Blackstone Ventures Inc. (TSX VENTURE:BLV) is providing an update on its Norway
and Sweden projects and drill results outstanding from Q4 2008. The Company is
focused on advancing six nickel deposits and looking to drill excellent targets
at the highly prospective Uma copper-zinc and Norbotten copper-gold projects.


Nickel Resource Projects

Blackstone nickel assets include over 50 historic nickel occurrences and
deposits in Sweden and Norway. New National Instrument (NI) 43-101 compliant
resources have been recently received for three Norway deposits: Ertelien, Dalen
and Stormyra. The new estimates include inferred resources of 9.1 million tonnes
grading 0.51% Ni and 0.32% Cu and indicated resources of 4.6 million tonnes
grading 0.29% Ni and 0.12% Cu (PR January 13, 2009). NI 43-101 resource
estimates are expected by the beginning of Q2 2009 for three nickel deposits in
Sweden: Lappvattnet, Ror and Lainejaur. Historic resources for Blackstone's
Swedish nickel projects stand at (i)9 million tonnes grading 0.80% Ni.


Uma Cu-Zn Project

Blackstone's high-grade Uma project covers newly discovered outcrops and
boulders assaying as high as 6.64% Cu, 20.9% Zn, 16.75% Pb, 87gpt Ag and 0.54gpt
Au in northern Sweden (gpt: grams per tonne). Mineralization occurs over a
strike length of at least 20 kilometres just in the northern part of the
property. This widespread massive sulphide mineralization and associated
alteration typical of volcanogenic massive sulphide (VMS) deposits suggests the
presence of a large mineralizing system, and excellent potential for the
discovery of a new VMS camp. Targets remain untested by drilling, including
several top rank electromagnetic (EM) geophysical conductors.


Currently the Company is in the process of obtaining permission to drill test
the identified anomalies associated with the surface mineralization. Since part
of the Uma property lies within the Vindelfjallen Nature Reserve, Blackstone
requires a special dispensation for the drilling program from the County
Administration Board (CAB). Blackstone has received notice from the CAB that
they are withholding approval of a drilling permit at this time.


Blackstone believes the CAB has overstepped its authority in this matter and the
company has filed an appeal with the Environmental Court in Umea through the
company's local legal counsel. Blackstone holds valid exploration claims issued
by the Mining Inspectorate granting it the right to explore in the region.
Exploration for, and exploitation of minerals is not prohibited within nature
reserves in Sweden. Companies are granted permission to explore in these nature
reserves, within the restrictions mandated by the Mineral Law and Environmental
Regulations. Blackstone has complied fully with all these requirements and
strongly challenges the decision made by the CAB.


There have been approximately 150 tenements granted by the Mining Inspectorate
in the last three (3) years which are wholly or partially within nature reserves
throughout Sweden. Blackstone anticipates a favourable ruling with regards to
the appeal will be made by the Environmental Court within the next 3-6 months.


Norbotten Cu-Au Project

Norbotten is a newly discovered Iron Oxide-Copper-Gold (IOCG) prospect located
in the eastern part of the world-class Kiruna Iron-Ore district of northern
Sweden. The project area is within 70 kilometres of Boliden's Aitik Cu-Au Mine
(proven reserves at January 1, 2007 of 526 million tonnes @ 0.28% Cu, 0.2gpt Au,
2gpt Ag) and covers the southern extension of the Kolari IOCG district of
Finland. The prospect consists of magnetite, chalcopyrite, pyrite and bornite
hosted as veins and breccias at the contact of a large granite intrusion and is
coincident with a regional gravity anomaly (typically associated with IOCG
deposits) measuring 5 kilometres across. Blackstone samples taken from the
prospect returned assays values of up to 2.4% Cu, 0.63gpt Au, and 36.9% Fe. The
Norbotten project area is extensively till-covered which has hampered historic
exploration efforts. The project has never been drill-tested. Blackstone intends
to begin a ground geophysical program in the summer in order to aid in
identifying drill targets in the vicinity of the new copper-gold showing. The
company has received a permit from the government to begin a phase 1 drill
program on the project.


Recent Results

Assays have been received for Q4 2008 drilling on the Jervas volcanogenic
massive sulphide (VMS) project in northern Sweden. The property hosts a historic
resource of (i)10 million tonnes grading 0.46% copper. Results for seven short
drill holes completed at Jervas include anomalous base and precious metals over
a few metres in most drill holes with a best interval of 8.5 metres assaying
0.55% Cu, 0.56 gpt Au and 10 gpt Ag (drill hole JER-08-004) which confirmed
historic grades. Drilling to date has focused within five kilometres of the
historic resource; more than 75% of the property remains unexplored. The Company
is reviewing what future work will be completed on the Jervas property in light
of current economic conditions.


Comment

CEO Dean MacEachern comments, "Blackstone is very committed to its core projects
and remains focused to complete planned work through internal efforts and via
potential strategic partnerships. Our portfolio includes significant nickel
resources and "blue-sky" targets Uma and Norbotten. In Q2 2009 we will have six
NI 43-101 nickel resources completed. Although nickel prices have come off their
historical highs of 2007, the global shortage of quality nickel sulphide
deposits with manageable capital costs, located in OECD jurisdictions presents
an opportunity for Blackstone. Blackstone intends to progress work on the nickel
deposits through to a preliminary economic assessment study at a pace
commensurate with global economic conditions and financing availability.


At Uma, we are experiencing some delays with permitting, but we fully expect
government permits will be issued for our first-phase drill program. At
Norbotten, work permits are in place and planning for geophysical and diamond
drilling programs is underway. Our current plan is to complete the nickel
resource calculations for our Sweden nickel properties and then look to drill
our Uma and Norbotten projects once permitting is completed and targets have
been firmed up. We should be in a position to drill the copper-zinc and
copper-gold projects in the second half of 2009. Prudent to current market
conditions, we have reduced Norway property holdings by 40% to hold only core
prospects, and staffing and overhead has been reduced to minimal levels to
conserve working capital. We will continue to review all means and methods to
conserve capital while still advancing our key projects in 2009."


The information in this release was prepared under the direction of Dean
MacEachern, P.Geo., President and Chief Executive Officer for Blackstone, a
qualified person as defined by NI 43-101.


On behalf of Blackstone Ventures Inc.

Dean MacEachern, President & CEO

(i) Historical resources have been obtained from the Swedish Geological Survey
(SGU) and are non-compliant with NI 43-101. Blackstone is not treating these
historical estimates as current mineral resources or reserves. Blackstone
reasonably believes that these estimates are relevant, but Blackstone has not
yet undertaken an independent investigation of the resource estimates nor has it
independently analyzed the results of the previous exploration work in order to
verify the resources, and therefore the historical estimates should not be
relied upon.


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.