SALE OF THE FERRO AND WEKUSKO OPTION AGREEMENTS
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Black Pearl Minerals Consolidated Inc., (“the Company”) has signed an agreement with Cuprus Mining Corporation (“Cuprus”) to sell the Ferro and Wekusko Gold Property Options.
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The Letter Agreement states that Cuprus will assume all obligations under the Ferro and Wekusko Option Agreements including cash payments, share payments and work commitments.� Cuprus will take over and fund site operations at the Ferro and Wekusko properties whereby there is currently a 9,000 tonne bulk sample of the Gold Dust vein system in progress.�
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In addition to taking over property obligations and bulk sample operations, Cuprus will pay Black Pearl Minerals by; 1) delivering 2,000 ounces of gold to Black Pearl Minerals when initial gold production from the property reaches 2,667 ounces of gold and 2) $1,000,000 in cash by November 30, 2008 and 3) $300,000 in cash or Cuprus shares by October 31, 2008.� There are no finder’s fees being paid in conjunction with the transaction.� Completion of the transaction is subject to regulatory approval including approval of the TSX Venture Exchange.�
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Delivery of 2,000 ounces of gold to Black Pearl Minerals will allow the company to fulfill its gold option agreement with the debenture holders whereby the debenture holders have the right to purchase up to 2,000 ounces of gold at US$500 per ounce.� The rights under the gold option agreement are only exercisable in respect to gold which may be produced from the Ferro Mine and Wekusko properties at the point whereby gold production reaches 2,667 ounces.� The right under the gold option agreement is indefinite.
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Black Pearl Minerals will retain the right to all lithium bearing mineralization and feldspar mineralization of any nature on the Ferro Mine and Wekusko properties for the purpose of exploration and mining and the right to occupy the surface rights of the property for such purposes.
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In the event that Cuprus does not fulfill its obligations by November 30, 2008, the property and equipment will all revert back to Black Pearl Minerals with no further consideration.
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Black Pearl Minerals is acquiring and testing the economics of several key lithium pegmatite projects in Canada.� As well, the company has initiated lithium brine exploration in the Great Basin of the United States and recently staked its first lithium brine project in Nevada.
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For more information please contact;
Judy Baker, President
jbaker@blackpearlminerals.com
(416) 361-2821
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Or visit our website at www.blackpearlminerals.com
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The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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Forward-Looking Statements
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All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators.