Blackstone Ventures Inc.

Blackstone Ventures Inc.

August 15, 2011 14:35 ET

Blackstone Files Amended Financials for First Quarter 2011

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 15, 2011) - As a result of a continuous disclosure review conducted by the British Columbia Securities Commission ("BCSC"), Blackstone Ventures Inc. ("Blackstone" or the "Company") (TSX VENTURE:BLV) is issuing the following press release to clarify its disclosure.

The Company has filed Amended and Restated financial statements for the three months ended March 31, 2011 ("Amended Financials"). Reasons for filing the Amended Financials are as follows:

  • National Instrument 51-102 and IAS 34 require a statement of changes in equity for the year-to-date interim period and the comparative information for the corresponding interim period in the prior year. Although the company provided the information in the notes to the financial statements, no statement of changes in equity was included in the financial statements filed for the three months ended March 31, 2011. The Company has therefore filed the Amended Financials with a Statement of Changes in Equity included.
  • Mineral property costs were reclassified as Property and Equipment in accordance with the transition to IFRS. Upon further review, the Company's mineral property costs do not meet the definition of Property and Equipment and should be entitled as Mineral Property Interests.
  • Disclosure has been added regarding the contingent consideration arising from the Sulfidmalm Agreement Amendment.
  • Disclosure has been added regarding the Company's accounting policy for foreign currencies.

For further information on this news release please call investor relations at 604-687-3929.

On behalf of Blackstone Ventures Inc.

David M Douglas, CA, Chief Financial Officer

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.

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.

Contact Information

  • Blackstone Ventures Inc.
    David M. Douglas, CA
    Chief Financial Officer
    604-682-3727 (FAX)