Black Pearl Minerals Consolidated Inc. TSX-V: BLK (“the Company��) is pleased to announce that the Company will redeem the series 1 convertible debentures. The debentures are callable starting September 5, 2008 for 3,000 ounces of gold.

The Company will redeem the debentures for $1.593 million in cash, 1.875 million common shares of the Company, and issue the debenture holders a gold option agreement whereby the debenture holders have the right to purchase 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. Completion of the transaction is subject to regulatory approval including approval of the TSX Venture Exchange.

For more information please contact;

Judy Baker, President

jbaker@blackpearlminerals.com

(416) 361-2821

Or visit our website at www.blackpearlminerals.com

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.