Mr. Luquman Shaheen reports

PANORO MINERALS COMMENCES 2018 DRILLING PROGRAM AT COTABAMBAS PROJECT, PERU

Panoro Minerals Ltd. has begun its 2018 drilling program at the Cotabambas project in Peru. Panoro Minerals has contracted Lima-based drilling contractor, Bradley-MDH, to conduct the proposed 2018 drilling campaign. Two diamond drill rigs are being mobilized with drilling expected to begin on Feb. 22, 2018.

The 2018 drilling program will commence at the Maria Jose and Petra-David targets at Cluster 1 and continue until April, 2018, with 5,000 metres of drilling budgeted. The drilling program will then expand into the Chaupec skarn target in Cluster 2 in August with an additional 5,000 m budgeted for completion by the end of 2018.

Drilling at the Maria Jose target will focus on the further delineation of oxide and sulphide copper zones identified during the 2017 drill program, where 15 drill holes confirmed continuity of mineralization over an area of 400 m by 1,200 m, and to over 450 m depth.

In 2017, eight drill holes were completed at the Petra-David target confirming copper oxides mineralization continuity over an area of 600 m by 150 m along a structural control in northeast direction, hosted in quartz monzonite porphyries and diorite rocks.

The Chaupec target is an area of skarn and porphyry mineralization exposed at surface along approximately three kilometres by one km. The copper grades sampled at surface are some of the highest grades sampled to date at the Cotabambas project. The area has never been drilled.

The mineralization at the Maria Jose target consists of quartz monzonite porphyry dikes hosted within andesite volcanics. Drill holes CB-161 and CB-165 intercepted near-surface copper oxides mineralization intervals of 39.7 m averaging 0.54 per cent Cu and 13.2 m averaging 0.41 per cent Cu, respectively. Drill hole CB-183 intercepted 127.6 m of hypogene copper mineralization grading 0.41 per cent Cu, 0.06 g/t Au and 2.0 g/t Ag, including intervals with 0.67 per cent Cu and 0.74 per cent Cu, with mineralization open below 477 m depth. Drill hole CB-157 intercepted 195.2 m of hypogene copper mineralization averaging 0.34 per cent Cu, 0.06 g/t Au and 1.6 g/t Ag, including intervals with 0.42 per cent Cu and 0.51 per cent Cu, with mineralization open below 468 m depth. The drill holes of the 2017 campaign and the geochemistry and geophysics signatures at surface indicate the mineralization to be open to the northeast and north where the 2018 campaign will be focused.

The principal results at the Petra-David target included drill hole CB-171 intercepting 25.0 m averaging 0.32 per cent Cu, including 10.8 m grading 0.44 per cent Cu, 0.12 g/t Au and 12.2 m grading 0.40 per cent Cu, 0.09 g/t Au. Drill hole CB-173 intercepted 61.4 m averaging 0.38 per cent Cu, including 27.1 m with 0.58 per cent Cu and 0.14 g/t Au. Drill hole CB-172 intercepted 78.8 m grading 0.32 per cent Cu including 20.4 m averaging 0.48 per cent Cu, 0.12 g/t Au and 10 m grading 0.57 per cent Cu and 0.14 g/t Au. Drill hole CB-175 intercepted 87.6 m averaging 0.20 per cent Cu, including intervals with grades of 0.29 per cent Cu to 0.39 per cent Cu. The 2018 drilling campaign will target expansion to the north and south.

The Chaupec target includes exposures at surface of different skarn type mineralization, such as pyroxenes, garnets and magnetite, containing mineralization of bornite, chalcopyrite, minor pyrite, and expanded copper oxides. The quartz-monzonite porphyry outcrops in the south part of the Chaupec target with potassic alteration and quartz stockwork also contain hypogene/oxides copper mineralization. The mineralization at the Chaupec target is similar to the skarns at the Las Bambas copper mine, located 40 km to the south, specifically with the skarn exposed in the Ferrobamba open pit. A team of geologists will start the predrilling works at Chaupec by the end of February.

"We look forward to continuing the drill program at our flagship Cotabambas project, following up on the delineation of near-surface mineralization at the satellite targets in Cluster 1 during 2017. The proximity to surface, potential of higher grades and presence of oxide mineralization can add more value to the Cotabambas project. Stepping out into the Chaupec skarn target in Cluster 2 is scheduled for the middle of this year, after the approval of the expanded EIA. The Chaupec skarn target has the potential to further expand the already significant growth potential and value of Cotabambas during 2018. The growth potential is significant with multiple targets to be drilled in 2018, all of which is funded. Additional funding is in place to expand the 2018 drill program and/or continue through 2019. We look forward to announcing results of the drilling program as results are received," stated Luquman Shaheen, president and chief executive officer.

About Panoro Minerals Ltd.

Panoro Minerals is a uniquely positioned Peru focused copper exploration and development company. The company is advancing its flagship project, Cotabambas copper-gold-silver project, and its Antilla copper-molybdenum project, both located in the strategically important area of southern Peru. The company is well financed to expand, enhance and advance its projects in the region where infrastructure such as railway, roads, ports, water supply, power generation and transmission are readily available and expanding quickly. The region boasts the recent investment of over $15-billion (U.S.) into the construction or expansion of four large open-pit copper mines.

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