NEWS RELEASE�
Black Pearl
Minerals Debenture Redemption
Symbol:� BLK�
Shares
Outstanding: 69,852,801
Black Pearl
Minerals Consolidated Inc. TSX-V: BLK (“the Company���) is pleased
to announce that further to the news release dated August 18, 2008, the TSX
Venture Exchange has approved redemption of its series 1 convertible debentures.� The
debentures are callable by the holders beginning September 5, 2008 for 3,000 ounces of
gold or the cash equivalent which is $2.41725 million dollars at the London
PM gold price fix.
�
Effective
September 5th, the Company will redeem the debentures for $1.593
million in cash, 1.875 million common shares of the Company at a deemed
price of $0.16 per share, and issue the debenture holders a gold option
agreement whereby the debenture holders have the right to purchase up to 2,000 ounces of
gold at US$500 per ounce.� The rights under
the gold option agreement are only exercisable in respect to gold which may
be produced from the Ferro Mine and Wekusko
properties at the point whereby gold production reaches 2,667 ounces.� The right under the gold option agreement is
indefinite.
�
The
securities issued under the transaction are subject to a four-month hold
period.
�
Black Pearl
Minerals is acquiring and testing the economics of several key lithium
pegmatite projects in Canada.�
As well, the company has initiated lithium brine exploration in the
Great Basin of the United States
and recently staked its first lithium brine project in Nevada.
For more information please
contact;
Or visit our website at www.blackpearlminerals.com
Forward-Looking Statements
All statements other than statements of historical
fact, included in this release, including, without limitation, statements
regarding potential mineralization and reserves, exploration results, and
future plans and objectives of the Company, are forward-looking statements
that involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in such
statements. Important factors that could cause actual results to differ
materially from the Company's expectations are exploration risks detailed
herein and from time to time in the filings made by the Company with
securities regulators.
The TSX Venture Exchange has not reviewed and does
not accept responsibility for the adequacy or accuracy of this release.
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