Black Panther announces that Seagull Property PGE Exploration Program Locates Potential Feeder Dikes in Outcrop and Magnetic Survey Verifies

West Vancouver, British Columbia – October 7, 2009 – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to announce that a detailed magnetic survey of 587.5 line kilometers has been flown over the west section of the Seagull Property. The survey has located features that are interpreted by the Company’s geologists as being potential feeder dikes to the Seagull Intrusion (which are northward extensions of dikes occurring on the Magma Metals Property, which is 10km south of the Seagull Property). This second phase of the magnetic survey doubles the size of the original magnetic survey of the Property, which Property now consists of 359 claim units (each claim being 16 hectares or 40 acres in size).

Black Panther completed the second phase of the magnetic survey on September 24, 2009 and prospecting and mapping has been ongoing during the past month.  Outcrops of ultramafic dike-like bodies have been located, as well as numerous boulder fields of ultramafic rocks which are typical of the host rocks that contain the PGE (platinum-palladium) values in both the Seagull Intrusion and in the Magma Metals discovery south of the Seagull Property. As well, this recent magnetic survey covered an area of 5 miles by 5 miles and has been successful in identifying coincidental magnetic anomalies along the newly discovered dike-like trend.

Mr. Robert Middleton, P.Eng, states “To date, the core drilling has been focused on deeper drilling to evaluate potential PGE mineralization at the base of the Seagull Intrusive. The next planned phase of exploration (now underway) will focus on the recently discovered ultramafic dike-like bodies. We are extremely optimistic about the new zones as they are highly indicative of significant platinum-palladium mineralization (similar to those discovered within the ultramafic dike-like system 10km to the south as reported by Magma Metals in their news release dated April 22, 2009)”.  

Black Panther has already earned a 30% interest in the Seagull Property by expending over $500,000 in exploration expenditures and can earn a 51% interest in the Property by incurring an additional $1,000,000 in expenditures by February 28, 2011. It is expected that the Company will earn a 51% interest with this ongoing and currently planned phase of work, including the recently completed magnetic survey, ongoing mapping and a follow up drill program and potential trenching. Black Panther’s joint venture partners on this project are East West Resource Corporation of Thunder Bay, Ontario and Trillium North Minerals Ltd. of Toronto, Ontario. As well, the Company may increase its interest to 60% by spending an additional $1.0 million by February 28, 2012, and up to a 75% interest by taking the Property to commercial production (leaving East West Resources Corporation and Trillium North Minerals with a 12.5% interest each).
The current work program is being supervised by R.S. Middleton, P.Eng, who is acting as the Company’s qualified person for this project in accordance with regulations under N143-101.

For additional information and background on the Seagull Property, please see the Company’s previous news releases dated July 8, 2009, February 27, 2009, February 3, 2009 and November 3, 2008.

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.