Panoro Minerals Ltd. Announces Initiation of Drill Targetting Geophysics Survey at the Chaupec Target of the Cotabambas Copper Project, Peru

The survey will be completed at the northern area of Zone 1, where Sills of quartz monzonite composition intrude wide altered bodies of limestones and skarn composed by piroxenes, garnets, magnetite, chlorite and epidot. The associated mineralization is composed of copper oxides, chalcopyrite, chalcocite, and bornite sulphides outcropping at surface. The package of sills/skarn is exposed along an area of approximately 450 m by 600 m along the contact of the Diorite over thrusting the limestones of the Ferrobamba formation.  Details of the Chaupec Target can been found on Panoro press release of August 28^th, 2018.

The survey grid is shown on the attached map together with the surficial geology.  The Geophysics field work will include IP, Magnetometry and gravity, as summarized below:

• 3D Ground Magnetometry including 20 lines of 1 km length each, at 25 m spacing.

• Previous Ground Magnetometry was completed in the area at spacing of between 100 m and 200 m with readings each 10 m to 20 m.  These surveys served to infer limits of the main packages of limestones, diorite and sills/skarn. The current survey will include continuous readings along the lines and will be concentered on the sill/skarn package.

• IP-3D including 10 lines of 1 km length, spacing of 50 m between lines and with stations of 25, 50, 75 & 100 meters multi-dipole.

• Previous IP surveys in the area were completed with 100 m spacing and readings each 50 m. The survey will permit identification of charged and resistive bodies with a resolution of 25 m and to approximately 300 m depth.

• Gravity survey, including 110 points distributed over the same grid as for the Magetometry and IP.

The goal of the survey is to identify structural controls, directions and thicknesses of the Skarn bodies which reported high copper, silver and gold anomalies on the surface rock sampling. The survey will be complemented with additional detailed mapping to finalize the location, orientation and depth of proposed drill holes of the exploration program.

About Panoro

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The Company is advancing its two advanced stage copper projects;

• Cotabambas Copper-Gold-Silver Project; and
• Antilla Copper-Molybdenum Project.

The Company also has two early stage projects being funded and/or advanced with partners;

• Kusiorcco Copper Project, funded by Hudbay Minerals; and
• Humamantata Copper Project, funded by

Panoro’s Projects are located in the strategically important area of southern Peru.  The region boasts the recent investment of over US$15 billion into the construction or expansion of four large open pit copper mines (Las Bambas, Constancia, Antapaccay and Cerro Verde) and another $US 3 billion being invested currently into two additional open pit copper mines (Mina Justa and Quelleveco).

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.

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.

On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen. PEng, PE, MBA President & CEO

CAUTION REGARDING FORWARD LOOKING STATEMENTS: Information and statements contained  in this news release that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties.