Black Panther Closes First Tranche of Private Placement

West Vancouver, British Columbia – August 17, 2009 – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to announce that, further to its news releases dated July 3, 2009, Black Panther has closed the first tranche of its non-brokered private placement (the “Private Placement”). Under the first tranche, the Company has raised $415,000 by the issuance of 1,660,000 flow through units (the “FT Units”) at a price of $0.25 per unit. Each FT Unit consists of one flow through common share and one half of a share purchase warrant, with each whole warrant entitling the holder to purchase an additional non-flow through common share at a price of $0.30 for a period of one year from the closing date. In connection with this Private Placement, finders’ fees were paid consisting of $20,500 cash and 164,000 finders’ warrants.  Each finder’s warrant entitles the holder to purchase one additional non-flow through common share for a period of one year at an exercise price of $0.25.  All of the securities issued pursuant to this Private Placement are subject to a hold period expiring on December 15, 2009.  1,600,000 of the FT Units were acquired by the MineralFields Group for an aggregate of $400,000.

The Company expects to complete the second tranche of its Private Placement within the next few weeks.

The proceeds from this Private Placement will be used for furthering the exploration of the “Seagull” PGE Property which is located approximately 90 km north-northeast of Thunder Bay, Ontario (as initially referred to in the Company’s news release dated February 27, 2009).

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.

“Douglas L. Mason”
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Douglas L. Mason, Director

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.