Blackstone Ventures Inc.

Blackstone Ventures Inc.

March 14, 2005 13:52 ET

Blackstone Ventures Inc.: Phase 2 Drilling Commences in Norway to Follow up High Grade Nickel Intersections


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACKSTONE VENTURES INC.

TSX VENTURE SYMBOL: BLV

MARCH 14, 2005 - 13:52 ET

Blackstone Ventures Inc.: Phase 2 Drilling Commences
in Norway to Follow up High Grade Nickel Intersections

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 14, 2005) - Blackstone
Ventures Inc. ("Blackstone") (TSX VENTURE:BLV) announces that a phase
two drilling program is underway at the Espedalen property in central
Norway. Drilling will focus 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. A UTEM geophysical survey recently completed in the discovery
area (see Press Release, Feb.28, 2005) has extended the geophysical
anomaly associated with the discovery holes to a total length of 1.1
kilometers. The 2,000 meter drilling program currently underway 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.

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, is
currently in progress. Maps displaying the targets at Espedalen can be
viewed on Blackstone's website at www.blv.ca. As well, a summary of the
project, titled Exploration Progress Report and dated March 4, 2005 can
be viewed on Noranda's website at www.noranda.com in their Newsroom
greater than News 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 property 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 Falconbridge has indicated that they
plan to exercise their back-in right and fund their share of
expenditures. Falconbridge will spend approximately $5 million to earn
an additional 20% interest in the Espedalen project to complete the
exercise of the back-in option.

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.


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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.