Blackstone Ventures Inc.

Blackstone Ventures Inc.

July 19, 2011 11:14 ET

Blackstone Signs Norbotten Option and Joint Venture Agreement

IP Survey to Begin Immediately

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2011) - Blackstone Ventures Inc. (TSX VENTURE:BLV) ("Blackstone" or the "Company") is pleased to announce that it has signed an option and joint venture agreement (the "Norbotten Agreement") with Konnex Resources Inc. ("Konnex") whereby Konnex can earn up to a 75% interest in Blackstone's Norbotten iron-oxide-copper-gold (IOCG) project located in northern Sweden. (See also Blackstone News Release dated December 14, 2010.)

Under the terms of the agreement Konnex can earn an initial 55% interest in the project by completing $5,000,000 in expenditures within four years. Upon completion of these expenditures a joint venture would be formed between Konnex and Blackstone. Konnex will have the option to increase its interest in the project to 65% by sole funding the cost of a prefeasibility study. Konnex will have an additional option to increase its interest to 75% by sole funding the cost of a bankable feasibility study. Konnex is a private company which identifies and explores for high quality exploration projects worldwide for Cliffs Natural Resources.

Exploration of the Norbotten project consisting of follow up geophysical and geochemistry surveys is to begin shortly.

Annual General Meeting

Blackstone Ventures Inc. (TSX VENTURE:BLV) recently held its 2011 Annual General Meeting ("AGM") in Vancouver. Resolutions passed at the meeting included the re-appointment of Hay and Watson as auditors of Blackstone, approval of Blackstone's incentive stock option plan, and the re-election of Donald McInnes, John Greig, Tor Falck, and Donald Njegovan as Directors.

Dean MacEachern announced his retirement from the Board and has resigned as President and CEO of the Company. Blackstone wishes to thank Mr. MacEachern for his service to the company. Mr. Donald McInnes will assume the role of Interim President and CEO until a replacement has been selected. Additionally, subsequent to the annual general meeting, Mr. Don Njegovan has had to resign as a Director and we thank him for his service to the Company.

On behalf of Blackstone Ventures Inc.

Donald McInnes, Chairman

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.
    Investor Relations
    604-682-3727 (FAX)