Blackstone Ventures Inc.

Blackstone Ventures Inc.

March 31, 2005 08:01 ET

Blackstone Ventures Inc.: First Results from Phase 2 Drilling in Norway Return High Grade Nickel


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACKSTONE VENTURES INC.

TSX VENTURE SYMBOL: BLV

MARCH 31, 2005 - 08:01 ET

Blackstone Ventures Inc.: First Results from Phase 2
Drilling in Norway Return High Grade Nickel

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 31, 2005) - Blackstone
Ventures Inc. (TSX VENTURE:BLV)

Sulfidmalm A/S, a wholly owned subsidiary of Falconbridge Limited, has
informed Blackstone Ventures Inc. ("Blackstone") of diamond drilling
results from the first four holes completed during the phase two
drilling program currently underway at the Espedalen property in central
Norway. Drilling is focused on the Stormyra discovery where two drill
holes, spaced 200 meters apart, intersected 6.91% nickel over 1.9 meters
within a 14.6 meter intersection grading 1.73% nickel (Hole ES2004-09)
and 2.07% nickel over 2.7 meters (Hole ES2004-08) during the 2004
program. Three of the four holes (with assays received) completed to
date intersected significant nickel grades highlighted by drill hole
ES2005-20 that intersected 1.86% nickel over 19.63 metres including
10.87 metres grading 2.8%. This hole was drilled on line 11,500 which
was located 100 meters between 2004 diamond drill holes ES2004-09 and
-08. See the table below and the attached map for a list of all
significant results and approximate hole locations. Additional
information about the project, including photographs can be viewed on
the company's website at www.blv.ca.

The positive results from drilling to date show that the mineralization
at Stormyra is continuous, shallow, variable in thickness and consistent
in grade over very significant widths. Results to date are inconclusive
as to the up and down dip extent of the mineralization, however early
indications suggest a dip extent of up to 50 metres. Further drilling is
required to confirm the full extent of the mineralization at Stormyra.



Stormyra Discovery Significant Intersections

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Drill-hole ID From (m) To (m) Length (m) Ni (%) Cu (%) Co (%)
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ES2005-19 65.93 66.75 0.82 2.67 1.57 0.07
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And 95.15 95.35 0.20 4.12 0.6 0.13
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ES2005-20 65.43 85.06 19.63 1.86 0.70 0.06
--------------------------------------------------------------------
Including 65.43 75.60 10.17 2.81 1.11 0.08
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Including 73.44 75.60 2.16 7.76 2.29 0.21
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And 83.95 85.06 1.11 6.72 1.87 0.20
--------------------------------------------------------------------

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ES2005-21 51.65 63.45 11.80 0.67 0.38 0.03
--------------------------------------------------------------------
Including 57.60 63.45 5.85 1.09 0.63 0.04
--------------------------------------------------------------------

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ES2004-08(i) 56.30 59.00 2.70 2.07 1.20 0.07
--------------------------------------------------------------------

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ES2004-09(i) 80.40 95.00 14.60 1.73 0.77 0.06
--------------------------------------------------------------------
Including 93.10 95.00 1.90 6.91 2.05 0.21
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(i) Drilled and results released in 2004


The budget for the current program allows for 2,000 meters of drilling
that will test for continuity of mineralization along the full length of
the UTEM conductor at the Stormyra zone. A total of 17 holes are planned
with one to two holes per line of section to be drilled on sections
spaced 100 meters apart. Up to the Easter break five holes had been
completed in the 2005 drilling program at Stormyra. Assay results have
been received for four of the five holes completed to date. Drill hole
ES2005-18, which was a 30 metre step out to test the down dip extent of
ES2004-09 encountered no mineralization; however a bore hole EM survey
suggests that the hole missed the intended conductor by approximately 10
metres. For a more complete overview of the results to date,
photographs, drill hole locations and complete assay information for all
holes completed to date, please visit the Blackstone website at
www.blv.ca.

The Stormyra nickel discovery lies on the southwestern part of the
property in an area with little bedrock exposure. A UTEM survey
extending the coverage 5 km to the northwest of Stormyra, and 1 km to
the southeast of Stormyra and a number of grids covering new airborne
conductors and extending the previously reported P4 anomaly grid has
recently been completed. Geophysical interpretation is underway and
results will be released as they become available. Maps displaying the
targets at Espedalen can be viewed on Blackstone's website. As well, a
summary of the project, titled Exploration Progress Report dated March
4, 2005 can be viewed on Falconbridge's website at www.falconbridge.com
in their Newsroom / Media Releases section.

The Espedalen property is situated in central Norway in rocks of similar
age and geological setting as the Voisey's Bay deposits in Labrador. The
property is traversed by paved roads and electrical transmission lines,
and is approximately 150 kilometers from an ocean port. Blackstone is
earning a 60% interest in the Espedalen and Vakkerlein Properties from
Sulfidmalm A/S, a wholly owned subsidiary of Falconbridge Limited.
Blackstone will have vested its interest in the Espedalen project part
way through the current drill program at which time Sulfidmalm has the
option of exercising its back-in right. Sulfidmalm may spend
approximately $5 million within a two year period to earn an additional
20% interest in the Espedalen project to complete the exercise of the
back-in option.

Drill core is logged and mineralized intervals are split on site in
Norway, with split samples being shipped to SGS Lakefield Research in
Ontario. A system of using check assays, duplicates and standards has
been implemented for quality control purposes. The exploration program
is being carried out under the direction of Falconbridge Limited
geologist Patti Tirschmann, P. Geo., a qualified person as defined by
National Instrument 43-101.

In addition to properties in Norway, Blackstone has executed a
definitive purchase agreement with Falconbridge to complete the purchase
of a 100% interest in the Kenbridge nickel deposit in Northwest Ontario.
The deposit hosts a partially developed nickel-copper deposit with an
historical resource of 2.7 Million tons grading 1.05% Ni and 0.54% Cu
along with cobalt, gold and PGE credits(i). As well, Blackstone 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 A. McInnes, President

(i) N.B.: The resource estimate is not in accordance with the
classification categories and definitions set out in NI43-101. The
results as reported by Falconbridge Limited should be considered
historical, but are believed to be reliable and reflect the standards of
reporting at the time.

To view a photo of the Stormyra Discovery Area please click on the
following link: http://www2.ccnmatthews.com/database/fax/2000/blvpic.jpg

To view a plan map of the Stormyra Discovery Area please click on the
following link: http://www2.ccnmatthews.com/database/fax/2000/blvmap.jpg

-30-

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.