Sprott Asset Management USA Inc.


Panoro - Cotabambas, E Peru - May 2013

Andrew Jackson visited Panoro's Cotabambas project in Eastern Peru on May 14/15. 

Cotabambas is a Cu-Au porphyry with higher than average grades. The current largely inferred resource is 404 Mt @ 0.42 percent Cu + 0.23 g/t Au at a 2 percent Cu eq cutoff. Or 200 Mt @ 0.54 percent Cu + 0.3 g/t Au at a 0.4 percent Cu eqiv cutoff.  Note that these are pit-constrained resources, not universal like many comparables report

Cotabambas is situated about 50 miles west of Cusco in Peru.  Panoro has a regional office in Cusco and 2 large field camps on site that can hold about 80 people.  Access is mainly by a dirt road. Although only 50 miles from Cusco in direct line, it is a 4.5 hour drive each way because of the very tough terrane in the Andes. The deposit is at about 3300m or 11,000 ft
elevation, so not a problem.

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