics of:
o NPV(7.5%) of $US 961.6 million, increased from $US 627.5 million;
o IRR of 19.9%, increased from 14.4%; and
o Payback of 3.1 years, decreased from 4.0 years
Luquman Shaheen, President & CEO of Panoro Minerals states, “We are pleased to have updated the
PEA for the Cotabambas Project realizing more of the project’s potential which was not fully captured in
the April 2015 PEA. The optimized mine plan together with the resulting changes and improvements to
the mine wasterock and tailings management plan have resulted in strongly improved project economics.
There are more project enhancement opportunities which will be investigated at the Prefeasibility stage of
the project but let’s not forget the significant upside to the project in the excellent remaining exploration
potential. The current resource is open along strike and at depth and there are a number of clustered
porphyry and skarn zones in the vicinity of the current resource that have not yet been drilled. The scale
of the growth potential for the Cotabambas Project remains impressive.”
The PEA was prepared by Amec Foster Wheeler Americas Ltd. ("Amec Foster Wheeler") and Moose
Mountain Technical Services Ltd. (“MMTS”) in accordance with the definitions in Canadian National
Instrument 43-101. All dollar amounts are US currency. The PEA is considered preliminary in nature. It
includes Inferred Mineral Resources that are considered too speculative to have the economic
considerations applied that would enable classification as Mineral Reserves. There is no certainty that the
conclusions within the PEA will be realized. Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
Mayor detalle en la BVL:
http://www.bvl.com.pe/hhii/OE2760/20150 ... PDATED.PDF