ESPEDALEN/STORMYRA/DALEN

Blackstone Ventures Inc. announced that the Company and Xstrata Nickel have renegotiated the terms under which Blackstone will acquire 100% of the shares in Sulfidmalm A/S and hence 100% of Sulfidmalm’s interest in all its Norway nickel exploration projects which include the Stormyra, Dalen and Ertelien Nickel-Copper Deposits. In accordance with the amended agreement, Blackstone will subsequently make further production related payments to Xstrata Nickel of up to US$9,000,000 contingent on the occurrence of certain events relating to the Properties.

Blackstone Ventures has received NI 43-101 compliant maiden mineral resource estimates from its Ertelien, Stormyra and Dalen Nickel-Copper Deposits in Norway. Total Inferred Resources of 9.1 million tonnes with 103.3 million pounds of contained nickel and 65.2 million pounds of contained copper and Indicated Resources of 4.6 million tonnes with 30.0 million pounds of contained nickel and 12.1 million pounds of contained copper have been reported. Resource calculations are underway on the ROR, Lappvattnet and Lainejuar deposits, with results expected in the first quarter of 2009.

Announced additional assay results from diamond drilling at the Dalen nickel target in Norway including 55.5 metres grading 0.40% Ni and 0.16% Cu from 22 to 77.5 metre drill depth. The Dalen target is the second of two newly recognized bulk tonnage targets at the Espedalen nickel project in addition to the Megrund target.