Black Pearl Minerals Consolidated Inc.

Black Pearl Minerals Consolidated Inc.

March 15, 2005 09:24 ET

Black Pearl Minerals Consolidated Inc.: High Grade Gold Values Received from Wekusko Property Including 9 Feet Grading 4.53 oz/ton and 19.7 Feet Grading 1.01 oz/ton


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACK PEARL MINERALS CONSOLIDATED INC.

TSX VENTURE SYMBOL: BLK

MARCH 15, 2005 - 09:24 ET

Black Pearl Minerals Consolidated Inc.: High Grade
Gold Values Received from Wekusko Property Including 9
Feet Grading 4.53 oz/ton and 19.7 Feet Grading 1.01
oz/ton

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 15, 2005) - Black
Pearl Minerals Consolidated Inc. (TSX VENTURE:BLK) (the "Company")
reports the results from the first 23 holes of its 3000 meter Phase 1 NQ
core program at its Wekusko Lake gold exploration project. The property
comprises 9080 hectares located 21 km east of Snow Lake, Manitoba.

All of the 23 holes are from the Gold Dust Zone. Significant intervals
received include:



BP-05-13: 4.50 meters grading 17.40 grams per tonne ("gpt") (14.8
feet @ 0.50 oz/ton) and
2.75 meters grading 156.28 gpt (9.0 feet @ 4.53 oz/ton)

BP-05-10: 6.00 meters grading 34.76 gpt (19.7 feet @ 1.01 oz/ton)

BP-05-14: 3.4 meters grading 20.01 gpt (11.2 feet @ 0.58 oz/ton) and
1.6 meters grading 6.26 gpt ( 5.2 feet @ 0.18 oz/ton)

BP-05-21: 4.9 meters grading 13.71 gpt (16.1 feet @ 0.40 oz/ton)

BP-05-11: 0.95 meters grading 55.36 gpt (3.1 feet @ 1.61 oz/ton) and
2.80 meters grading 4.99 gpt (9.2 feet @ 0.14 oz/ton)

BP-05-12: 1.50 meters grading 33.55 gpt (4.9 feet @ 0.98 oz/ton)

BP-05-15: 1.95 meters grading 9.41 gpt (6.4 feet @ 0.27 oz/ton)

BP-05-09: 1.30 meters grading 13.7 gpt (4.3 feet @ 0.40 oz/ton)

BP-05-07: 0.95 meters grading 18.5 gpt (3.1 feet @ 0.54 oz/ton)

BP-05-20: 2.10 meters grading 6.04 gpt (6.4 feet @ 0.27 oz/ton)


True widths are estimated to be about 70% of reported widths. A full
drill report is presented in the Table below.

The Gold Dust Zone was discovered in 1988 and consists of several
gold-bearing, steeply dipping quartz veins within inter-layered basaltic
to andesitic flows and tuffs which have been intruded by gabbroic and
felsic to quartz porphyritic intrusives. It has been subjected to
several drill programs which identified several high grade shoots within
the vein structure extending over 2000 meters. 21 of the 23 holes
drilled here focused on 2 such shoots. Holes BP-05-01 through BP-05-16,
in conjunction with several previous holes, define the top of the "south
shoot" over a strike length of 50 meters and a dip extension from
surface to 50 meters. These holes have an average estimated true width
of 2.5 meters and a weighted average grade of 26.3 gpt. Holes BP-05-20
through BP-05-23, in conjunction with previous holes define a "north
shoot" with similar dimensions, an average estimated true width of 2.1
meters and a weighted average grade of 13.2 gpt.

Additional drilling in Phase 1 on the Gold Dust Zone will be directed
toward extending the shoots to depth and investigating the area between
the south and north shoots.



Drill Hole Intercepts Gold Dust Zone
Black Pearl Phase 1 2005

--------------------------------------------------------------------
Azi-
muth Dip Inter-
Deg- Deg- Depth From To val Grade
Hole # East North rees rees Meters Meters Meters Meters grams/t
--------------------------------------------------------------------
BP 05-01 347 1200 323 45 41.4 No Significant Values
BP 05-02 351 1210 323 60 38.0 22.00 23.75 1.75 5.61
BP 05-03 351 1210 323 45 28.0 16.75 18.10 1.35 3.46
BP 05-04 366 1220 323 45 59.7 No Significant Values
BP 05-05 371 1230 323 44.5 39.6 26.80 27.80 1.00 3.15
BP 05-06 371 1230 323 60 60.0 52.80 53.30 0.50 1.34
BP 05-07 385 1240 323 45 50.2 40.85 41.80 0.95 18.50
BP 05-08 385 1240 8 45 29.8 No Significant Values
BP 05-09 373 1250 323 45 32.0 24.15 25.45 1.30 13.74
BP 05-10 373 1250 323 60 46.9 28.40 34.40 6.00 34.76
BP 05-11 373 1260 323 45 32.3 5.15 6.10 0.95 55.36
and 27.50 30.30 2.80 4.99
BP 05-12 373 1260 323 60 46.3 38.70 40.20 1.50 33.75
BP 05-13 373 1270 323 45 35.3 5.75 10.25 4.50 17.40
and 30.35 33.10 2.75 156.28
BP 05-14 373 1270 323 59 52.2 8.20 11.60 3.40 20.01
and 40.30 41.90 1.60 6.26
BP 05-15 373 1280 323 45 44.4 35.00 36.95 1.95 9.41
BP 05-16 360 1280 323 45 29.2 14.85 16.15 1.30 6.02
BP 05-17 370 1290 323 45 35.3 No Significant Values
BP 05-22 332 1400 332 45 20.1 7.10 8.00 0.90 3.50
BP 05-23 332 1400 332 60 23.4 7.40 8.40 1.00 6.87
BP 05-20 325 1441 323 45 24.9 2.45 4.55 2.10 6.04
BP 05-21 325 1441 323 60 32.6 3.30 8.20 4.90 13.71

BP 05-18 -170 2100 323 45 99.6 No Significant Values
BP 05-19 -150 2550 325 45 84.1 No Significant Values
--------------------------------------------------------------------


To date, some 2100 meters in 45 holes have been completed by Black
Pearl, including 22 holes on and around the McCafferty Zone which is 4
km north east of the Gold Dust Zone. Discovered in 1915, this
gold-bearing quartz vein has been traced continuously on surface for
over 500 meters. Limited drilling during the 1930's and two shallow
shafts located the zone to a depth of 90 m. Visible gold was reported in
two holes at a vertical depth of 200 meters but no assays are known.
Results from Phase 1 drilling on the McCafferty zone will be reported as
received.

The Company can earn a 100% interest (subject to a net smelter return of
3%, of which 1.5% can be purchased for $1.5 million) in the Wekusko Lake
Property by making option payments totaling $500,000, incurring
exploration expenditures of $2,000,000 and by the issuance of 1 million
shares to the vendor over 6 years.

The Company also has an Agreement to earn a 100% interest in the Ferro
Gold Mine 335 meters north of the Gold Dust Zone. Developed by extensive
drilling and underground workings, this deposit has an estimated 79,211
tonnes grading 14.55 grams per tonne (87,330 tons grading 0.422 oz/ton,
containing 36,853 ounces Au). This estimate was made as part of an
independent Prefeasibility Study prepared by Wm. Ash & Associates in
1992 prior to the implementation of National Instrument 43-101 and does
not follow the required disclosure for resources and reserves outlined
in National Instrument 43-101. The resource estimate should not be
relied upon and can only be considered as a historical estimate.
However, the underlying historical data from which the historical
resource estimate was derived comes from reputable sources and is
considered reliable. While no work is planned for the Ferro Mine during
Phase 1, it will be included in the overall development plans for the
property.

The technical information in this release has been reviewed by Mitchell
Lavery, P.Geo., a Qualified Person under NI 43-101who supervises the
work performed on this property.

Drill core is picked up by the Company geologist at the drill site,
logged, manually split and shipped to Swastika Laboratories Ltd.,
Swastika, Ontario. All samples are fire assayed, with gravimetric finish
on all assays over 3 grams. Samples identified as containing visible
gold are subjected to full metallic assay procedures. Assaying accuracy
is checked by submission of Canadian Standard samples every 20th sample.

ON BEHALF OF THE BOARD

BLACK PEARL MINERALS CONSOLIDATED INC

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

Shares Outstanding: 14,741,601

-30-

Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Black Pearl Minerals Consolidated Inc.
    Andrew Cook
    C.O.O.
    (604) 687-2722
    or
    Black Pearl Minerals Consolidated Inc.
    Jim MacDonald
    Corporate Communication
    (604) 687-2722
    (604) 687-2723 (FAX)
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.