Black Panther Obtains Option on Platinum Group Element Property
Near Thunder Bay, Ontario
West Vancouver, British Columbia – November 3, 2008 – Black Panther Mining Corp. (“Black Panther” or the “Company”) has entered into an option agreement (“Option Agreement”) with East West Resource Corporation of Thunder Bay, Ontario (“East West Resources”) and Trillium North Minerals Ltd. of Toronto, Ontario (“Trillium”) whereby Black Panther has been granted an option to earn an initial 30% interest in the Seagull/Wolf Mountain property located approximately 90 km north-northeast of Thunder Bay, Ontario (the “Property”). The Property consists of 17 staked claims with 159 claim units with an area of 2,544 hectares. In order to acquire its initial 30%, Black Panther is required to spend $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 Property up to 51%, 60% and 75%, respectively, by incurring additional exploration expenditures. The Property is subject to two separate royalties (2.4% NSR in total), of which 1.4% can be purchased for $2 million.
The exploration work preformed to date on the Property indicates the presence of platinum group metals, as well as copper and other metals in several layers. Roger J. Cavén, P.Eng., in his exploration report to the Company, has recommended a program of diamond drilling of six holes (each 600 metres) totaling 3,600 metres in an effort to define an orebody. The drilling will be carried out on 50 metre centres to better define the mineralization. The estimated cost of the Phase 1 program will be approximately $500,000. Drilling is expected to commence this week.
Within the area surrounding the Property, there are other companies currently exploring properties of similar geology. Specifically, Inco/Vale has property to the north of the Property, Benton Resources has properties to the southeast, Ursa Major has claims to the southwest and RPT Uranium has property to the south. On the Company’s website (www.blackpanthermining.com - see “Projects” – “Seagull Property”), a map will be posted which details the location of the Property, as well as the locations of other companies’ properties in the immediate area.
This news release has been reviewed and approved by Mr. Robert Middleton, P.Eng., Geophysicist, and is the Qualified Person for this project in accordance with regulations under the NI 43-101.
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.
