VANCOUVER, BC, Sept. 27, 2021
/CNW/ - Panoro Minerals Ltd. (TSXV: PML) (Lima: PML)
(Frankfurt: PZM) (OTCQB: POROF) and its wholly-owned subsidiary,
Panoro Trading (Cayman) Ltd. ("Panoro" or the "Company") are
pleased to announce that they have received the thirteenth Early
Deposit payment of US$750,000 as part
of the Precious Metals Purchase Agreement (the "Cotabambas Early
Deposit Agreement") with Wheaton Precious Metals International Ltd.
("WPMI"), a wholly owned subsidiary of Wheaton Precious Metals
Corp. (TSX:WPM) (NYSE:WPM), in respect of the Cotabambas project
located in Peru.
The principal terms of the Cotabambas Early Deposit Agreement
are as described in the Company's press release on March 21, 2016, whereby WPMI will pay Panoro
upfront cash payments totalling US$140
million for 25% of the payable gold production and 100% of
the payable silver production from the Company's Cotabambas Project
in Peru. In addition, WPMI will
make production payments to Panoro of the lesser of the market
price and US$450 per payable ounce of
gold and US$5.90 per payable ounce of
silver delivered to WPMI over the life of the Cotabambas
Project.
Panoro is entitled to receive US$14
million spread over a period of up to 9 years as an early
deposit with payments to be used to fund corporate expenses related
to the Cotabambas Project. The balance of the US$126 million, should WPMI elect to proceed with
the Cotabambas Early Deposit Agreement, is payable in instalments
during construction of the Cotabambas Project.
Together with this payment, the total advanced to date is
US$11.5 million, including the
accelerated tranche of US$2.0 million
received in December 2016.
On behalf of the Board of Panoro Minerals Ltd.
Luquman A. Shaheen, M.B.A., P.Eng., P.E.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Panoro Minerals Ltd.