JV Signed With Peru's Centauro
Canadian mineral exploration company, Panoro Minerals Ltd has signed a joint-venture agreement with Peru’s Chancadora Centauro for the development of the Antilla Copper Molybdenum Project in Peru.
Centauro will make cash payments of US$8 million to the Panoro and will invest US$17 million into the Antilla Project in order to earn 70% interest over a 30 month period. 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.
Panoro will use 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.
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