Mr. Luquman Shaheen reports
PANORO MINERALS ANNOUNCES RECEIPT OF EARLY DEPOSIT PAYMENT FROM WHEATON PRECIOUS METALS FOR THE COTABAMBAS PROJECT, PERU
Panoro Minerals Ltd. and its wholly owned subsidiary, Panoro Trading (Cayman) Ltd., have received the sixth early deposit payment of $750,000 (U.S.) as part of the precious metals purchase agreement with Wheaton Precious Metals International Ltd. (WPMI) (formerly Silver Wheaton (Caymans) Ltd.), a wholly owned subsidiary of Wheaton Precious Metals Corp. (formerly Silver Wheaton Corp.), 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 $140-million (U.S.) for 25 per cent of the payable gold production and 100 per cent 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 $450 (U.S.) per payable ounce of gold and $5.90 (U.S.) per payable ounce of silver delivered to WPMI over the life of the Cotabambas project.
Panoro is entitled to receive $14-million (U.S.) spread over a period of up to nine years as an early deposit with payments to be used to finance corporate expenses related to the Cotabambas project. The Cotabambas early deposit agreement includes provisions to accelerate these payments through WPMI matching, up to certain limits, any third party financing by Panoro targeted for exploration at the Cotabambas project completed before the second anniversary of the Cotabambas early deposit agreement. The balance of the $126-million (U.S.), should WPMI elect to proceed with the Cotabambas early deposit agreement, is payable in instalments during construction of the Cotabambas project.
Together with this payment, the total advanced to date is $6.25-million (U.S.), including the accelerated tranche of $2-million (U.S.) received in December, 2016.
About Panoro Minerals Ltd.
Panoro Minerals is a uniquely positioned, Peru-focused copper exploration and development company. The company is advancing its flagship project, the Cotabambas copper-gold-silver project, and its Antilla copper-molybdenum project, both located in the strategically important area of southern Peru.
We seek Safe Harbor.
© 2024 Canjex Publishing Ltd. All rights reserved.