Brilliant Mining Corp.

Brilliant Mining Corp.

February 27, 2009 00:30 ET

Brilliant Agrees to Sell Interest in Lanfranchi Nickel Mine

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - Brilliant Mining Corp. (TSX VENTURE:BMC) ("Brilliant" or the "Company") announced today that it has entered into an agreement (the "Share Purchase Agreement") to sell all of the outstanding shares of Brilliant's wholly-owned subsidiary, Donegal Resources Pty Ltd ("Donegal") to Panoramic Resources Ltd. (ASX:PAN) ("Panoramic") an Australian based nickel sulphide producer. Donegal owns a 25% undivided interest in the producing Lanfranchi Nickel Mine ("Lanfranchi") and associated tenements situated in Western Australia. Panoramic indirectly owns the remaining 75% undivided interest.

Summary of the Offer

- $6 million working capital to be retained by Brilliant;

- 12 million shares in Panoramic ("Consideration Shares"); and

- 3 million share purchase warrants with exercise price of AUD1.50 expiring December 31, 2012.

The Consideration Shares are subject to a six month escrow period upon closing of the Share Purchase Agreement (the "Closing"). The Board of Directors of Brilliant (the "Board") presently intends to distribute the beneficial interest in the Consideration Shares to Brilliant shareholders during the escrow period in proportion to their holdings in Brilliant through a reduction of stated capital.

Under the Share Purchase Agreement, Brilliant will receive a cash amount at Closing equal to any dividends paid by Panoramic prior to Closing including the interim dividend of AUD0.01 per share declared by Panoramic on February 25, 2009.

Unanimous Recommendation of the Board

In response to the current weak macro-economic and low nickel price environment, the Board has determined that the sale of Brilliant's interest in the Lanfranchi Project will immediately mitigate risk to Brilliant shareholders of potential dilution resulting from deemed funding obligations of Brilliant for ongoing operations at Lanfranchi.

The sale will result in consolidation of Lanfranchi and provide Brilliant shareholders with continued exposure to the upside potential of a high quality asset as well as continued participation in a well-funded debt-free mineral exploration company.

Canaccord Capital Corporation has acted as advisor to the Board and has provided its verbal advice, subject to final review of documentation, that the consideration offered pursuant to the transaction is fair, from a financial point of view, to the shareholders of Brilliant.

The Board unanimously believes that this transaction is in the best interest of the shareholders and recommends acceptance of the offer. The proposed sale is subject to completion of financial due diligence on Donegal by Panoramic and the approval of the TSX Venture Exchange. The sale of Donegal and reduction of stated capital will be effected pursuant to a court approved plan of arrangement, which must also be approved by Brilliant shareholders at a special meeting anticipated to be held by May 2009.

Benefits to Brilliant Shareholders

- Brilliant is re-positioned as a well funded, debt-free, junior mining investment vehicle;

- Deal minimizes dilution, mitigates risk and maintains upside potential; and

- Brilliant shareholders retain their Brilliant shares and receive Panoramic shares.

Impact to Panoramic

Panoramic advises that consolidation of the Lanfranchi interests will position Panoramic as one of Australia's major nickel sulphide miners and will enable Panoramic to pursue a determined growth strategy through the acquisition of projects and/or companies that would be complementary to its existing business.

On behalf of the Board of Directors

John Williamson, P. Geol., CEO and Director

Brilliant Mining Corp.

For further information about Brilliant Mining Corp., or this news release, please visit our website at

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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