Panoro Signs Joint Venture Agreement for Antilla Copper/Molybdenum Project in Peru

Panoro Minerals Ltd. (TSX VENTURE:PML)(BVLAC:PML)(FRANKFURT:PZM) ("the Company")
is pleased to announce that it has signed a joint venture (JV) agreement with
Chancadora Centauro SAC (Centauro) of Lima, Peru for the development of the
Antilla Copper Molybdenum Project (the "Project") in Peru.


Centauro will make cash payments of US$8 million to the Company and invest US$17
million into the Antilla Project in order to earn a 70% interest over a 30 month
period. Under the terms of the joint venture, Centauro will pay $1 million upon
signing, $4 million within 90 days and the final $3 million within 20 months.
The US$17 million investment will be directed towards the completion of bankable
feasibility studies on the project.


"We are very pleased to announce this JV and are looking forward to working with
Centauro," stated Luquman Shaheen, President & CEO of Panoro. "Centauro is a
successful Peruvian mining company with a proven track record and the in-house
ability to explore, develop and operate mines in Peru. Their experience and
expertise will prove to be invaluable in developing Antilla into an operating
mine. Our partnership is a great example of Canadian exploration and a Peruvian
mining companies working together to develop an important mineral resource that
will provide benefits to the local communities, the Peruvian Mining sector and
to shareholders."


Centauro's investments into the Antilla Project will be directed towards the
completion of infill, step-out and exploration drilling as well as engineering,
environmental and community relations works for the completion of feasibility
studies. Exploration work is scheduled to commence at the end of the rainy
season in April 2010.


Panoro will be using the cash proceeds from the Antilla JV agreement to advance
its 100% owned Cotabambas Copper/Gold Project where the company recently
completed agreements with two local communities. The company is planning infill,
step out and exploration drilling aimed at increasing the resource.


About the Antilla Project

The Antilla Project NI43-101 resource of 154 million tonnes at 0.47% copper and
0.009% molybdenum includes a high grade zone of 70 million tonnes at 0.56%
copper and 0.011% molybdenum. The resource is contained within the East Block
where mineralization occurs as a tabular blanket of supergene sulphide
mineralization dominated by chalcocite and molybdenite. The East Block
mineralization is open to the north and northeast and similar mineralization has
been identified in the West Block but is yet to be drilled. Infill drilling of
the high grade zone has the potential to increase its grade.


About Chancadora Centauro SAC

Centauro is a privately owned Peruvian mining company operating the Quicay Gold
Mine in the Cerro de Pasco region of Peru. Centauro commenced the exploration,
feasibility studies and construction of the Quicay Mine in 2000 and poured its
first gold in 2002. The Quicay mine is an open pit mine operating at a nominal
rate of 10,000 tonnes per day. Centauro has produced over 341,000 ounces of gold
and 93,000 ounces of silver, respectively averaging over 48,000 and 13,000
ounces per year. The mine has a remaining life of two years.


Exploration Update

Panoro's strategic focus is to move its advanced stage Copper and Copper/Gold
projects to feasibility and development stages and to explore its other
projects. Panoro has a large portfolio of exploration projects in Peru of which
the Cotabambas and Antilla Projects contain NI 43-101 inferred level resources
of:


Cotabambas Project - 114 million tonnes at 0.68% copper and 0.38 g/t gold

Antilla Project - 154 million tonnes at 0.47% copper and 0.009% molybdenum.

The company will also be carrying out Phase I drilling at its 100% owned
Kusiorcco Porphyry Copper Project, adjacent to Norsemont Mining's Constancia
Project. Panoro's exploration permit for the Kusiorcco Project was approved by
the Peruvian Ministry of Energy and Mines in December 2009.


The company has nine other exploration projects in Peru, including the El Rosal
Polymetalic Project and the Cochasayhuas Gold Project. The company is currently
evaluating investment options including joint venture options for these
projects.


On behalf of the Board of Panoro Minerals Ltd.

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

ABOUT PANORO

Panoro Minerals Ltd. is a Canadian mineral exploration company trading on the
TSX Venture Exchange (PML) and on the Frankfurt Stock Exchange (PZM, WKN 914959)
and on the Junior Board of the Lima Exchange. Panoro's strategic focus is on
exploring for large-potential gold and copper/gold deposits in countries with
the corresponding geological potential and where the right political and
economic conditions are present. For investor inquiries please call
604-684-4246, e-mail [e-mail] or visit the company's website at
www.panoro.com.


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