Black Pearl Minerals Consolidated Inc.

Black Pearl Minerals Consolidated Inc.

May 07, 2008 13:46 ET

Black Pearl Minerals Acquires Quebec Lithium

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 7, 2008) - Black Pearl Minerals Consolidated Inc. ("Black Pearl Minerals") (TSX VENTURE:BLK) has obtained TSX Venture Exchange approval and closed the transaction to acquire Quebec Lithium from IAMGOLD Corporation ("IAMGOLD").

Black Pearl Minerals has issued 6 million shares to IAMGOLD and paid $350,000 in cash as well as IAMGOLD's costs to complete the transaction. The shares are subject to a four-month hold period.

Quebec Lithium was operated under the former Quebec Lithium Corporation as an underground mine, surface concentration plant and a refinery from 1955 to 1965, to produce ceramic grade and chemical grade spodumene concentrates, lithium carbonate, lithium hydroxide monohydrate as well as a small quantity of lithium chloride and feldspar.

At the time of the suspension of mining operations the ore reserve was stated to be 15,612,300 tonnes at a grade of 1.14% Li2O calculated down to the 150m level in the proven, probable and possible categories. The reserve was calculated using an 85% recovery rate and a 7% dilution factor. The actual recovered grade during the ten years of production was 1.25% Li2O.

Black Pearl Minerals will commence an economic scoping study on Quebec Lithium.

The previous reserve is being treated as a historical resource and is not National Instrument 43-101 compliant as it was completed prior to the implementation of these requirements. However, given the quality of the work completed, the company believes the historical resource to be relevant and reliable. In addition, a qualified person has not done sufficient work to classify the historical resource as a current mineral resource and the issuer is not treating the historical resource as current. Hence, the historical resource should not be relied upon.

Mitch Lavery (P.Geo), is the Company's qualified as required under NI 43-101 and has reviewed the technical information contained in this press release.

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.

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