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VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2010) - Niblack Mineral Developments Inc. (TSX VENTURE:NIB) ("Niblack") is pleased to announce that the TSX Venture Exchange (the "Exchange") has consented to a reduction of the exercise price of certain of Niblack's outstanding share purchase warrants ("Warrants") issued as part of the private placement which closed on December 11, 2009. Warrants to acquire an aggregate of 3,933,700 common shares of Niblack ("Common Shares") currently exercisable at a price of $0.65 per Common Share, will be re-priced such that they are exercisable at $0.45 per Common Share.

In connection with the re-pricing, the Exchange has required that the forced exercise provision of the Warrants also be amended. The Warrants will now expire on December 11, 2014, unless the closing price of the Common Shares on the Exchange is greater than $0.5625 for a period of 10 consecutive trading days (the "Premium Trading Days"), whereupon the Warrants will expire if not exercised within 30 days following 7 calendar day after the 10th Premium Trading Day. No notice by Niblack is required to trigger the forced exercise.

An aggregate of 179,140 Warrants held by Insiders of Niblack will not be repriced and will not be subject to the amended forced exercise provision.

About Niblack Mineral Developments Inc.

Niblack Mineral Development Inc. (TSX VENTURE:NIB) is an exploration and development company whose principal asset is the Niblack advanced stage copper-gold-zinc-silver project in southeast Alaska. This project is held by Niblack Mineral Development Inc. (formerly CBR Gold Corp) and joint venture partner Heatherdale Resources Limited, a Hunter Dickinson company with the right to earn a 70% interest in the project. The property comprises a NI 43-101 compliant resource and contiguous land package comprising 3,300 acres with excellent potential to expand the current resource base.

Niblack Mineral Developments Inc. is a member of the Discovery Group of companies, for more information on the group visit [ www.discoveryexp.com ].

On behalf of the Board Niblack Mineral Developments Inc.

John Williamson, President, CEO & Director

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward looking statements. Although the company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at [ www.sedar.com ].

"Neither 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."