Mr. Luquman Shaheen reports

PANORO ANNOUNCES JOINT VENTURE WITH JOGMEC FOR HUMAMANTATA PROJECT, PERU

Panoro Minerals Ltd. has executed a joint venture agreement with Japan Oil, Gas and Metals National Corp. (JOGMEC) on its Humamantata property, located in Peru. JOGMEC will have an option to earn up to a 60-per-cent indirect beneficial interest with the investment of $8.0-million (U.S.).

Luquman Shaheen, president and chief executive officer of Panoro Minerals, stated: "Panoro is pleased to complete this agreement with JOGMEC whereby the company has financed another of its attractive early-stage projects. Earlier in 2018, the company earned a 2-per-cent [net smelter return] royalty on its Kusiorcco project by securing an investment commitment by Hudbay. These two early-stage projects complement the company's two advanced-stage projects: Cotabambas and Antilla, highlighting Panoro's unique pipeline of Peru-focused copper exploration and development projects. We look forward to continuing to identify creative financing alternatives to move our significant pipeline of projects through exploration, engineering, permitting and into development."

The terms of the option are as follows:

1. JOGMEC will contribute $1.0-million (U.S.) each year for the first three years to earn a 49-per-cent interest in the property.
2. JOGMEC has an option to earn a further 11-per-cent participating interest in the property for a total participating interest of 60 per cent by making a further capital contribution to the property of $5.0-million (U.S.).
3. Investment in the property will be on a pro rata basis after JOGMEC has fulfilled its financing obligation.
4. If any party's participating interest is diluted to less than 10 per cent, its participating interest shall be converted to a 2-per-cent net smelter return royalty interest from the properties. The other party may purchase one-half of such royalty with a cash payment in an amount of $2.0-million (U.S.) following the creation of the royalty.
5. A management committee shall make all strategic decisions and shall oversee exploration activities.
6. The company will act as the operator responsible for implementing programs and budgets.

Humamantata project

The Humamantata property is located in southern Peru, together with Panoro's portfolio of projects in the region, including the Antilla and Cotabambas projects. The project is located approximately 10 kilometres to the southwest of Hudbay Minerals' Constancia copper mine and the Kusiorcco project. The Kusiorcco project was sold to Hudbay by Panoro Minerals, where the company received cash payments and a 2-per-cent NSR.

The Humamantata property covers an area of 3,600 hectares. The company completed exploration in 2014 and 2015, which included:

• Geologic mapping in one-to-10,000 scale, covering an area of 2,000 hectares;
• A geochemical survey with the collection of 326 surface rock chip samples;
• Airborne K-Th spectral, Analitic signal and magnetic field, over an area of 3,600 hectares.

The Humamantata property contains a few different types of mineralization, including: copper-gold skarn/porphyry-type mineralization at the northern part of the property, where a porphyry of quartz-monzonite composition is in contact with limestones of the Ferrobamba formation.

• The copper hypogene mineralization is composed by chalcopyrite and bornite;
• Hydrothermal breccias and mantos with lead-silver and zinc anomalies in limestones in the central part of the property;
• Extensive silicification/stockwork and advanced argillic alteration with anomalies of copper, molybdenum, gold and silver into sandstone layers of the Mara formation.

The altered limestones and sandstones are dipping to the contact with the Andahuaylas-Yauri batholite, striking nine kilometres in a north-south direction. The company and JOGMEC are planning an exploration drill program to test the continuity of the mineralized copper-gold-molybdenum porphyry that outcrops in the north part of the property, along the contact and below the supergene alteration of the southern area.

About Panoro Minerals Ltd.

Panoro Minerals is a uniquely positioned Peru-focused copper exploration and development company. The company is advancing its two advanced-stage copper projects:

• Cotabambas copper-gold-silver project;
• Antilla copper-molybdenum project.

The company also has two early-stage projects being financed and/or advanced with partners:

• Kusiorcco copper project, financed by Hudbay Minerals;
• Humamantata copper project, financed by JOGMEC.

All of Panoro's projects are located in the strategically important area of southern Peru. The region boasts the recent investment of over $15-billion (U.S.) into the construction or expansion of four large open-pit copper mines (Las Bambas, Constancia, Antapaccay and Cerro Verde) and another $3-billion (U.S.) being invested currently into two additional open-pit copper mines (Mina Justa and Quelleveco).

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

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