Panthera Resources PLC announced the results for bottle roll metallurgical tests on samples of crushed diamond drill core. Highlights: These test results showed recoveries between 67% and 88%, a positive result for the coarse size tested (minus 10mm). All samples tested show relatively fast cyanide leaching with most gold extracted within 12 hours of leaching.

The initial tests show an ore amenable to simple cyanide leaching andbuild on previous encouraging Leachwell analysis1which also returned positive cyanide extractable gold recovery results. Bottle Roll Cyanide Leach Metallurgical Test Work: The Company engaged metallurgist Ray Burring of 4 Dragons Gold Pty Ltd. to advise on the test design and interpretation of the test results. The objective of this testing was to provide further metallurgical data on the sulphide leach performance of the Kalaka mineralisation, as one of the steps in overall plan to assess the potential for this mineralisation to be developed by heap leach processing.

A cyanide bottle roll test is the industry standard first step in assessing the gold recovery possible by cyanide leaching. During a bottle roll test, prepared ore is gently agitated in a cyanide lixiviant or leaching solution and usually analysed at various leach time intervals. It is cautioned that although these initial tests show an ore amenable to simple cyanide leaching, further bench scale testing will be required of various sizes in columns to simulate leaching in a heap scenario and bench testing using material ground to -75 microns be completed to determine the recovery potential in a carbon in leach (CIL) plant to evaluate the metallurgical properties of the ore.

The samples were taken over one metre intervals of available quarter core from two of the historical diamond drill holes at the K1A Prospect. The core samples were submitted to the SGS Laboratory located in Bamako, Mali and crushed to a minus 10mm size, under supervision of Panthera staff. The metallurgical testing was completed by SGS Ouagadougou in Burkina Faso.

The following summarizes key aspects of the process method used: tests were completed on 14 one metre interval quarter core samples where each sample weighed 2kg or less; the samples of drill core were crushed to a nominal 10mm; Each entire sample was treated by bottle rolling in cyanide liquor, wherein aliquots are drawn off after time intervals of 2, 12, 24 and 48 hours, and assayed by AAS for gold contents; and The residue is then Fire Assayed2for gold content after the 48 period, a head grade is calculated from these results and all time-determined recoveries calculated and reported. Discussion: Samples were from core crushed to <10mm. The recoveries from the low grade <1ppm samples were all acceptable showing low tailings grades and could be extracted using heap leach techniques.

The recoveries from the higher grades >1ppm were all relatively good for coarse material crushed to <10mm. The higher grades showed high tailings grades, as would be expected. To possibly improve on these test results in following steps towards assessing applicability of heap leach processing, such higher grade samples would be crushed and ground to much finer sizes and higher recoveries can be expected.

The recoveries ranged from 67% to 88%. These are interpreted as good recoveries for material crushed <10 mm. All samples tested show relatively fast leaching with most of the gold extracted after 12 hours of leaching.

Conclusions: The samples of low grade from the crushed samples achieved reasonable recoveries with low tailings grades. The samples of the higher grades from the crushed samples gave good recoveries for coarse material. Kalaka Project Background: At the Kalaka Project, Panthera has an 85% joint venture interest with the remaining 15% interest held by local partner, Golden Spear Mali SARL.

Panthera is the operator of the project. The project is located in southeast Mali, between Morila and Syama gold mines and is approximately 260 km southeast of Bamako. It lies approximately 80 km south of the Morila gold mine (8m oz) and 85 km northwest of Resolute's Syama gold mine (6m oz) and is situated adjacent and to the east of the regional Banifin Shear Zone.

At the K1A target area, the Company's Competent Person Report (prepared by Golder Associates Pty Ltd), which was disclosed in the Company's AIM Admission Document, reported that drilling by past explorers defined a potential endowment of 250,000 to 500,000 ounces. Furthermore, Golder Associates Pty Ltd. (?Golder?) reported that this represents an exploration target where further infill drilling may lead to the estimation of a Mineral Resource. More recently, follow-up work by Panthera including re-examination of all available drill data at K1A, identified a mineralised envelope that broadly conforms to the potential endowment mentioned by Golder.

This work identifies an exploration target of between 0.5 Moz to 1 Moz gold. Importantly, the Company is yet to drill the northern extension of the mineralisation at K1A together with several similar targets on the project area. Taken together this would potentially expand the exploration target to approximately 3 Moz of gold.