ENP Newswire -
Release date- 17072014 -
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
The Underwriters received a cash commission of
The Company also announces that it has completed its previously announced non-brokered private placement financing with
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
Panoro is advancing its significant portfolio of copper and gold projects in the key Andahuaylas-Yauri belt in south central
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:
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)
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)
Panoro continues its exploration and drilling at the Cotabambas project while a Preliminary Economic Assessment (PEA) is underway by
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
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
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.
Luquman A. Shaheen
President & CEO
Tel: (514) 939-3989
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