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TSXV:PML
DEVELOPING PERU’S COPPER POTENTIAL
Corporate Presentation May 2016
TSXV:PML 2
FORWARD LOOKING STATEMENTS
Information and statements contained in this presentation that are not historical facts are “forward-looking information” within the meaning of applicable Canadian securities legislation and involve risks and uncertainties. Examples of forward-looking information and statements contained in this news release include information and statements with respect to: • acceleration of payments by Silver Wheaton to match third party financing by Panoro targeted for exploration at the Cotabambas Project • payment by Silver Wheaton of US$140 million in installments • negotiation of a definitive PMPA • 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. In some instances, material assumptions and factors are presented or discussed in this news release in connection with the statements or disclosure containing the forward-looking information and statements. You are cautioned that the following list of material factors and assumptions is not exhaustive. 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. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking information. The forward-looking information contained in this news release is based on beliefs, expectations and opinions as of the date of this news release. For the reasons set forth above, readers are cautioned not to place undue reliance on forward-looking information. Panoro does not undertake to update any forward-looking information and statements included herein, except in accordance with applicable securities laws.
TSXV:PML 3
INVESTMENT HIGHLIGHTS
ECONOMICS BEFORE TAX NPV = $US 1.5 B AFTER TAX NPV = $US 909 M
UNIQUE PORTFOLIO
READY FOR COMING COPPER SHORTFALL
FOCUSED IN PERU
PEAs COMPLETED ON TWO PROJECTS
COTABAMBAS Cu/Au/Ag
$1.5B CAPEX
ANTILLA Cu/Mo
$600M CAPEX
ANNUAL PRODUCTION Cu - 102 kt Au - 95 koz Ag - 1,018 koz Mo - 1.8 Mlbs
CASHFLOW BEFORE TAX NPV = $387 M/YR AFTER TAX NPV = $375M/YR
ECONOMICS BEFORE TAX NPV = $US 1.5 B AFTER TAX NPV = $US 909 M
TSXV:PML 4
SILVER WHEATON FINANCING SUMMARY
• Endorsement of Cotabambas Project
• Working Capital for Forseeable Future
• Matching of Exploration Investments for 2 years
• 8.4% of Initial Capital for 8% of Project Revenue
• Accretive, $1.30 NAV/share increases to $1.70 NAV/share
HIGHLIGHTS
Upfront Payment
Silver Wheaton will make an upfront cash payment of US$140 million
plus a Production Payment for an amount of silver equal to 100% of
silver production and an amount of gold equal to 25% of gold production
Production Payment
Silver Wheaton will make an ongoing payment equal to the lesser of: (i)
US$450 in the case of delivered gold ounces and US$5.90 in the case of
delivered silver ounces; and (ii) the applicable prevailing market price.
Early Deposit
US$14 million will be paid by Silver Wheaton as an early deposit. US$2
million will be paid in the first year following closing with US$1.5 million
paid annually thereafter.
Exploration Matching Provision
Silver Wheaton to match equity proceeds of up to a total of US$3.5
million raised in the first two years following signing of PMPA to fund
exploration at the Cotabambas Project.
Silver Wheaton Option
Silver Wheaton will have the option to terminate the PMPA either 90
days following delivery of a Feasibility Study or at any time upon giving
Panoro three months’ notice. Silver Wheaton can elect to receive a
portion of the early deposit either as cash or shares upon termination,
with Panoro having rights to defer cash payments over an up to two year
period.
BuyBack Option
Following a change of control, subject to certain conditions, Panoro has a
one-time option to repurchase 50% of the precious metals stream with a
payout based on the greater of: (i) a minimum fixed return (ii) a return
based on appreciation of precious metals prices over the term of the
PMPA; and (iii) a return based on appreciation of the Panoro share price
over the term of the PMPA.
TRANSACTION OVERVIEW
TSXV:PML 5
CAPITAL STRUCTURE & SHARE PERFORMANCE
Tickers
TSX-V:PML Lima:PML
Frankfurt:PZM
Share Price 52 Week Low-High
Shares Issued Fully Diluted Issued
220.6 million 237.8 million
$0.18 $0.09 - $0.19
Market Capitalization $40 million
Working Capital $4.4 million (24 months)
TSXV:PML 6
MANAGEMENT & DIRECTORS – PERU EXPERIENCE
MANAGEMENT DIRECTORS
Luquman Shaheen, P.Eng., MBA - President, CEO, Director Over 26 years experience in mining sector, 20 years experience in Peru and Latin America Yves Barsimantov - Vice President Operations & Peru General Manager 20 years management experience with Peruvian banking, fishing and mining sectors Luis Vela - Vice President Exploration Over 25 years exploration experience in Peru and Chile mining sectors
William Boden, C.A. – Interim CFO - Chairman Former Chairman of First Coal Corporation Anthony Laub - Director Partner at Laub & Quijandria Consultores y Abogados Richard Mundie, C.A. - Director Director of Taseko, former advisor to President Teck, M&A in Peru, representative in China Christian Pilon - Executive Director Peru - Director Over 30 years of experience in applied geophysics and mining sector, resident in Peru Christiaan Staargaard, P.Geo. - Director President and CEO of Lithic Resources Ltd. Lorne Torjhelm - Director President RNJ Ventures
TSXV:PML 7
P E R U A M I N I N G C O U N T R Y
INVESTMENT WEIGHTED ON COPPER
SIGNIFICANT PORTFOLIO OF MINING PROJECTS
Source: Peru Ministry of Energy & Mines
0.5
2.4
3.8
4.2
5.0
6.4
8.8
10.1
22.7
Japon
Brasil
Australia
Mexico
United…
Peru
Canada
EE.UU.
China
INVESTMENT FROM WORLDWIDE SOURCES (US$ BILLIONS)
Copper 73.8%
Iron 8.3%
Gold 7.6%
Polymetallic
Phosphate Zinc Silver Tin Potassium
TSXV:PML 8
P E R U
Corocohuayco, Xstrata
Trapiche, Buenaventura
Haquira, First Quantum
Los Chancas, Grupo Mexico
Quechua, Pan Pacific Copper
Zafranal, Teck / AQM
Soc Minera Cerro Verde
Antapacay, Glencore
Antamina, Teck
Toromocho, Chinalco
Constancia, Hudbay Minerals
Las Bambas, MMG
Cerro Verde, Soc. Minera Cerro Verde
Toquepala, Grupo Mexico
Tia Maria, Grupo Mexico
Quellaveco, Anglo American
2013 – 2014 9,000 MW power capacity growth
2018 - 2024 3,000 MW power
supply excess
Power Costs (¢/kWhr) Peru – 6.1
Chile – 12.1 Canada – 5.3
Australia – 8.9
Growing Power Supply
A C O P P E R C O U N T R Y W I T H P O W E R
Double Cu Production 2013 2016
2015 / 1.6 million tonnes
No. 3 Worldwide
Towards World’s Top Cu Producer
• 421,000 tonnes/year concentrate
• 102,000 tonnes/year refined Cu
• 5.6% of Peru’s 2015 Production
Cotabambas, Panoro Minerals
Antilla, Panoro Minerals
TSXV:PML 9
PANORO PROJECTS’ DISTRICT POTENTIAL DEVELOPMENT OF PROLIFIC COPPER REGION TO NATIONAL GOAL OF NO. 1 IN COPPER MINING
MMG, LAS BAMBAS
2016 BEGINS OPERATIONS $7.0 B DEVELOPMENT
GLENCORE, ANTAPACAY
$1.5 B DEVELOPMENT COMPLETED
GRUPO MEXICO, LOS CHANCAS
FEASIBILITY STAGE
FIRST QUANTUM MINERALS, HAQUIRA
ACQUIRED OCT. 2010 - 5 /¢lb Cueq
HUDBAY MINERALS, CONSTANCIA
ACQUIRED MAR 2011 - 10 /¢lb Cueq $1.7 B Development Completed , Operating
TSXV:PML 10
$1,052.6M NPV 20.4 % IRR
3.2 Year Payback
$683.9 M NPV 16.7 % IRR
3.6 Year Payback
C1 $1.22/lb Cu C2 $1.94/lb Cu
155 M lbs Cu 95 k oz Au
1,018 k oz Ag
2.6 B lbs Cu 1.6 M oz Au 17 M oz Ag
COTABAMBAS PROJECT
S E P T E M B E R 2 0 1 5 P E A
AFTER TAX
LIFE OF MINE PAYABLE METALS
CASH COSTS, NETS OF BY PRODUCTS CREDITS
ANNUAL PAYABLE METALS
Note: @ Cu = $US3.00/lb, Au = $US1,250/oz, Ag = $US18.50/oz
• Priority mining of high grade zones
• Stockpile low grade zones for processing at end of mine
life
• Waste marginal grade zones
• Life of mine mill feed reduced from 533.8 Mt to 483.0 Mt
• Waste to mill feed ratio increase from 1.0 to 1.25
• Reduce tailings storage required
• Replace crusher, conveyor, tunnel, stacker for wasterock
with surface haul trucks
Increased Early Cash Flows, and Improved Economics
Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
BEFORE TAX
TSXV:PML 11 Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
Prefeasibility Studies Clustered Porphyries and Skarns Oxide Leach & SX/EW Circuit
Improve Recoveries
Maria Jose Buenavista Cochapata
Enhance Project
Expand Project
Advance Project
4
2
3
Optimize Mine Plan
1
PREFEASIBILITY STUDIES TO INCLUDE ENHANCED AND EXPANDED PROJECT
OPTIMIZATIONS ARE EXPECTED WITH NO ADDITIONAL CHANGE TO EXISTING RESOURCE
CURRENTLY FOCUSED ON MARIA JOSE LOCATED 1.5KM NE OF CCALLA
COMPLETE TARGETED PROJECT ENHANCEMENTS AND EXPANSION BEFORE COMMENCING PREFEASIBILITY STUDIES
P E A R E C O M M E N D A T I O N S
COTABAMBAS PROJECT
2016 Targeted Project Growth
Project Enhancements, Drill Maria Jose Target
Prefeasibility/Feasibility Studies to come later
2 3 4
Completed 2015
Others Guaccle Carayoc
Gold
TSXV:PML 12 Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
UPDATED PEA, OPTIMIZED MINE PLAN
COTABAMBAS PROJECT
• Improved mine plan results in higher grades in early mine life
• Improved production, grades, cashflows in years 1 - 7
Copper Silver
Exploration Upside
Exploration Upside
Exploration Upside
0.61% Cueq *
* Cueq calculated at base case commodity prices with no adjustment for recoveries
TSXV:PML 13
COTABAMBAS PROJECT P E A O V E R V I E W
Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
483 Mt mineralization, waste:mill feed ratio 1.25
80,000 tonne per day open pit mine throughput
Mining with standard track & shovel methods
C1 = $US 1.22 lbs C2 = $US 1.94 lbs
Mining $3.59/t Processing $4.38/t G/A Costs $0.41/t
Standard crushing milling, floatation process
Concentrate hauled to port via truck
Power supply via new 60 km power line from Abancay
Initial capital cost $1.53 B
Lower Quartile Cash Cost
27% Cu, 11 g/t Au, 134 g/t Ag
Clean Concentrate
TSXV:PML 14
COTABAMBAS PROJECT D E P O S I T R E S O U R C E
Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
Company Year Drill Holes
Metres
Antofagasta 1995 to 2002 24 8,538
CDLM 2002 to 2007 10 3,252
Panoro 2007 to 2012 29 17,785
Panoro 2012 to 2013 81 40,467
Panoro 2013 to 2014 11 4,946
Total 155 74,988
Resource Category
Zone Million tonnes
Cutoff Grade % Cueq
Cu %
Au g/t
Ag g/t
Indicated Hypogene 84.2 0.20 0.37 0.21 2.73
Supergene 8.9 0.20 0.73 0.31 3.07
Oxide Cu-Au 23.8 0.20 0.49 0.24 2.63
Oxide Au 0.2 0.20 - 0.66 3.74
Total 117.1 0.20 0.42 0.23 2.74
Inferred Hypogene 521 0.20 0.29 0.18 2.41
Supergene 7.4 0.20 0.73 0.18 1.93
Oxide Cu-Au 75.8 0.20 0.41 0.15 1.82
Oxide Au 1.2 0.20 - 0.61 3.27
Total 605.3 0.20 0.31 0.17 2.33
Source: April 2015 NI 43-101 Technical Report prepared by Amec Foster Wheeler & Tetra Tech
TSXV:PML 15
COTABAMBAS PROJECT E X P A N S I O N P O T E N T I A L
ALONG STRIKE
SOUTH PIT
NORTH PIT
Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
TSXV:PML 16
COTABAMBAS PROJECT P R O J E C T S C A L E E X P A N S I O N P O T E N T I A L
PANORO CLAIMS
6
7
4
8 5
9
3 2
1
1. Ccalla and Azulccaca Deposits
Defined and expanding
2. Maria Jose Target
Newly defined Systematic and channel sampling completed
3. Guaccle – Buenavista Target
Mapping completed Limited historical drilling
9. Cullusayhua Target
8. Chuyllullo Target
7. Chaupec Target
6. Añarqui Target
5. Jean Louis Target
4. Ccarayoc Target
10 km
16
km
TSXV:PML 17 Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
P E A S U M M A R Y
ANTILLA PROJECT
PEA FINANCIAL METRICS
Pretax NPV $US 491 M
IRR 22.2%
LOM Cashflow $US 1.26 B pretax $US 725 after tax
C1 $1.83/lb C2 $ 2.35/lb
After Tax NPV $US 225 M
IRR 15.1%
Initial Capital $US 603 M
LOM Sust Capex $US 324 M
12.4k dtpa Mo con @ 35.5% Cu
Payback Period 3.3 year pretax
4.1 year after tax
TSXV:PML 18 Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
P E A S U M M A R Y
ANTILLA PROJECT
0.8:1Strip Ratio 297 Mt wasterock
LOM Payable Metal 1.94 Blbs Cu 44 Mlb Mo
150k dtpa Cu con @ 25.5% Cu
Payable Metal 81 Mlbs/year Cu
1.8 Mlbs/year Mo
350 Mt Mill Feed 40,000 tpd
24 year LOM
0.31% Cu @ 85% 0.009 % Mo @ 67%
12.4k dtpa Mo con @ 35.5% Cu
PEA DESIGN PARAMETERS
48% wasterock to build Tails Dam
TSXV:PML 19
Zone Cut-Off
Grade
Million Cu Mo
% Cueq Tonnes (%) (%)
Hypogene
Sulphide
0.175 103.9 0.24 0.01
Supergene
Sulphide
0.175 168.9 0.41 0.01
Leach
Capping
0.175 13.4 0.25 0.01
Overburden 0.175 5.6 0.25 0.01
Total 291.8 0.34 0.01
Cut-Off Grade Million Cu Mo
% Cueq Tonnes (%) (%)
0.20 188.5 0.40 0.009
0.30 138.4 0.46 0.009
0.40 84.1 0.54 0.010
0.50 51.6 0.62 0.010
0.60 27.8 0.69 0.011
0.70 12.9 0.78 0.012
Antilla East Block Indicated Resource
Luis Vela, Vice President of Exploration for Panoro and a "qualified person" under National Instrument 43-101, has reviewed and approved the scientific and technical information
RESOURCE ESTIMATE SUMMARY
ANTILLA PROJECT
• 55% increase of Indicate Resource • 291Mt of 350Mt mill feed is Indicated
Category • First 65 years mining at mill feed grade
@0.52% Cu, 0.01% Mo
Zone Cut-Off
Grade
Million Cu Mo
% Cueq Tonnes (%) (%)
Hypogene
Sulphide
0.175 50.7 0.24 0.007
Supergene
Sulphide
0.175 25.9 0.34 0.008
Leach
Capping
0.175 13.4 0.21 0.008
Overburden 0.175 0.5 0.22 0.009
Total 90.5 0.26 0.007
Antilla East Block Inferred Resource
TSXV:PML
Southern Peru Copper Projects INFRASTRUCTURE DEVELOPMENT & ALTERNATE CORRIDORS
Current Corridor Road to Matarani Port
Pros • Existing Roads • Existing Port Cons • Congestion along road • Safety • Environmental Impacts • Port Congestion, Control
Alternate Corridor ‘A’ Road/Rail to Matarani Port
Pros • Reduce Road Congestion • Improve Safety • Reduce Impacts • Existing port Cons • Requires Road to Railway • Congestion on New Road • Port Congestion, Control • Railway Control
Alternate Corridor ‘B’ Road to Marcona Port
Pros • Second Port Alternative ,
Competition • Existing National Highways • No Railway Control Cons • Road Upgrade to New Port
Required
Alternate Corridor
‘B’
Current Corridor
Alternate Corridor
‘A’
Arequipa
TSXV:PML 21
R E G I O N A L
Antilla Cotabambas
2018
2016
Bankable Feasibility
Study, Permit, Finance
Preliminary Economic
Assessment
Cochasayhuas
Kusiorcco
Promesa
El Rosal Chap. - Chapi
Mineral IRL JV
Utupara Mineral IRL JV
Pistoro Norte
Sancapampa
Pataypampa
Humamantata
Morosayhuas
Anyo
Alicia 2% NSR
Checca
Development
Feasibility
Advanced Exploration
Early Exploration
Level 2 Prospects
Level 1 Prospects
INFRASTRUCTURE DEVELOPMENT
Production 2020
Antilla
TSXV:PML 22
PANORO MINERALS – POTENTIAL DIVERSIFIED COPPER PRODUCER
TSXV:PML 23
P A N O R O S T R A T E G Y
2007 2009 2012 2013 2013
Cu Au Ag Mo
400% GROWTH
Cotabambas
at Acquisition
Antilla Resource
Added
Cotabambas 2012
Resource Growth
Cotabambas 2013
Resource Growth
Antilla 2013
Resource Growth
75%
84%
77%
75%
76%
25%
14%
18%
19%
17%
4%
4%
4%
31 Mlb
1%
2%
3%
2%
1.6 MoZ
1.5 Blb
3.1 Blb
1.6 Moz
5.3 Blb
3.0 Moz
31 Mlb
37 Moz
1.1 Blb ind 5.7 Blb inf
0.9 Moz ind 3.3 Moz inf
3 Mlb ind 56 mlb inf
10 Moz ind 45 Moz inf
2.7 Blb ind 5.1 Blb inf
0.9 Moz ind 3.3 Moz inf
41 Mlb ind 54 mlb inf
10 Moz ind 45 Moz inf
EXPLORATION DEFINES NEXT PROJECT
COTABAMBAS PEA COMPLETE
ANTILLA PEA UNDERWAY
1. BANKABLE FEASIBILITY
2. PERMIT
3. DEVELOPMENT FINANCING
2007 – 2014 2014 – 2016 2016 – 2018
PROMESA ANYO HUMAMANTATA KUSIORCCO
• 4,060 ha • 5 km by 2 km porphyry • 772 geochem samples • 40 km IP • 45 km Mag • 37 km SP
• 5,000 ha • Porphyry & Skarn • Hydrothermal Breccia • 235 geochem samples
• 3.962 ha • 4km by 1.7 km mineralized • Two Porphyry zones • Two Skarn zones • IP & Mag correlated
• 5,000 ha • 1480 ha porphyry • 772 geochem samples • 4 drillholes • 75 km IP • 76 km Mag
2018 – 2020
DEVELOP, PARTNER, OR DIVEST
TSXV:PML 24
Supply Pressures Refined Cu
• Greater Production
Disruptions in Chile & Indonesia
• Declining Mine Grades • Increasing Closures • Curtailing Production • Declining Supply of Scrap • Peak SX/EW Capacity
Reached in 2017 • Chilean Mine Output
Decline Begins 2014
Shift to Cu Concentrates
• Prone to Disruptions Technical Issues Slow Ramp-ups Declining Grades Strikes & Protests Natural Disasters Cutbacks
• China Mine Output Set to Decline
• Declining Availability of Clean Concentrates
Concentrate Demand Growth
• China Growing from Larger Base
• Economic Rebound ex-China • China Refocused on
Infrastructure Spending • China Shifting Model away
from Cathode towards Concentrate imports
• 2015 Chinese Concentrate Imports Exceed Cathodes (First Time)
Forecasted Shortages
• Macquarie 1.0 Mt, 2018-2020
• Canaccord 1.1 Mt, 2018-2019
• RBC 0.9 Mt, 2017-2019
• Cu Shortfall Increasingly
from Shortage of Concentrate supply
STRUCTURAL CHANGES TO COPPER MARKET
TSXV:PML 25
2010
$ 1
3.8
M P
.P.
$ 1
5.0
M S
FP
$ 5
.8 M
SFP
$ 0
.7 M
P.P
.
$ 7
.8 M
P.P
.
$ 20 M P.P. $
6.6
M P
.P.
$ 2
0 M
P.P
. $ 20 M P.P.
2008 2009 2011 2013 2012 2007 2008-09 2010 2011 2012 2013 2014 2015
GROWING FINANCING SUPPORT
2016
US
$1
4 M
Ea
rly
Dep
osi
t
US
$1
26
M
Ad
van
ce P
aym
ent
TSXV:PML 26
C O N C L U S I O N
COTABAMBAS PROJECT
Large scale copper project, greater potential, strategic location
ANTILLA PROJECT
Moderate scale project, infrastructure ease
FINANCED
Silver Wheaton multi year agreement
COPPER
Principal commodity with supply constraints coming and demand strong
PERU
Key copper producing nation with national goal to double copper production
GROWTH
2007 to 2013 a 400% increase of in-situ metal Cotabambas and Antilla Preliminary Economic Assessment completed
27
TSXV:PML
Frankfurt:PZM
BVL:PML
For further information, contact:
Luquman Shaheen, President and CEO
Phone: 604.684.4246
Email: [email protected]
www.panoro.com