Panoro Minerals Announces Receipt of Early Deposit Payment from Wheaton Precious Metals for the Cotabambas Project, Peru
(PresseBox) - Panoro Minerals Ltd. (TSXV: PML, Lima: PML, Frankfurt: PZM) and its wholly-owned subsidiary, Panoro Trading (Cayman) Ltd. (?Panoro? or the ?Company? - http://www.commodity-tv.net/c/search_adv/?v=298467) are pleased to announce that they have received the seventh Early Deposit payment of US$750,000 as part of the Precious Metals Purchase Agreement (the ?Cotabambas Early Deposit Agreement?) with Wheaton Precious Metals International Ltd. (?WPMI?), a wholly owned subsidiary of Wheaton Precious Metals Corp. (TSX:WPM) (NYSE:WPM), in respect of the Cotabambas project located in Peru.
The principal terms of the Cotabambas Early Deposit Agreement are as described in the Company?s press release on March 21, 2016, whereby WPMI will pay Panoro upfront cash payments totalling US$140 million for 25% of the payable gold production and 100% of the payable silver production from the Company?s Cotabambas Project in Peru. In addition, WPMI will make production payments to Panoro of the lesser of the market price and US$450 per payable ounce of gold and US$5.90 per payable ounce of silver delivered to WPMI over the life of the Cotabambas Project.
Panoro is entitled to receive US$14 million spread over a period of up to 9 years as an early deposit with payments to be used to fund corporate expenses related to the Cotabambas Project. Cotabambas Early Deposit Agreement, is payable in instalments during construction of the Cotabambas Project.
Together with this payment, the total advanced to date is US$7.0 million, including the accelerated tranche of US$2.0 million received in December 2016.
About Panoro
Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. rastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly.
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.
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.
acceleration of payments by Wheaton Metals to match third party financing by Panoro targeted for exploration at the Cotabambas Project
payment by Wheaton Metals of US$140 million in installments
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.austive. 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.ith applicable securities laws.
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Datum: 26.09.2018 - 08:02 Uhr
Sprache: Deutsch
News-ID 1541691
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