Blackstone Ventures Inc.

Blackstone Ventures Inc.

March 09, 2005 09:52 ET

Blackstone Signs Final Acquisition Agreement for Kenbridge Nickel Deposit, Work Program Underway


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACKSTONE VENTURES INC.

TSX VENTURE SYMBOL: BLV

MARCH 9, 2005 - 09:52 ET

Blackstone Signs Final Acquisition Agreement for
Kenbridge Nickel Deposit, Work Program Underway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 9, 2005) - Blackstone
Ventures Inc. ("Blackstone")(TSX VENTURE:BLV) is pleased to report that
the company has executed a definitive purchase agreement to complete the
acquisition of a 97% interest in Kenbridge Nickel Mines Ltd. from
Falconbridge Limited (See Press Release, June 3, 2004). Kenbridge
Nickel Mines owns a 100% interest in the Kenbridge property, which hosts
a partially developed nickel-copper deposit containing 62.5 million
pounds of nickel and 32 million pounds of copper along with cobalt, gold
and PGE credits. The property is located approximately 70 kilometers
east-southeast of Kenora, Ontario and proximal to road and rail. The
deposit is open at depth and there is excellent potential to expand the
deposit along strike and to locate additional deposits on the property.

During the 1950's, Falconbridge Limited carried out extensive
exploration and development work on the Kenbridge property and estimated
a mineral resource at the Kenbridge deposit totaling 2.7 million tonnes
grading 1.05% nickel and 0.54% copper to a depth of 2,000 feet. The
resource includes a higher-grade area that extends from surface to the
500 foot level with an inventory of 544,300 tonnes grading 1.41% nickel
and 0.62% copper using a cut-off grade of 0.5% nickel over a minimum
width of 6 feet. Falconbridge also estimated an additional inferred
resource of 594,000 tonnes grading 1.55% nickel and 0.90% copper in
mineralization below the 2,000 foot level.(i)

Blackstone recently commenced a 60 line-kilometer ground-based UTEM
geophysical survey that will be followed by 2,000 meters of diamond
drilling in the Kenbridge deposit. The UTEM survey will be carried out
on a 5 km long grid extending northeast and southwest from the Kenbridge
deposit to evaluate a broad structural corridor with excellent potential
to host additional mineralized zones. Drilling within the deposit is
designed to verify nickel and copper grades from previous drilling,
determine grades of platinum group metals plus cobalt and to collect
samples for metallurgical testing. Additional drilling elsewhere on the
property may be carried out depending upon the results of the
geophysical survey and ice conditions.

In addition to the Kenbridge property, Blackstone and its partner,
Falconbridge Limited, are currently conducting UTEM geophysical surveys
and diamond drilling on the Espedalen property in Norway where the
company recently announced the discovery of high-grade nickel
mineralization at the Stormyra target. Blackstone also owns the James
River property located south of High Lake, Nunavut which is currently
under option to Wolfden Resources.

On behalf of Blackstone Ventures Inc.

"Donald McInnes"

Donald A. McInnes, President

(i) It should be noted that the reserve and resource categories quoted
above do not comply with current 43-101 standards. The results as
reported by Falconbridge Limited, should be considered as historical,
but are believed to be reliable as they reflect the standards of
reporting at the time.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Blackstone Ventures Inc.
    Robert Carriere
    Manager, Investor Relations
    (604) 687-3929
    www.blv.ca
    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.