Panoro Minerals Ltd. announced the sale of its Antilla Project to Heeney Capital Acquisition Company Inc. ("HCAC"), a mineral exploration and development company. Panoro has agreed to sell 90% of the shares of Antilla Copper S.A. ("Antilla"), a wholly owned subsidiary of Panoro, which holds the Antilla Project, in consideration for advanced payments of up to 13% of the Net Present Value of the Antilla Project plus a Net Smelter Return royalty ("NSR") of 1% (on top of the 2% NSR that the Company already owns on the Antilla Property). The advanced payments will be staged and HCAC will initially earn a 75% interest in Antilla on closing plus an additional 15% 12 months after the earlier of drilling permits being obtained or a pre-feasibility or feasibility study being completed on the Antilla Project (a "Study"), for a total 90% interest. The Company and HCAC will contribute their pro-rata portion of all exploration and development expenditures. Pending the results of the Study, the total of the advanced payments could be between CAD 20 million and CAD 70 million, plus the aggregate up to the 3% NSR over the life of the mine. Advance payments to Panoro will include both scheduled and contingent payments for HCAC to earn in a 90% interest in stages as outlined below: Scheduled Payments of: CAD 10 million on closing of the transaction, CAD 2.8 million 10 months from closing, CAD 7 million 12 months after the earlier of drilling permits being obtained or a Study being completed. Contingent Payments of: CAD 10 million if the Study estimates the Net Present Value at an 8% discount rate (NPV8) of the Antilla Project to be above $310 million; or Up to CAD 50 million if the Study estimates the NPV8 to be above $360 million. Including the contingent payments, which will be received within 12 months of the completion of the Study, the total advance payments could equal up to CAD 70 million (or approximately 13% of NPV8).