Panoro Minerals Ltd. announced the results of four exploratory drill holes which intercept a new high grade Skarn type mineralization located less than 1 km to the west of the North Pit limit, at the Company's Cotabambas Cu/Au/Ag Project in southern Peru. The new target is named the North West Pit Target (theNW Target) The highlights are: Drillhole CB-225A is an exploratory hole intersecting 27.9 m of primary sulfide copper mineralization averaging 1.50% Cu, 5.79 g/t Ag, 0.01 g/t Au (1.56% Cueq), including an interval of 12.1m grading 2.07% Cu, 7.2 g/t Ag,0.02 g/t Au (2.15% Cueq), and a second interval of 9.3m averaging 1.68% Cu, 6.17 g/t Ag, 0.'t Au (1.75% Cueq). Drillholes 225A and 227 have identified the growing potential of the mineralization at the Cotabambas Project.

The recently completed drill program has opened up a number of growth opportunities for the resource including, to the south of the south pit, the gap area between the north and south pits, to the north of the north pit and now also to the northwest of the north pit. These targets, in addition to the targets at Chaupec and Jean Louis areas, continue to demonstrate the unfolding resource potential along the entire extent of Panoro's mineral concessions covering an area of 120 square kilometers. Drillhole CB-226 is an exploratory drill hole targeted to explore the mineral continuity below the hole CB-225A.

Cotabambas Project, Apurimac, Peru, NI 43-101 Technical Report on Updated Preliminary Economic Assessment, amec foster wheeler and Moose Mountain Technical Services, 22 September 2015. A PEA has been completed for the Cotabambas Project PEA Results. Key Project parameters, Cotabambas Cu-Au/Ag Project1, Process Feed, life of mine, million tonnes, 483.1, Process Feed, daily, tonnes, 80,000, Strip Ratio, life of mine, 1.25: 1, Before Tax1, NPV7.5%, USD 1,053, IRR, %, 20.4, Payback, years, 3.2, After Tax1, Annual Average Payable Metals, Cu, Cu, thousand tonnes, 70.5, Au, thousand ounces, 95.1, Ag, thousand ounces, 1,018.4, Mo, thousand tonnes, -, Initial Capital Cost, million USD 1,530.

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.