June 25, 2008
Black Pearl Minerals Acquires Nevada Lithium Brine Prospect
Black Pearl Minerals Consolidated Inc. ("Black Pearl Minerals") (TSX VENTURE: BLK) has entered into an agreement to acquire a Nevada Lithium Brine prospect from Gold Summit Corporation ("Gold Summit") listed as GSM on the TSX.V. The prospect, located in Esmeralda County, Nevada, covers an area of about 31 square kilometres.
Black Pearl Minerals will issue 3 million shares and pay $300,000 in cash to Gold Summit as well as the costs to acquire the property. The shares are subject to a four-month and one-day hold period. In conjunction with the agreement, Black Pearl Minerals has issued 50,000 shares in finder's fees.
Gold Summit and Black Pearl Minerals have entered into an alliance covering the Great Basin Province, including parts of Nevada, Utah and California, to explore for other brine deposits. For every project acquired, Black Pearl Minerals will issue 1 million shares and pay $100,000 in cash to Gold Summit, as well as exploration costs. Completion of the transaction is subject to regulatory approval including approval of the TSX Venture Exchange.
Black Pearl Minerals is a Canadian based company engaged in mineral exploration and development for lithium and gold. Its main properties include the Thompson Bros. Lithium near Snow Lake, Manitoba, Quebec Lithium near Val D'Or, Quebec and the Tully Gold Property, Timmins, Ontario.
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.
Shares Outstanding: 64,977,801
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSXV has neither approved nor disapproved the contents of this news release.
Contacts: Black Pearl Minerals Consolidated Inc. Judy Baker President (416) 361-2821 Website: www.blackpearlminerals.com
SOURCE: Black Pearl Minerals Consolidated Inc.