Panoro Minerals Completes Three Year Community Agreement and Plans Expansion of Exploration Program at Cotabambas Copper/Gold Pr

Panoro Minerals Ltd. (TSX VENTURE:PML)(BVLAC:PML)(FRANKFURT:PZM) ("Panoro") is
pleased to announce that it has signed a three year community agreement with the
indigenous community of Cochapata at its 100% owned Cotabambas Porphyry
Copper/Gold Project in Peru. Panoro has now completed agreements with all three
indigenous communities, Cochapata, Ccalla and Guaclle, in the region of the
Cotabambas project.


With the completion of the community agreement, Panoro is planning to expand its
current 5,500 m drill program at the Cotabambas Project. The expanded program
will consist of approximately 30 drillholes totaling approximately 20,000m of
additional drilling. Its objective will be to delineate the lateral extension of
the mineralized zone of the main Ccalla Deposit and to complete infill drilling
in areas containing gaps in the current geologic and resource models.


Panoro has retained the services of a specialist consulting firm to prepare the
environmental impact assessment for the proposed exploration program. The field
work has been completed and the final report for submission to the Ministry of
Energy and Mines will be completed in approximately 45 days. 


Panoro commenced the initial 5,500m drill program in November 2010 and to date
has completed four drill holes for a total of 2,060m. The results for holes
CB-34 and CB-35 at the Azulccaca deposit, and CB-36 at the south side of the
Ccalla deposit, have been published previously. Drill hole CB-37, located 225m
northeast of CB-36 was completed to a depth of 808m and intersected chalcopyrite
mineralization from 195m to 417m. Assay results will be reported when received.


The results from holes CB-36 and CB-37 confirm the extension of the Ccalla
deposit both to the south and to an additional depth of more than 200m. In
addition, these two holes confirm the significance of the high grade
intersection in hole CB-25 which was drilled in the same area in 2003 but was
not included in the current resource estimate. A third drill hole, CB-38 is
currently being drilled 250m southwest of CB-36. 


Panoro is carrying out geophysical surveys at the Cotabambas Project to further
define the geology of the Ccalla and Azulccaca deposits and their immediate
surroundings and possibly to provide additional drill targets. A magnetic survey
has been completed over a portion of the property and will now be expanded to
include the area within the boundaries of the Cochapata community. An Induced
Polarization survey has commenced and should be completed by the end of April. 


The drilling is being carried out by Energold Drilling Peru using a man-portable
drill rig. All drill cores are being sampled on site and then submitted to ALS
laboratory in Lima, Peru for analysis. Fred Tejada, P.Geo, the Company's
VP-Exploration is the Qualified Person for this project.


About Panoro

Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold
projects to the feasibility and development stages and to explore its other
projects. Panoro recently closed a $6.5 million non-brokered private placement
positioning the company to continue developing its significant portfolio of
exploration projects. The Company's large portfolio includes the advanced
Cotabambas Copper-Gold and Antilla Copper-Molybdenum Projects which include NI
43-101 inferred level resources of:




Cotabambas:   90 million tonnes @ 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff,
              SRK 2007)                                                    
Antilla:      1154 million tonnes @ 0.47% Cu and 0.009% Mo (0.25% Cu       
              cutoff, AMEC 2009)                                           



In addition to the exploration program at the Cotabambas Project, the Company
will also be carrying out exploration work at its Antilla Copper-Molybdenum
Project, Kusiorcco Copper Project and Cochasayhuas Gold Project in 2011. Panoro
has ten other exploration properties in Peru and is currently evaluating
investment alternatives including joint ventures.


Panoro's significant portfolio of projects is located primarily in the
southeastern region of Peru. This region contains a number of important copper
and copper/gold deposits including Xstrata's Las Bambas and Antapaccay Copper
Projects and the Tintaya Copper Mine. In September 2010, Xstrata announced
US$5.7 billion of investment to develop the Las Bambas and Antapaccay projects.
The region also includes the Haquira Copper Project, recently acquired by First
Quantum Minerals, and the Constancia Copper Project, recently acquired by Hudbay
Minerals.


On behalf of the Board of Panoro Minerals Ltd.

Luquman Shaheen, M.B.A., P.Eng., P.E., President, CEO and Director

This release was prepared by management of the Company who takes full
responsibility for its contents.