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.
- Published: 09 April 2010
- Written by Editor