Blackstone Ventures Inc.

Blackstone Ventures Inc.

February 28, 2005 17:05 ET

Blackstone Ventures Inc.: UTEM Geophysical Survey Confirms +1 km Strike Length of High-Grade Nickel Conductor


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BLACKSTONE VENTURES INC.

TSX VENTURE SYMBOL: BLV

FEBRUARY 28, 2005 - 17:05 ET

Blackstone Ventures Inc.: UTEM Geophysical Survey
Confirms +1 km Strike Length of High-Grade Nickel
Conductor

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 28, 2005) - Blackstone
Ventures Inc. (TSX VENTURE:BLV)

Falconbridge Limited has informed Blackstone Ventures Inc. that the
recent UTEM survey on the Espedalen Property in Norway has been
successful in demonstrating that the Stormyra conductor exceeds 1 km in
length. Two drill holes, spaced 200 m apart that were drilled into the
northern end of the conductor last fall intersected 14.6m grading 1.73%
Ni, 0.77% Cu and 0.06% Co and 2.7m grading 2.07% Ni, 1.2% Cu and 0.07%
Co, respectively. Recent geophysical survey results and a drill hole
location map can be viewed on the company's website at www.blv.ca.
Follow-up drilling on the Stormyra conductor is scheduled to begin
during the first week of March.

The UTEM survey is being carried out to provide ground control for EM
conductors identified by a helicopter-borne EM and magnetic survey
carried out last fall, as well as to provide better depth penetration
over a large area of prospective geology that extends for some 6
kilometers northwest from the Stormyra (P-2) discovery zone. The diamond
drilling program at Espedalen, consisting of approximately 17 holes,
will commence in the first week of March.

The Espedalen property is situated in central Norway within the
Norwegian Caledonides in a terrane that is similar in age and rock types
to the terrane that hosts the Voisey's Bay deposits in Labrador. The
property is proximal to paved roads, railways 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 upcoming drill program and Falconbridge has indicated
that they will exercise their back-in right and fund their share of
expenditures. Falconbridge is obligated to spend approximately $5
million to earn an additional 20% interest in the Espedalen project
following exercise of the back-in.

In addition to properties in Norway, Blackstone is finalizing an
agreement with Falconbridge to purchase a 100% interest in the Kenbridge
nickel deposit in Northwest Ontario. 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

To view the map accompanying this press release please click on the
following link: http://www2.ccnmatthews.com/database/fax/2000/BLV0228.gif

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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.