Exploration Discovers Gold Bearing Zones on Olsen Property

West Vancouver, British Columbia – July 2, 2010 – Black Panther Mining Corp. (“Black Panther” or the Company”) is pleased to report that prospecting and geological mapping has been carried out over the past month on its optioned “Olsen Property” located 85 km north of Sault Ste. Marie, Ontario, (30 km from Hwy 17 on an all weather road).

To date, a few assay samples have been received. One shear zone with exposed widths of 2 metres, consisting of altered sheared basalt containing 2%-6% sulphides, yielded assays of 2.56, 3.32, 3.07 and 11.6 grams per tonne from chip samples in 4 locations on the shear zone. The shear hosted gold zone resembles the Bell Creek Mine setting in Timmins, Ontario and Induced Polarization (“IP”) surveys will be used to trace this shear zone. A band of iron formation 80 m to the north may assist in tracing this structure.

Historical high grade gold values of 52 ounces per tonne gold have been reported in Ministry of Northern Development, Mines and Forestry (“MNDM”) assessment files from quartz-pyrite carbonate zones within this iron formation.

Two new areas of strong iron carbonate alteration (ankerite) have been identified on the east central part of the Property where iron rich basalt volcanics are sheared and altered. This setting will also be covered by the upcoming IP surrey to define pyrite rich zones that could reflect gold mineralization. These carbonate zones exceed 100 metre widths. Assays of 0.5 – 0.7 grams per tonne have been obtained so far in these zones which is highly anomalous. The Company’s Qualified Person, R.S. Middleton, P.Eng., believes that this ankerite setting resembles mine settings in the Porcupine Camp in Timmins, Ontario.

Approximately 200 surface rock samples have been sent in for assay to ALS Chemex Labs and such results will be reported once received and reviewed. Assaying for gold is being carried out by ALS Chemex Labs with preparation in their facility in Thunder Bay followed up with aqua regia digestion and AA finish in their North Vancouver lab. All assays exceeding 1.0 grams are repeated.

The exploration program is being carried out under the supervision of R. S. Middleton, P.Eng., the Company’s Qualified Person for Olsen Property project in accordance with NI 43-101 for the purpose of this news release.

The IP and magnetic survey is now underway and is expected to be completed in July. Any anomalies will be followed up in the near future by trenching and/or drilling.

For further information, contact Mr. Clive Shallow, investor communications at 604-922-2030 or visit the Company’s new website at www.blackpanthermining.com.

BLACK PANTHER MINING CORP.

“Ronald A. Coombes”
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Ronald A. Coombes, 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.

This news release includes certain statements that may be deemed “forward-looking statements” within the meaning of applicable securities legislation. All statements, other than statements of historical facts, that address such matters as future exploration, drilling, exploration activities, potential mineralization and resources and events or developments that the Company expects, are forward looking statements and, as such, are subject to risks, uncertainties and other factors of which are beyond the reasonable control of the Company. Such statements are not guarantees of future performance and actual results or developments may differ materially from those expressed in, or implied by, this forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking statements include such matters as market prices, exploitation and exploration results, continued availability of capital and financing, and general economic, market or business conditions. Any forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.