Panoro Minerals Project Update

Panoro Minerals Ltd. (TSX VENTURE:PML)(BVLAC:PML)(FRANKFURT:PZM) ("Panoro") is
pleased to announce that three drill holes totalling 1,252 metres have been
completed as part of a program of stepout and infill drilling at its Cotabambas
Project. Drillhole CB-36 at the main Ccalla zone was terminated at a depth of
825 metres, having intersected a number of zones of chalcopyrite +/- molybdenite
mineralization to a depth of 737 metres, extending known mineralization an
additional 200 metres downwards. Drillholes CB-34 and CB-35 tested the Azulccaca
zone, located approximately 900 metres southwest of the Ccalla zone, to depths
of 207 metres and 220 metres respectively. Both holes intersected chalcopyrite
mineralization. Assay results for the three holes will be reported when all have
been received from the laboratory.


A magnetometer survey was completed over part of the property and an Induced
Polarization geophysical survey is being considered. The objectives of this work
are to further define the geological setting on the property and to test for the
extension of mineralization both between the Ccalla and Azulccaca zones as well
as in other parts of the property.


Agreements with two of the three indigenous communities in the area, Guaclle and
Ccalla, are in place and Panoro has also been invited by the third indigenous
community, Cochapata, to discuss an agreement. 


At the Antilla Project, following the termination of the JV agreement with
Chancadora Centauro, an arbitration process has commenced to confirm termination
of JV and to recover the assets transferred at the signing of the JV agreement.
Panoro terminated the JV agreement and regained title of all related mineral
concessions in September 2010 after Chancadora Centauro failed to make a USD$4
million payment.


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 at 0.77% Cu and 0.42 g/t Au (0.4% Cu cutoff)
Antilla:      154 million tonnes at 0.47% Cu and 0.009% Mo (0.25% Cu cutoff)



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, the subject of a proposed
acquisition 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.