Drilling Begins on the “Golden Loon” Nickel, Cobalt, PGE, Gold Property

West Vancouver, British Columbia – October 16, 2008 – Black Panther Mining Corp. (“Black Panther”) is pleased to announce the commencement of exploration core drilling on the “Golden Loon” Ni-Co-PGE-Au property located 80km north of Kamloops, British Columbia.

As recently announced (see News Release dated October 1, 2008), Black Panther entered into an option agreement with Nevoro Inc. (TSX:NVR) to earn up to a 50% interest in Nevoro’s interest in the Golden Loon property by making cash payments of $100,000 on or before September 2, 2009 and by making exploration expenditures of $1,000,000 by the second anniversary of the signing of the agreement.

A 2000 metre phase 2 drill program has now commenced and has been designed to test nickel and platinum group elements (“PGE”) geochemical anomalies on the Golden Loon property.

Historical exploration on the Golden Loon property, including drilling, geochemical and geophysical surveys, has identified encouraging nickel-cobalt and PGE mineralization in ultramafic rocks underlying the property. The Golden Loon property 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 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.

This news release has been reviewed and approved by Mr. Arnold Pollmer, P.Geo., who is acting as the Company’s Qualified Person for this project in accordance with regulations under NI 43-101.

Additionally, Black Panther wishes to report that it has granted 60,000 stock options to certain officers and employees at an exercise price of $0.41 per share for a term of five years.

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.