Panthera Resources Plc announced that it has further restructured the joint venture agreements with Golden Spear Mali SARL ("GSM") over the Kalaka ("Kalaka" or the "Kalaka Project") and Bassala ("Bassala" or the "Bassala Project") gold projects in Mali (together the "JV Projects"). Under the new JV agreements, Panthera's interest in the Kalaka and the Bassala Projects has increased from 80% to 85% respectively with the remaining 15% interest continuing to be owned by local partner, GSM. Furthermore, GSM will be entitled to a 'carry' of costs by Panthera until the commencement of construction for the commercial development of mining operations.

Any carry amount outstanding is to be repaid to the Company from profits distributed from the future mining operations. GSM is required to contribute its share of the development costs or dilute its interest in the joint venture. The Company has entered into new joint venture agreements with GSM on the Kalaka and the Bassala projects respectively.

The terms and conditions of the newjoint venture agreements are materially unchanged except for the following: The parties acknowledge that the Company has met its 80% earn-in expenditure commitments on each of the JV Projects under the superseded joint venture agreements. The Company will increase its ownership interest in each of the JV Projects from 80% to 85%. The Company shall contribute GSM's 15% of all future expenditure on both JV Projects until the commencement of construction for the commercial development of mining operations (the "Carry").

GSM shall be required to repay the Carry amount from the profits distributed from the future mining operations on the respective JV Projects. The Company will make a one-off payment of USD10,000 and issue 135,200 new ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") to GSM or its nominee. GSM is not entitled to a Carry for the construction-development expenditure and the failure of GSM to contribute 15% of this expenditure shall result in the dilution of their ownership percentage in the applicable JV Project according to standard industry formulae.

A separate announcement will be made once application has been made to the London Stock Exchange for the new 135,200 new Ordinary Shares to be admitted to trading on AIM ("Admission"). The Kalaka gold project, which is operated by Panthera, is situated in southern Mali, 80km south of the 8 Moz Morila gold mine and 85km northwest of the 6 Moz Syama gold mine (Resolute). Panthera believes the property has large-scale potential.

The Bassala project,which is also operated by Panthera,is located within the highly gold-endowed Birimian volcano-sedimentary belt in southwestern Mali, approximately 200km south of the capital city Bamako.