Key Permits Received For Future Exploration Activities On Boulder Creek Project

VANCOUVER - Panther Minerals Inc. reported the receipt of Miscellaneous Land Use Permit (MLUP) and Reclamation Plan approvals from the Alaska Department of Natural Resources/Mining for theBoulder Creek uranium project. Designated as MLUP Permit number # 9828, this allows the Company to conduct hardrock exploration and reclamation for a period of up to five (5) years (until 12/31/2028), unless proposed changes and revisions are required.

The receipt of this permit is a major milestone for the Company and will allow surface exploration activities and drilling next year on the Boulder Creek property, on two principal target areas on the large 22,400 acres or 9,065 hectares (90.65 square kilometres) property: 1) Boulder Creek Target – Discovered in 1977 in western Alaska, the Boulder Creek uranium deposit is known as the most northerly known “sandstone-type” deposit property in the world. From 1979-1981, Houston Oil and Minerals estimated a significant historical "reserve" estimate at Boulder Creek. From 2005 – 2008, Triex Mineral Corp. completed soil and biogeochemical surveys, an airborne radiometric and magnetic survey, geological mapping, prospecting and ground scintillometer surveys, and diamond drilling comprising 22 holes and 2,217 metres, mostly focused on the Boulder Creek target, There has been no substantial exploration activity on the target are since 2008, which will be the site of an approved camp facility, near a dirt air strip for future programs. 2) Fireweed Target – located 28 km northwest of the Boulder Creek deposit, the Fireweed prospect was discovered by Triex in 2006. Initial sampling returned up to 0.82% U3O8 (6,950 ppm U) from "granitic, stained brick red by pervasive hematite, with specks of black mineral, likely pitchblende, forming about 2% of the sample". Further sampling in 2007 by Triex reported: “Twenty-one (21) rock samples collected from three main areas along the contact contain from 0.14% to 0.81% U308. These data confirm the 0.82% U308 value obtained from the single sample collected during a brief site visit in 2006. More than 300 sub-angular radioactive pebbles of silica-hematite rock have been identified from 130 mapped sites which cover an area of approximately 1,800 metres long east-west by 700 metres wide north-south.” Based on the data reviewed to date, and as indicated in the Triex reports, the Fireweed mineralization differs substantially from that at the Boulder Creek deposit, and the size and strength of the anomalies (airborne radiometric, ground radiometric, rock sampling, and soil geochemistry) at the Fireweed Prospect are much larger and stronger. The Fireweed Prospect represents a high priority target for future exploration activities.  

“The Company is very pleased to have received the essential MLUP documentation for the Boulder Creek property. We are appreciative of the efforts of the Alaska Department of Natural Resources/Mining," stated Rob Birmingham, Chief Executive Officer. "With permits in hand for a 5-year period, this allows the Company to efficiently plan and execute exploration activities to investigate the known uranium targets on the Boulder Creek property and make new uranium discoveries in this largely unexplored area."