Off the wire:
Panoro Signs Drill Contract for Peruvian Project, Commences Site Preparations
Vancouver, B.C., December 9, 2003 - Helmut Wober, president of Panoro Minerals Ltd. (TSX-V:PML) is pleased to announce that the company has mobilized field crews on November 24th to commence with the preparation of access and drill sites at its El Rosal Project in Peru. The drill program will test both the El Rosal Target and the La Ramada Target. Both are porphyry copper targets, with La Ramada featuring an additional gold component.
The Company is also carrying out soil geochemical sampling on the gold-copper La Ramada Target to further refine the targeting of the later drill holes.
The Company has signed a drill contract with Condor Drilling S.A.C., a Peru based diamond drilling company, owned and operated by highly experienced Canadian drillers. The drilling equipment to be used is manportable with capacities in excess of 350m NQ sized drill core. Although more labour intensive, the use of this type of equipment is becoming increasingly popular in the industry because it does not require road access, uses smaller drill sites and greatly reduces the environmental impact of drilling. The method also provides more job opportunities for local labour. The start of drilling will be subject to receipt of the Environmental Permit from the Ministry of Energy and Mines of Peru. It is anticipated that actual drilling operations will commence at the beginning of January 2004.
At the same time, the company is pleased to announce that, in addition to 200,000 prior warrants, 177,700 further warrants at an exercise price of $0.20 per share have been exercised recently and that the funds have been received.
The company is also in the process of formalizing its option agreement with Mindoro Minerals Ltd. on the Surigao properties in north east Mindanao, the Republic of the Philippines.
About Panoro
Panoro Minerals Ltd. is a mining exploration company headquartered in Vancouver, Canada and traded on the TSX Venture Exchange. Panoro's strategic focus is on exploring for large-potential gold and gold/copper projects in countries with the corresponding geological potential and where the right political and economic conditions are present.
For investor inquiries please call 604-629-0903, email info@panoro.com or visit the company’s website at www.panoro.com.
On behalf of the board of
Panoro Minerals Ltd.
Helmut H. Wober, P.Eng., President and Director
Regards
Vaughn |
