Blackstone Ventures Inc.

Blackstone Ventures Inc.

March 17, 2005 12:29 ET

Blackstone Ventures Inc.: Utem Geophysical Survey Completed at Kenbridge Property; Drilling Program Underway


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACKSTONE VENTURES INC.

TSX VENTURE SYMBOL: BLV

MARCH 17, 2005 - 12:29 ET

Blackstone Ventures Inc.: Utem Geophysical Survey
Completed at Kenbridge Property; Drilling Program
Underway

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 17, 2005) - Blackstone
Ventures Inc. (TSX VENTURE:BLV) ("Blackstone") is pleased to report that
a phase one drilling program has commenced on the Kenbridge property
located approximately 70 kilometres east-southeast of Kenora, Ontario.
The 2,000 metre drilling program will focus on the Kenbridge deposit
where previous work by Falconbridge Limited has outlined a mineral
resource of 2.7 million tonnes grading 1.05% nickel and 0.54% copper
with an additional inferred resource of 594,000 tonnes grading 1.55% Ni
and 0.90% Cu that occurs below the 610 metre development shaft(i). 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.
The drilling program currently underway is designed to verify nickel and
copper grades from previous drilling, determine grades of platinum group
metals plus cobalt and silver, collect samples for metallurgical testing
and evaluate the lateral limits of the deposit.

Blackstone recently completed a 24 line-kilometre ground-based UTEM
geophysical survey on the Kenbridge property. The UTEM survey was
carried out on a 3 kilometre long grid extending northeast from the
Kenbridge deposit to evaluate a broad structural corridor with excellent
potential to host additional mineralized zones. Preliminary
interpretation of the geophysical data from the survey at Kenbridge has
picked up intermittent conductors over a 3 kilometre distance to the
north of, and along strike from the known mineralization. Processing of
the geophysical data is underway and drilling of new geophysical targets
during this program will be dependent upon final interpretations and ice
conditions.

During the 1950s, Falconbridge Limited carried out extensive exploration
and development work on the Kenbridge property including sinking a 620
metre development shaft and drilling 374 holes totaling 37,000 metres.
Metallurgical testwork carried out in 1955 indicated recoveries of 87%
for nickel, 95% for copper into a concentrate grading 14.1% nickel, 8.3%
copper with minor values of cobalt, gold, silver and PGE's.

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 A. McInnes, President

(i) It should be noted that the resources 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.