Acquisition Agreement To Acquire The Huber Heights Uranium Property

VANCOUVER - Panther Minerals Inc. has entered into a definitive agreement with 1484506 B.C. Ltd. (148 BC) for the acquisition by the Company of 148 BC, which holds the beneficial interest in the Huber Heights Uranium property, located in northern Elko County, Nevada from the shareholders of 148 BC

The Property is comprised of 35 unpatented mineral claims (700 acres, 283 ha), located near the village of Mountain City, Elko County, Nevada.

Nevada government and online sources indicate that there are two general types of uranium deposits on the Property and in the surrounding area. One type of uranium mineralization occurs along vertical fractures and/or shear zones in quartz monzonite (Autunite and October prospects), associated with intense alteration that tends to weather recessively. This target is expected to be largely overburden covered, requiring geophysical applications and shallow drilling. This uranium mineralization can be associated, or close to molybdenum mineralization, which may be a useful geochemical pathfinder mineral.

The other type of uranium mineralization is related to the contact zone between the underlying Cretaceous quartz monzonite and the overlying Tertiary volcanic sediments. At the Race Track mine, contiguous to, and south of the Property, an apparent basal tuffaceous layer with bentonite (and possibly montmorillonite) alteration, has been described as a shear zone separating the quartz monzonite from the granite. The Race Track mine was the largest producer of uranium during the 1950s and 1960s in Elko county, producing nearly 10,000 pounds of U3O8 from ore grading 0.24 per cent U3O8.

Vikre, P.G et.al, reports "The deposits formed between 40 and 20 million years ago where groundwater leached uranium from local ash-flow tuffs or granites and redeposited this uranium in zones of high porosity and permeability (faults or poorly consolidated sediments below ash-fall tuffs) (Proffitt and others, 1982). Uranium was chemically trapped and removed from groundwater by montmorillonite clay that is derived from alteration of volcanic rocks and by carbonaceous debris incorporated into the volcanic and sedimentary host rocks."