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 seventh early deposit payment of $750,000 (U.S.) as part of the precious metal purchase agreement with Wheaton Precious Metals International Ltd. (WPMI), a wholly owned subsidiary of Wheaton Precious Metals 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's matching, up to certain limits, any third party financing by Panoro targeted for exploration at the Cotabambas project. 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 $7.0-million (U.S.), including the accelerated tranche of $2.0-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, 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 is readily available and expanding quickly.

Since 2007, the company has completed over 80,000 metres of exploration drilling at these two key projects leading to substantial increases in the mineral resource base for each, as summarized in the attached summary of Cotabambas and Antilla project resources table.

                       SUMMARY OF COTABAMBAS AND ANTILLA PROJECT RESOURCES
 
Project               Resource classification     Million tonnes   Cu (%)   Au (g/t)   Ag (g/t)   Mo (%)

Cotabambas Cu/Au/Ag   Indicated                   117.1             0.42       0.23       2.74    0.001 
                      Inferred                    605.3             0.31       0.17       2.33    0.002 
                      at 0.20% CuEq cut-off, effective October, 2013, Tetratech         
Antilla Cu/Mo         Indicated                   291.8             0.34          -          -     0.01  
                      Inferred                    90.5              0.26          -          -    0.007 
                      at 0.175% CuEq cut-off, effective May, 2016, Tetratech            

Preliminary economic assessments (PEA) have been completed for both the Cotabambas and Antilla projects. The key results are summarized in the attached summary of Cotabambas and Antilla project PEA results table.

                       SUMMARY OF COTABAMBAS AND ANTILLA PROJECT PEA RESULTS
 
Key project assumptions                                       Cotabambas Cu/Au/Ag project (1)   Antilla Cu project (2)

Process feed, life of mine                   Million tonnes                            483.1                    118.7
Process feed, daily                                  Tonnes                           80,000                   20,000
Strip ratio, life of mine                                                             1.25:1                   1.38:1
Before tax (1)                   NPV 7.5%     Million U.S.$                           $1,053                     $520
                                     IRR                  %                             20.4                     34.7
                                 Payback              Years                              3.2                      2.6
After tax (1)                    NPV 7.5%     Million U.S.$                              684                      305
                                     IRR                  %                             16.7                     25.9
                                 Payback              Years                              3.6                      3.0
Annual average payable metals         Cu    Thousand tonnes                             70.5                     21.0
                                      Au    Thousand ounces                             95.1                        -
                                      Ag    Thousand ounces                          1,018.4                        -
                                      Mo    Thousand tonnes                                -                        -
Initial capital cost                          Million U.S.$                            1,530                      250

(1) Project economics estimated at commodity prices of: copper equals $3 (U.S.) per pound,
gold equals $1,250 (U.S.) per ounce, silver equals $18.50 (U.S.) per ounce and molybdenum
equals $12 (U.S.) per pound.
(2) Project economics estimated at long-term commodity price of Cu equals $3.05 (U.S.) per 
lb and short-term commodity price of Cu equals $3.20 (U.S.), $3.15 (U.S.) and $3.10 (U.S.)
for years 1, 2 and 3 of operations, respectively.

The PEAs are considered preliminary in nature and include inferred mineral resources that are considered too speculative to have the economic considerations applied that would enable classification as mineral reserves. There is no certainty that the conclusions within the updated PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Luis Vela, a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.

We seek Safe Harbor.