Mr. Ram Kumar reports

PANTHER COMPLETES ACQUISITION OF RUBIDIUM RIDGE PROJECT

Panther Minerals Inc. has completed its previously announced acquisition of a 100-per-cent interest in the Rubidium Ridge pegmatite project located in Ontario, Canada, from Usha Resources Ltd.

The company confirms that it has received all necessary approvals from the Canadian Securities Exchange to proceed with the close of the transaction.

Transaction terms

Pursuant to the terms of the transaction and in consideration of the closing of the acquisition, the company has initiated payment of the $80,000 cash consideration and issuance of the 4.15 million common shares of the company to Usha. The consideration shares will be subject to resale restrictions expiring six months from the date of issuance.

The Rubidium Ridge property remains subject to a 2.0-per-cent net smelter return royalty in favour of the original optionors. The company retains the right to repurchase 50 per cent of the NSR royalty for $1-million and holds a right of first refusal to acquire the remaining 50 per cent.

In addition, the company will be required to pay a $1-million bonus upon delineation of an inferred resource or higher resource classification totalling at least 10 million tonnes at a minimum grade of 1 per cent Li2O (lithium oxide).

The company further confirms that the number of consideration shares to be issued has been corrected from the originally announced 4.5 million common shares to 4.15 million common shares and all other terms of the transaction remain unchanged.

About Panther Minerals Inc.

Panther Minerals is a North American mineral acquisition and exploration company focused on the development of quality precious and base metal properties that are drill ready with high upside and expansion potential. Panther Minerals trades on the Canadian Securities Exchange under the symbol PURR, the OTCQB under the symbol GLIOF and the Frankfurt Stock Exchange under the symbol 2BC.

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