Hello jrhana
This was just passed along by a friend:
Panoro begins drilling El Rosal and La Ramada
Panoro Minerals Ltd PML
Shares issued 18,299,856 Jan 9 close $0.215
Mon 12 Jan 2004 News Release
Mr. Helmut Wober reports
PANORO COMMENCES DRILLING ON PERUVIAN PROJECT
Panoro Minerals has commenced drilling, as planned, at its El Rosal project in Peru. The drill program will test both the El Rosal project and the La Ramada target. Both are porphyry copper targets, with La Ramada featuring an additional gold component. Drilling has started with the first hole on the El Rosal system and will, for technical and logistical reasons, switch to targets on the La Ramada
system, while results of the first hole are being evaluated and
interpreted.
The company has also carried out soil geochemical sampling on the copper/gold La Ramada target to further refine the targeting of the later drill holes. Management is highly encouraged by the results of the soil sampling survey which support the earlier geological interpretation and geophysical drill targets. Announcements regarding the results of the drilling program will be made, when meaningful and significant material statements can be issued. The company is also still in the process of formalizing its option agreement with Mindoro Minerals Ltd. on the Surigao properties in northeast Mindanao, the Republic of the Philippines, where recent discoveries of several porphyry copper/gold deposits by Philex Gold and Anglo American have created considerable interest and activity. The company has also exercised its option to extinguish its long-term debt in the total amount of $168,481 by the issuance of a total of 511,000 shares at a deemed price of 33 cents per share. The company continues to be in a strong financial position to carry out its programs of drilling and acquisitions with a working capital in the excess of $1.7-million.
Regards
Vaughn |
