Issue link: http://resourceworld.uberflip.com/i/517266
j u n e / j u l y 2 0 1 5 www.resourceworld.com 45 cessing opportunities. • There is still a lot of potential to expand the known mineral- ization around the Ccalla and Azulccaca deposits with additional drilling along strike. • Further metallurgical testing will determine whether the addi- tion of a gravity circuit will warrant the production of doré. • There is potential to optimize the mine plan to increase the grade of mill feed early in the mine life. • Additional metallurgical test work could improve recoveries. Higher grades of molybdenum have been intersected below and lateral to the current pit limits (defined in the PEA). With continued exploration success there is potential to add molybde- num as a third byproduct to the operation. A total of eight other mineralized zones have been identified in the general vicinity of the known deposits and represent signifi- cant project upside potential. With $5 million in the bank, Panoro plans to work towards completing a pre-feasibility study which will consist of additional drilling, engineering, marketing studies, hydrological and geo- technical analysis, as well as various baseline environmental and archeological studies. In addition, exploration work will be con- ducted over other targets in the area. Panoro is about two years from completing a bankable feasibil- ity study at Cotabambas. "With a price tag of US $1.4 billion, it is likely that once we get to a bankable feasibility at Cotabambas we will find a partner or sell the project," commented Shaheen. Panoro also holds the Antilla copper-molybdenum project located 140 km southwest of Cusco in southern Peru. This deposit is smaller than Cotabambas and a PEA is currently being com- pleted. Indicated resources at Antilla weigh in at 188.5 million tonnes averaging 0.40% copper and 0.009% molybdenum using a 0.2% CuEq cutoff grade. Inferred resources add 145.9 million tonnes averaging 0.28% copper and 0.009% molybdenum. This project has the potential for a high grade starter pit con- taining 27 million tonnes with a grade of 0.69% copper and 0.011% molybdenum and a strip ratio of less than 1.0:1. To date, metallurgical studies indicate a clean concentrate could be produced averaging 27% to 30% copper with a 90% copper recovery. "Since the Antilla Project is not as capital intensive, we can envision playing a larger role in that project beyond feasibility," said Shaheen. "With the right kind of partner, whether local Peruvian or foreign, we would help develop that project." In addition to the Cotabambas and Antilla projects, Panoro has 10 other earlier-stage projects in its portfolio in south- central Peru. Panoro currently has 220.6 million shares issued (237.8 million fully diluted) and a market capitalization of about $40 million. n A trusted partner in Canadian renewable energy projects Fengate is proud to be part of the team that is delivering the Fort St. James Green Energy Project - a new biomass power plant that will generate enough electricity to power roughly 40,000 homes. Fengate is a leading investor in Canadian infrastructure, with a stategic focus on public-private partnerships and independent power projects. Fengatecapital.com Trusted partner. Experienced investor.