Black Panther Begins Drilling of Platinum Group Elements "PGE" Dikes to the North of Magma Metals, Thunder Bay, Ontario

West Vancouver, British Columbia  – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to announce that a drilling program on its “Seagull” property has commenced on the newly discovered potential Feeder Dikes adjacent to the Seagull Intrusion. The Seagull property is located (via hwy. 527) approximately 90 km north-northeast of Thunder Bay, Ontario.

The current planned phase one of core drilling exploration (now underway) will focus on the recently discovered ultramafic dike-like bodies. The Company has budgeted $300,000 towards this initial program which is designed to test the potential Feeder Dike system from 75 to 100 metres (200 to 300 feet), in depth with up to 25 holes over a projected strike length of 5km. The Company is 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 10 km to the south as reported by Magma Metals in its news release dated April 22, 2009).  

The Company previously announced (see news release dated October 7, 2009) that a significant detailed magnetic survey had been flown over the west section of the Seagull property. The survey 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 10 km south of the Seagull property). Black Panther completed the second phase of the magnetic survey on September 24, 2009 and prospecting and mapping has been ongoing since that time.  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, the 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.

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 NI 43-101.

For additional information and background on the Seagull property, please see the Company’s previous news releases dated October 7, 2009, 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 website at www.blackpanthermining.com.

Black Panther Mining Corp.

“Ronald A. Coombes”

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Ronald A. Coombes, President & CEO

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. 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.