Drilling Discovers New Copper Mineral Setting on Seagull Property, Thunder Bay, Ontario

West Vancouver, British Columbia – March 23, 2010 – Black Panther Mining Corp. (“Black Panther”) is pleased to provide an exploration update on its “Seagull” Property located approximately 85 km north-northeast of Thunder Bay, Ontario. As referred to in the Company’s previous news releases, Black Panther acquired a 30% interest in the 159 claim unit Seagull Property from Rainy Mountain Royalty Corp. of West Vancouver, BC, formerly known as East West Resource Corporation (“Rainy Mountain”) 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.

Five drill holes were recently completed by Black Panther on the western part of the Seagull PGE (platinum group element) Property. Three holes encountered a quartz feldspar alkali porphyry in basement containing disseminated chalcopyrite.  In addition, micro breccias with hematite were noted and in all 3 locations the Sibley sediments were absent and basement Quetico sediments were not seen. This is of signifance since it allows the sulfur bearing rocks to be in contact with the Seagull Intrusion which creates a favourable setting to generate a PGE zone. This aspect will require a further exploration program in the untested northwest sector of the Seagull Intrusion.

The 3 drill holes were spaced over a 3 mile distance and interpretation suggests that these porphyries are related to the English Bay type porphyry which occurs in the northern part of Nipigon Basin and are Proterozoic (1540 my) in age (which is the same age as the Olympic Dam deposit in Australia which is an IOCG (iron-oxide, copper, gold) setting). Rare metals and copper have been known to be associated with this type of intrusion.  The porphyry occurs along the west margin of the Seagull Complex in what is interpreted to be an old Rift Fault that may have pre-existed the Mid-Continental Rift.

Further geophysics are recommended to trace and locate the disseminated copper zone and locate where this sulphur bearing system might encounter the ultramafic phase of the Seagull Intrusion.

Eight 16 unit claim blocks were recently staked to cover the extension of the porphyry, as well as 2 infill claim blocks for an additional 128 claim units.

Logging road access and clear cut areas are open in the area which will assist the Company in further exploring these prospects.

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 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.