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Panoro Minerals Announces Receipt of Early Deposit Payment from Wheaton Precious Metals for the Cotabambas Project, Peru

ID: 1536347
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(PresseBox) - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) and its wholly-owned subsidiary, Panoro Trading (Cayman) Ltd. (?Panoro? or the ?Company? - https://www.youtube.com/watch?v=DZo_Rzqz0_s&t=2s) are pleased to announce that they have received the sixth Early Deposit payment of US$750,000 as part of the Precious Metals Purchase Agreement (the ?Cotabambas Early Deposit Agreement?) with Wheaton Precious Metals International Ltd. (?WPMI?) (formerly Silver Wheaton (Caymans) Ltd.), a wholly owned subsidiary of Wheaton Precious Metals Corp. (formerly Silver Wheaton Corp.) (TSX:WPM) (NYSE:WPM), in respect of the Cotabambas project located in Peru.

The principal terms of the Cotabambas Early Deposit Agreement are as described in the Company?s press release on March 21, 2016, whereby WPMI will pay Panoro upfront cash payments totalling US$140 million for 25% of the payable gold production and 100% of the payable silver production from the Company?s Cotabambas Project in Peru. In addition, WPMI will make production payments to Panoro of the lesser of the market price and US$450 per payable ounce of gold and US$5.90 per payable ounce of silver delivered to WPMI over the life of the Cotabambas Project.

Panoro is entitled to receive US$14 million spread over a period of up to 9 years as an early deposit with payments to be used to fund corporate expenses related to the Cotabambas Project.

Together with this payment, the total advanced to date is US$6.25 million, including the accelerated tranche of US$2.0 million received in December 2016.

Preliminary Economic Assessments (PEA) have been completed for both the Cotabambas and Antilla Projects, the key results are summarized below.

The PEAs are considered preliminary in nature and include 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 updated PEA will be realized. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.



Luis Vela, a Qualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

CAUTION REGARDING FORWARD LOOKING STATEMENTS: is news release include information and statements with respect to:

acceleration of payments by Wheaton Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project

payment by Wheaton Metals of US$140 million in installments

Panoro weathering the current depressed equity and commodity markets, minimizing dilution to existing shareholders and making targeted investments into exploration at the Cotabambas Project

mineral resource estimates and assumptions

the PEA, including, but not limited to, base case parameters and assumptions, forecasts of net present value, internal rate of return and payback;

copper concentrate grade from the Cotabambas Project;

Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information.austive. The factors and assumptions include, but are not limited to, assumptions concerning: metal prices and by-product credits; cut-off grades; short and long term power prices; processing recovery rates; mine plans and production scheduling; process and infrastructure design and implementation; accuracy of the estimation of operating and capital costs; applicable tax and royalty rates; open-pit design; accuracy of mineral reserve and resource estimates and reserve and resource modeling; reliability of sampling and assay data; representativeness of mineralization; accuracy of metallurgical test work; and amenability of upgrading and blending mineralization.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation:

risks relating to metal price fluctuations;

risks relating to estimates of mineral resources, production, capital and operating costs, decommissioning or reclamation expenses, proving to be inaccurate;

the inherent operational risks associated with mining and mineral exploration, development, mine construction and operating activities, many of which are beyond Panoro?s control;

risks relating to Panoro?s ability to enforce Panoro?s legal rights under permits or licenses or risk that Panoro?s will become subject to litigation or arbitration that has an adverse outcome;

risks relating to Panoro?s projects being in Peru, including political, economic and regulatory instability;

risks relating to the uncertainty of applications to obtain, extend or renew licenses and permits;

risks relating to potential challenges to Panoro?s right to explore and/or develop its projects;

risks relating to mineral resource estimates being based on interpretations and assumptions which may result in less mineral production under actual circumstances;

risks relating to Panoro?s operations being subject to environmental and remediation requirements, which may increase the cost of doing business and restrict Panoro?s operations;

risks relating to being adversely affected by environmental, safety and regulatory risks, including increased regulatory burdens or delays and changes of law;

risks relating to inadequate insurance or inability to obtain insurance;

risks relating to the fact that Panoro?s properties are not yet in commercial production;

risks relating to fluctuations in foreign currency exchange rates, interest rates and tax rates; and

risks relating to Panoro?s ability to raise funding to continue its exploration, development and mining activities.

This list is not exhaustive of the factors that may affect the forward-looking information and statements contained in this news release.ith applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.

Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.



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Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its flagship project, Cotabambas Copper-Gold-Silver Project and its Antilla Copper-Molybdenum Project, both located in the strategically important area of southern Peru. The Company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines.Since 2007, the Company has completed over 80,000 meters of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the table below.

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Date: 05/24/2018 - 08:40
Language: English
News-ID 1536347
Character count: 2593
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