Blackstone Ventures Inc.
TSX VENTURE : BLV

Blackstone Ventures Inc.

August 31, 2009 08:00 ET

Blackstone Ventures Inc.: Environmental Court Rules in Favour of Blackstone's Work Program at Uma Project, Sweden

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 31, 2009) - Blackstone Ventures Inc. (TSX VENTURE:BLV) is pleased to announce that it has received a favourable ruling from The Environmental Court of Umea, Sweden. The Court has confirmed that Blackstone does not require a special dispensation to explore for minerals within the company's Uma Project area permits. The August 26, 2009 decision overrules the previous negative decision by the County Administrative Board and enables the company to initiate its exploration program, including diamond drilling, of targets identified in proximity to high grade boulders of copper-lead-zinc.

"The decision by the County Administration Board to not allow us to execute exploration programs on permits which were validly granted by the Mining Inspectorate has been worrisome for us as an exploration company. Although part of the Uma project is within the Vindelfjallen Nature Reserve, exploration for minerals is not prohibited per se within nature reserves in Sweden. Companies are granted permission to explore in these nature reserves, within the restrictions mandated by the Mineral Law and Environmental Regulations. With the ruling by the Environmental Court we are back to a normal situation, where we can expect to be granted permission to explore, including diamond drilling, within the restrictions mandated by the Mineral Law and Environmental Regulations. Blackstone has a significant land position within this highly prospective area and has been waiting for the opportunity to drill test some of the identified base and precious metal targets for most of the last two years. Our intention is to drill test a number of these targets this fall", says Blackstone's CEO, Dean MacEachern.

Blackstone's high-grade Uma project covers newly discovered outcrops and boulders assaying as high as 6.64% Cu, 20.9% Zn, 16.75% Pb, 87gpt Ag and 0.54gpt Au in northern Sweden (gpt: grams per tonne). Mineralization occurs over a strike length of at least 20 kilometres just in the northern part of the property. This widespread massive sulphide mineralization and associated alteration typical of volcanogenic massive sulphide (VMS) deposits suggests the presence of a large mineralizing system, and excellent potential for the discovery of a new VMS camp. Targets remain untested by drilling, including several top rank electromagnetic (EM) geophysical conductors.

Exploration programs are being carried out under the direction of Jari Paakki, P. Geo., Vice President of Exploration and Project Development for Blackstone and a qualified person as defined by National Instrument (NI) 43-101. The information in this release was prepared under the direction of Dean MacEachern, P.Geo., President and Chief Executive Officer for Blackstone, a qualified person as defined by NI 43-101.

About Blackstone

Blackstone is a mineral exploration company currently focused on base and precious metals in Scandinavia. In addition to the Uma project, the Company is currently conducting a drilling program at its Norbotten Cu-Au discovery in northeastern Sweden. Blackstone's primary assets are extensive nickel-copper holdings in Sweden and Norway including six deposits with current NI 43-101-compliant resources.

On behalf of Blackstone Ventures Inc.

Dean MacEachern, President

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf.

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

Contact Information

  • Blackstone Ventures Inc.
    Investor Relations
    604-687-3929
    www.blv.ca