Black Panther et al. drill one m of 2,840 ppm Cu

2009-02-03 10:13 ET - News Release

See News Release (C-BPC) Black Panther Mining Corp

Mr. Ronald Coombes of Black Panther reports

SEAGULL PGE EXPLORATION PROGRAM ADVANCED

Black Panther Mining Corp. has completed an eight-hole, 3,903-metre core drilling program on the Seagull property which is located approximately 90 kilometres north-northeast of Thunder Bay, Ont.

As referred to in Stockwatch on Nov. 3, 2008, Black Panther entered into an option agreement with East West Resource Corp. of Thunder Bay, Ont., and Trillium North Minerals Ltd. of Toronto, Ont.,

whereby Black Panther was granted an option to earn an initial 30-per-cent interest in the Seagull property.

In order to acquire its initial 30-per-cent interest, Black Panther was required to spend $500,000 in exploration expenditures by Feb. 28, 2009. To date, Black Panther has spent approximately $650,000 on the property and has earned its 30-per-cent interest.

As well, under the option agreement, Black Panther also has the right to increase its interest in the Seagull property up to 51 per cent, 60 per cent and 75 per cent, respectively, by incurring additional exploration expenditures.

East West is the operator for the exploration activities on the Seagull property and has reported the following drilling program results (also see news in Stockwatch on Feb. 3, 2009).

Two of eight holes drilled in November to December, 2008, discovered a new area of PGE mineralization (platinum group elements) near line 1200E and 800 metres west of the original discovery hole WM98-05Ext near line 2000E. An upper layer of sulphides at 315 to 380 metres depth, and a basal zone adjacent to basement rocks at 355 to 415 metres depth was intersected in both holes WM08-32 and WM08-33.

This area coincides with a 600-metre-long high magnetic susceptibility anomaly which may also coincide with a trough in the basement.

Based on the results received to date, East West believes that the sulphide layers are interpreted to be the result of magma pulses precipitating sulphide to form layers.

The Feeder dikes in the basement have been revived as important exploration targets given new discoveries to the south of the Seagull intrusion by Magma Metals of Australia. "Snake-like" dikes or "tubes" were discovered in basement rock as a result of follow-up boulder sampling of sulphide-bearing ultramafic rocks.

Magnetic susceptibility modelling is being refined to trace dike-like bodies in the basement in the vicinity of the Seagull property. One large north-trending dike-like feature has been identified in earlier modelling of the original Seagull magnetic data that still requires follow-up.

All samples obtained by East West, as referred in this news release, were prepared and analyzed by ALS Chemex in Thunder Bay, Ont., and North Vancouver, B.C. Platinum group element (PGE) analysis was determined by fire assay with ICP (inductively coupled plasma) finish. Copper and nickel was determined by ICP after an aqua regia acid digestion.

This news release has been reviewed and approved by Robert Middleton, PEng, geophysicist, and is the qualified person supervising this project in accordance with regulations under NI 43-101.

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