Black Panther Acquires Option on Gold Property in Olsen Township, Sault Ste Marie, Ontario

West Vancouver, British Columbia – March 5, 2010 – Black Panther Mining Corp. (the “Company” or “Black Panther”) is pleased to announce that, subject to regulatory approval, it has entered into an an option agreement (the “Agreement”) dated March 2, 2010 with Rainy Mountain Royalty Corp. of West Vancouver, BC (“Rainy Mountain”) to acquire up to a 50% interest in a 234 claim unit gold property  (the “Property”) located approximately 60 km north of Sault Ste. Marie and 48 km east of Batchawana Bay, Ontario. Under the Agreement, the Company is required to incur $250,000 in exploration expenditures on the Property by March 2, 2011 (to acquire a 30% interest) and to incur an additional $250,000 in exploration expenditures on the Property by March 2, 2012 (to acquire a 50% interest). Black Panther and Rainy Mountain have certain common directors.

The Property covers an 8 km strike length of carbonate altered (ankeritized) mafic volcanics as well as a quartz feldspar porphyry, which is a typical geological setting for Timmins – Porcupine Camp style gold deposits. At least 3 parallel shear zones have been noted on the Property, as well as several gold showings. A detailed prospecting and mapping program is planned for later this year, followed by line cutting and a magnetic and Induced Polarization (“IP”) survey. Follow-up back hoe trenching and drilling will test the carbonated shears (particularly where sulphides are indicated by the IP survey). The Property is accessible via Highway 17 and a powerline across the Property. 

This news release has been reviewed and approved by Mr. Robert Middleton, P. Eng., and Geophysicist, who is acting as the Company’s Qualified Person for 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 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.