Vancouver, British Columbia, December 11, 2012 - Investment firm Mackie Research has updated its coverage on Panoro Minerals (TSXV:PML). Following a visit to the property, analyst Matt O'Keefe reiterated his speculative buy recommendation, maintaining his $1.50 target price. This is a premium of 134% to the $0.64 price the day the report was issued.
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Panoro's 14 properties are located primarily in the south-eastern region of Peru.
According to the Mackie report, the company has currently outlined an inferred resource of 5.4 million pounds of copper, 3.0 million ounces of gold and 36.9 million ounces of silver at its 100% owned Cotabambas and Antilla projects. For more information please refer to the NI 43-101 Technical Reports on the company's website.
This region contains a number of important copper and copper/gold deposits including those of Xstrata, First Quantum, HudBay Minerals, and Groupo Mexico.
O'Keefe believes the project area has all the elements required to build a mine including water from several rivers, options for tailings/waste rock disposal and good road access. Grid power is inadequate for a mine so a high voltage line would need to be brought in, likely from south where Xstrata's Las Bambas project is under construction. The details will become clearer as work progresses on a PEA targeted for the second half of 2013.
Panoro remains well-financed for 2013 with $14 million and about $5 million in in-the-money warrants coming due at the end of December. The shares are currently trading at $0.60, and with 176 million shares outstanding, the company is capitalized at $106 million.
For more information, please visit the company's website www.panoro.com (http://www.panoro.com/) or 604-684-4246 or email info@panoro.com (mailto:info@panoro.com)..
The company's investor relations are handled by Barry Mire at Renmark Financial. He can be contacted at bmire@renmarkfinancial.com (mailto:bmire@renmarkfinancial.com).
For more information about Mackie Research or to obtain the full report on Panoro Minerals, contact your nearest Mackie Research office. Their branches are listed on their website at www.mackieresearch.com (http://www.mackieresearch.com/).
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