Black Panther Advances its Seagull PGE Project, Thunder Bay, Ontario
West Vancouver, British Columbia – July 8, 2009 – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to provide an exploration update on its “Seagull” Property located approximately 90 km north-northeast of Thunder Bay, Ontario. As referred to in the Company’s news releases dated November 3, 2008, February 3 and February 27, 2009, Black Panther acquired a 30% interest in the 159 claim unit Seagull Property from East West Resources Corporation of Thunder Bay, Ontario (“East West”) and Trillium North Minerals Ltd. of Toronto, Ontario (“Trillium”). The Company also has the right to increase its ownership in the Seagull Property to a 51%, 60% and 75% interest, respectively, by incurring additional exploration expenditures on the Property.
The Company has recently staked additional claims and expanded the Seagull Property from 159 claim units to 359 units. As a result, the Property now encompasses the original Seagull Proterozoic ultramafic intrusion (the “Seagull Intrusion”) discovered in 2000, as well as numerous newly discovered feeder dike features along the western flank of the original claims.
History
Between 2000 to 2004, there were three platinum-palladium-nickel-copper disseminated sulphide “layers” discovered in the Seagull Intrusion. In April 2004, Platinum Group Metals Ltd. (who previously held an interest in the Seagull Property), announced the discovery of a new platinum bearing layer, or "reef", within the Seagull Intrusion. At that time, Platinum Group Metals reported that drilling confirmed the northern half of the Seagull Intrusion as a target area for expanding platinum reefs discovered to date, and as well stated, that the mineralized horizons found within Seagull Intrusion compared favourably to the famous “Merensky” reef in South Africa.
More recently, in a news release dated April 22, 2009, Magma Metals Limited of Australia (“Magma”) reported the discovery of PGE’s hosted in feeder dikes on Magma’s claims which are located 10 km to the south of Seagull Property.
Geology
All of the ultramafic intrusions (like the Seagull Intrusion) are related to the “Mid Continental Rift” event that occurred between 1000 to 1112 ma (million years). The Seagull Intrusion has been dated at 1111 to 1112 ma and represents magma that has been derived from deep in the mantle; hence the platinum-palladium values are almost 1:1 and are contained within the nickel-copper sulphides.
Company Results To date
In December 2008, the Company completed a $650,000 phase one core drill program on the west side of the Seagull Intrusion (see February 3, 2009 news release). In January through to March, 2009, additional claims were staked to the west. Recent prospecting has been successful in identifying several potential feeder dikes, and as well, numerous boulders and outcrops of dike material have been discovered within the claims block. Black Panther’s Qualified Person, Mr. Robert Middleton, P. Eng., Geophysicist, states that “these newly discovered dikes are likely the conduits linked to the larger bodies such as the Seagull Intrusion and others in the immediate area”.
2009 Plans
Subject to the completion of its financing announced on July 3, 2009, the Company intends to proceed with a detailed airborne magnetic survey, followed by additional drilling. The Company has budgeted $350,000 for this program, which will bring its total exploration expenditures on the Property to $1 million (thereby resulting in Black Panther earning a 51% interest in the Seagull Property). A further 9.0% interest can be earned by Black Panther by spending an additional $1 million and a 75% interest may be earned by advancing the Seagull Property to commercial production.
This news release has been reviewed and approved by Mr. Robert Middleton, P.Eng, Geophysicist, and is the Qualified Person supervising this project in accordance with regulations under 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
Neither 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”. 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. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. 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.
