Black Pearl Minerals Debenture Redemption: Financial News

TORONTO, ONTARIO--(MARKET WIRE)--Sep 5, 2008 -- Black Pearl Minerals Consolidated Inc. (CDNX:BLK.V - News)("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.

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.

Shares Outstanding: 69,852,801

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