Properties: Seagull

The Seagull property consists of 17 claims (159 claim units) with an area of 24.35 km and is located approximately 60 km northeast of Thunder Bay, Ontario.

Black Panther Mining Corp. have optioned the property whereby they can acquire an initial 30% by spending $500,000 in exploration expenditures by February 28, 2009. Under the Option Agreement, Black Panther also has the right to increase its interest in the Seagull Property up to 51% by spending an additional $1m in exploration expenditures by February 28, 2011, 60% by spending an additional $1,000,000 by February 28, 2012 and 75% by taking the property to commercial production.

Seagull contains three horizons containing platinum and palladium with elevated osmium and other PGE elements. The lower basal zone is similar in appearance to the Noril’sk Number 1 ore body (open pit mine). Nickel-copper sulphides have a zoned texture that is typical of Noril’sk in Siberia.

PGE = Platinum Group Elements: Pt, Pd, Os, and Ir