West Vancouver, British Columbia – October 1, 2008 – Black Panther Mining Corp. (“Black Panther”) has entered into an option agreement (the “Option Agreement”) with Nevoro Inc. (TSX:NVR) (“Nevoro”) whereby Black Panther has been granted an option to earn up to a 50% interest in Nevoro’s interest in the 3,709 hectare Golden Loon Ni-Co-PGE-Au project (the “Golden Loon Project”), located 80 km north of Kamloops, British Columbia. Nevoro acquired the right to earn a 100% interest in the Golden Loon Project through its recent acquisition of Sheffield Resources Ltd. (“Sheffield”) in July 2008.
According to the Option Agreement, Black Panther can earn a 50% interest in the Golden Loon Project by making cash payments totaling $100,000 on or before September 2, 2009 and by making exploration expenditures totaling $1,000,000 by the second anniversary of the signing of the agreement.
Nevoro’s interest in the Golden Loon Project is through an agreement entered into by Sheffield with Tilava Mining Corporation (“Tilava”) whereby Nevoro has a right to earn up to 100% in the Golden Loon Project. Tilava has given its consent to the Option Agreement with Black Panther. Tilava owns a 100% interest in the Golden Loon Project subject to a 3% net smelter return royalty (“NSR”) held by a third party. The NSR is purchasable for $1,500,000. Nevoro, through Sheffield, has the right to acquire 100% of Tilava’s interest by making cash payments totaling $475,000, issuing 440,000 Nevoro shares and spending $1,050,000 on exploration in three stages.
Historical exploration at the Golden Loon Project, including limited drilling, geochemical and geophysical surveys, has identified encouraging nickel-cobalt and PGE mineralization in ultramafic rocks underlying the property.
The Golden Loon Project has been explored by major and junior mining companies searching for copper, nickel, platinum and gold. Cusac Gold Mines Ltd., while following up on a 13.8 g/t platinum sample in 2001-2003, identified areas with anomalous nickel and cobalt in soils that correlated with IP chargeability highs, believed to be caused by sulphide mineralization. A limited drill program covering a very small portion of the prospective intrusive body testing an IP chargeability high near the suspected source of the high-grade platinum sample intersected long intervals of low-grade nickel and cobalt mineralization including 66.9 metres averaging 0.17% Ni and 0.016% Co; 154.6 metres averaging 0.16% Ni and 0.013% Co; and 154.6 metres averaging 0.16% Ni and 0.012% Co. Petrographic analysis of the core identified pyrrhotite and pentlandite among the sulfide minerals present.
For 2008, Black Panther intends to proceed with a phase 2 diamond drilling program which would consist of drilling approximately 2000 metres of HQ gauge core to test nickel and platinum group elements (“PGE”) geochemical targets on the Golden Loon property.
John Kowalchuk, P.Geo., has reviewed this release and is acting as the Company’s Qualified Person for this project.
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
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for the adequacy or accuracy of this release.
