Blackstone Ventures Inc. is providing an update on its Scandinavian projects including a new airborne geophysical survey at Uma Volcanogenic Massive Sulphide (VMS) Cu-Zn-Pb-Au project and diamond drill results at the Norbotten Cu-Au project. Completed airborne EM and Magnetic survey covering a 20 kilometer by 5 kilometer area in southern portion of Uma Project in northwestern Sweden. Numerous conductors associated with identified high grade massive sulphide showings. Assay result of 4.26% Cu and 1.88 gpt Au over 1.4 meters was returned in hole NOR-001 at Norbotten Cu-Au Project in northeastern Sweden. Preliminary results have been received for a 750 line-kilometer airborne time domain electromagnetic (EM) and magnetic survey covering a 20 x 5 kilometer area in the southern part of the Uma project, 'Uma South'. The survey outlines numerous new EM targets including conductors extending along strike of high-grade massive sulphide surface showings. Drilling by Boliden in the 1950/60's in the immediate area of three surface showings includes up to 10.1% Cu, 21.7% Zn, 8.2% Pb and 12 gpt Au over 0.82 meters. A map showing the location of the airborne survey and outlined targets for drill testing and location of high grade showings is appended to this release. The company's 235,000 hectare Uma project covers boulders and outcrops of high-grade massive sulphide mineralization extending over a distance of 70 kilometers. This includes Uma South, as well as Cu-rich boulders in the central claims and recently uncovered outcrops and boulders assaying as high as 6.64% Cu, 20.9% Zn, 16.75% Pb, 87gpt Ag and 0.54 gpt Au with new, untested EM conductors in the northern part of the project. Drilling is being scheduled with input from local Saami villages and the Swedish Mining Inspectorate. Assays results from 7 diamond drill holes totaling 895 meters completed last month at its Norbotten Iron Oxide-Copper-Gold (IOCG) project in northeast Sweden have been received. A zone of strong potassic alteration was intersected which contained narrow zones of anomalous copper-gold mineralization. The 7 drill holes were completed over a 3 kilometer long identified Induced Polarization anomaly (IP) in order to determine if any portions of the IP anomaly contained significant copper-gold mineralization. Holes NOR-001 and NOR-007 were drilled on the northeastern portion of the defined anomaly and returned the best assay values over narrow drill core intervals. The best result of 4.26% Cu and 1.88 gpt Au over 1.4 meters was returned in hole NOR-001 at a drill depth of 158.8 meters. Hole NOR-007 intersected 1.5m of 0.55 gpt Au at a depth of 38 meters and 0.46% Cu and 0.28 gpt Au over 3 meters at a depth of 150.5 meters. Assay results of the more anomalous mineralization are tabled below along with associated alteration which is characteristic and important at all IOCG deposits in the region. No other holes returned any significant assay values.

Blackstone Ventures Inc. has mobilized an airborne geophysical crew to the Uma Project to complete an electromagnetic (EM) survey at its Uma Volcanogenic Massive Sulphide (VMS) Cu-Zn-Pb-Au project in northern Sweden. The 750 line-kilometre survey covers a 20 x 5 kilometre area in the southern part of the 235,000 hectare Uma project. This part of the project 'Uma South' covers at least 15 kilometres of favourable VMS stratigraphy hosting high-grade mineralization including 10.1% Cu, 21.7% Zn, 8.2% Pb and 12 gpt Au over 0.82 metres intersected from shallow drilling by Boliden in the 1950's. Boliden's work focused only in the immediate area of three massive sulphide surface occurrences. Areas along strike and at depth remain completely unexplored. Blackstone's Uma project covers boulders and outcrops of high-grade massive sulphide mineralization extending over a distance of 70 kilometres. This includes Uma South, as well as Cu-rich boulders in the central claims and recently uncovered outcrops and boulders assaying as high as 6.64% Cu, 20.9% Zn, 16.75% Pb, 87gpt Ag and 0.54 gpt Au with new, untested EM conductors in the northern part of the project. Drilling is planned for this fall.

Blackstone Ventures Inc. announced that it has completed seven diamond drill holes totaling 895 metres at its Norbotten Iron Oxide-Copper-Gold (IOCG) project in northern Sweden. Drilling has identified IOCG alteration and copper mineralization in a highly under-explored area of the world-class Kiruna District. The Company also announces that it has staked additional ground along strike of its findings and now holds close to 30 kilometres of the Kolari Trend (eastern part of the Kiruna District) host to IOCG deposits in Finland. This initial phase drill program tested two adjacent Induced Polarization (IP) geophysical anomalies covering a strike length of 3 kilometres. The first IP anomaly which extends 1.4 kilometres and is coincident with the recently discovered Vesa copper gold showing (2.4% Cu, 0.63 g/t Au) was tested with four drill holes. Drill holes cut disseminated pyrite, lesser disseminated and veined chalcopyrite and magnetite hosted by strong K-Feldspar altered rocks with surrounding muscovite-biotite-scapolite-hematite alteration. Alteration zones intersected in these drill holes ranged from core lengths of less than 20 to 80 metres. The second anomaly measuring 1.6 kilometres and located immediately northwest was tested with three short, broadly spaced drill holes but intersected mainly disseminated magnetite. All assays are pending. The project is located just 70 kilometres east of Boliden's giant Aitik Cu-Au Mine (proven reserves at January 1, 2007 of 526 million tonnes at 0.28% Cu, 0.2g/t Au, 2 g/t Ag). The Aitik Cu-Au mine is one of the prime copper producers in Europe having produced 173,000 tonnes of copper in 2008. The Aitik deposit and the Kolari district deposits in Finland display similar alteration associated with copper mineralization.