Blackstone Signs Norbotten Option and Joint Venture Agreement
July 19 2011 - 10:14AM
Marketwired
Blackstone Ventures Inc. (TSX VENTURE: BLV) ("Blackstone" or the
"Company") is pleased to announce that it has signed an option and
joint venture agreement (the "Norbotten Agreement") with Konnex
Resources Inc. ("Konnex") whereby Konnex can earn up to a 75%
interest in Blackstone's Norbotten iron-oxide-copper-gold (IOCG)
project located in northern Sweden. (See also Blackstone News
Release dated December 14, 2010.)
Under the terms of the agreement Konnex can earn an initial 55%
interest in the project by completing $5,000,000 in expenditures
within four years. Upon completion of these expenditures a joint
venture would be formed between Konnex and Blackstone. Konnex will
have the option to increase its interest in the project to 65% by
sole funding the cost of a prefeasibility study. Konnex will have
an additional option to increase its interest to 75% by sole
funding the cost of a bankable feasibility study. Konnex is a
private company which identifies and explores for high quality
exploration projects worldwide for Cliffs Natural Resources.
Exploration of the Norbotten project consisting of follow up
geophysical and geochemistry surveys is to begin shortly.
Annual General Meeting
Blackstone Ventures Inc. (TSX VENTURE: BLV) recently held its
2011 Annual General Meeting ("AGM") in Vancouver. Resolutions
passed at the meeting included the re-appointment of Hay and Watson
as auditors of Blackstone, approval of Blackstone's incentive stock
option plan, and the re-election of Donald McInnes, John Greig, Tor
Falck, and Donald Njegovan as Directors.
Dean MacEachern announced his retirement from the Board and has
resigned as President and CEO of the Company. Blackstone wishes to
thank Mr. MacEachern for his service to the company. Mr. Donald
McInnes will assume the role of Interim President and CEO until a
replacement has been selected. Additionally, subsequent to the
annual general meeting, Mr. Don Njegovan has had to resign as a
Director and we thank him for his service to the Company.
On behalf of Blackstone Ventures Inc.
Donald McInnes, Chairman
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Blackstone Ventures Inc. Investor Relations
604-687-3929 604-682-3727 (FAX) www.blv.ca
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