Black Pearl Minerals Consolidated Inc.
TSX VENTURE : BLK

Black Pearl Minerals Consolidated Inc.

August 29, 2007 14:36 ET

Black Pearl Completes Over-Subscribed Private Placement

TORONTO, ONTARIO--(Marketwire - Aug. 29, 2007) -

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

Black Pearl Minerals Consolidated Inc. (TSX VENTURE:BLK) is pleased to announce that further to its press releases of July 16, 2007 and August 21, 2007, it has closed it's previously announced private placement of 7,597,500 flow-through common shares ("Flow-Through Shares") for gross proceeds of $1,519,500. The Corporation reports that the private placement has been over-subscribed resulting in an additional 97,500 Flow-Through Shares being issued by the Corporation. The securities are subject to a four month hold.

The Corporation has paid an aggregate of $106,365 representing cash finders' fees to various individuals including Limited Market Dealer Inc. which was paid a cash finder's fee of $21,000 representing 7% of the proceeds raised through the sale of 105,000 Flow-Through Shares to the MineralFields Group.

The Corporation also wishes to announce, further to its press releases of July 16, 2007 and August 21, 2007, that it has reduced the conversion price of the convertible debentures to $0.22 in connection with its previously announced $1,500,000 debenture financing. All other terms of the convertible debentures remain unchanged.

Proceeds from the financings will be used to purchase a mill and other ore processing equipment for the extraction of the bulk sample for the Gold Dust advanced exploration project in Manitoba. The amended financings are subject to regulatory approval.

About MineralFields, Pathway and First Canadian Securities

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

ON BEHALF OF THE BOARD

BLACK PEARL MINERALS CONSOLIDATED INC.

Robert Sibthorpe B.Sc. (Geol), MBA, President

This press release includes "forward looking statements", within the meaning of applicable securities legislation, which are based on the opinions and estimates of management and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Such risks and uncertainties include, but are not limited to, risks associated with the mining industry (including operational risks in exploration development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainties involved in the discovery and delineation of mineral deposits, resources or reserves; the uncertainty of resource and reserve estimates and the ability to economically exploit resources and reserves; the uncertainty of estimates and projections in relation to production, costs and expenses; the uncertainty surrounding the ability of Black Pearl Minerals Consolidated Inc. to obtain all permits, consents or authorizations required for its operations and activities; and health and safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, the ability of Black Pearl Minerals Consolidated Inc. to fund the capital and operating expenses necessary to achieve the business objectives of Black Pearl Minerals Consolidated Inc., the uncertainty associated with commercial negotiations and negotiating with foreign governments and risks associated with international business activities, as well as those risks described in public disclosure documents filed by Black Pearl Minerals Consolidated Inc. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in securities of Black Pearl Minerals Consolidated Inc. should not place undue reliance on these forward-looking statements.

Statements in relation to "resources" and "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future.

Readers are cautioned that the foregoing lists of risks, uncertainties and other factors are not exhaustive. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained in this press release or in any other documents filed with Canadian securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Shares Outstanding: 34,367,801

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

Contact Information

  • Black Pearl Minerals Consolidated Inc.
    Andrew Cook
    C.O.O.
    (604) 602-4935
    or
    Black Pearl Minerals Consolidated Inc.
    Jim MacDonald
    Corporate Communication
    (604) 602-4935