Blackstone Ventures Inc.

Blackstone Ventures Inc.

December 15, 2008 08:00 ET

Blackstone and Xstrata Nickel Renegotiate Terms of Share Purchase Agreement for Interest in Norway Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2008) - Blackstone Ventures Inc. (TSX VENTURE:BLV) announces that Blackstone and Xstrata Nickel have renegotiated the payment schedule under which Blackstone will acquire 100% of the shares in Sulfidmalm A/S.

Under the original terms of the agreement Blackstone will acquire 100% of the shares in Sulfidmalm and hence 100% of Sulfidmalm's interest in all its Norway nickel exploration projects for a total cumulative payment of US$15.5 million to be completed no later than December 31, 2010, of which a total of US$6.5 has already been paid to Xstrata Nickel. To date Blackstone has acquired 41.5% of the shares of Sulfidmalm. The following payments are remaining in the agreement:

- US$3,000,000 on or before December 31, 2008,

- US$3,000,000 on or before December 31, 2009 and

- US$3,000,000 on or before December 31, 2010.

Under an amendment the new renegotiated payments will be postponed for the next two (2) years. The new payment schedule will be as follows:

- US$3,000,000 on or before December 31, 2010,

- US$3,000,000 on or before December 31, 2011 and

- US$3,000,000 on or before December 31, 2012.

In accordance with the amended agreement, Blackstone will, subject to regulatory approval, issue Xstrata Nickel a total of 6 million (6,000,000) Warrants. Each Warrant shall entitle Xstrata Nickel to subscribe for one common share of the company at an exercise price of $1.00 at any time prior to the day that is 24 months from the signing of this amendment.

Commenting on the amended agreement, Dean MacEachern, President and CEO, stated, "Blackstone is still very committed to these projects and in fact we are in the process of completing updated resource calculations on two of the main project areas. This amendment will allow Blackstone to conserve its capital during these difficult market conditions and focus our efforts on completing up-to-date National Instrument 43-101 resource estimates for the Dalen, Stormyra and Ertelien nickel deposits in Norway as well as completing NI41-101 resource estimates for the Lappvatnett, ROR and Lainjaur nickel deposits in Sweden. Additionally Blackstone is planning a drilling program to test its Uma copper-zinc and Norbotten copper-gold projects in 2009."

Continuing Exploration

Blackstone is finalizing drill databases for six preliminary NI 43-101 nickel resource estimates in Sweden and Norway before year end. Once these up-to-date resource calculations are completed and released, additional drilling to test grade and continuity of significant mineralized areas will be planned.

On behalf of Blackstone Ventures Inc.

Dean MacEachern, President

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Blackstone Ventures Inc.
    Troy Winsor
    Blackstone Ventures Inc.
    Robert Carriere
    (604) 687-3929