Mr. Luquman Shaheen reports

PANORO MINERALS LTD. ANNOUNCES COLUMN LEACHING TEST RESULTS FOR ANTILLA COPPER PROJECT, PERU

Panoro Minerals Ltd. has provided results of column leach testing of the supergene secondary sulphides at the 100-per-cent-owned Antilla copper project.

The column leach testing indicates that copper extractions of up to 77 per cent are potentially achievable from the secondary sulphides. The PEA (preliminary economic assessment) results announced in May, 2018, included an estimated 72.5-per-cent copper recovery over a 200-day span from the secondary sulphides. The PEA mine plan included 117 million tonnes of secondary sulphide or 98 per cent of the feed to the heap leach pad. The column testwork was initiated early in 2018 while the PEA was under way but final results were not available until July, 2018. The recoveries estimated for the PEA were derived from bottle roll and mineralogic testwork available at the time of the completion of the PEA. Based on the foregoing 75-per-cent Cu extraction in 200 days is an appropriate figure to use for PEA-level studies.

"We are pleased that the column leach tests indicate the potential for recoveries higher than estimated by the bottle roll tests included in the PEA estimate. A potential increase in recoveries will further enhance the economics of this already robust project. Additional testing is planned as part of feasibility studies for the Antilla project. The company is currently reviewing strategic alternatives to advance the Antilla project into feasibility studies, permitting and development," stated Luquman Shaheen, president and chief executive officer of Panoro Minerals.

The Antilla project process included in the 2018 PEA is based on leaching secondary sulphides. This led to a column leach program, together with associated mineralogical and bottle roll leach testwork, being implemented during March, 2018, at Aminpro Laboratories, an ISO 9001 and 14001 laboratory based in Lima, Peru. All works were designed and supervised by Andrew Carter, general manager of mining and minerals of Tetra Tech Inc., United Kingdom office.

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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