Blackstone Ventures Inc.: Environmental Court Rules in Favour of Blackstone's Work Program at Uma Project, Sweden
August 31 2009 - 8:00AM
Marketwired
Blackstone Ventures Inc. (TSX VENTURE: BLV) is pleased to announce
that it has received a favourable ruling from The Environmental
Court of Umea, Sweden. The Court has confirmed that Blackstone does
not require a special dispensation to explore for minerals within
the company's Uma Project area permits. The August 26, 2009
decision overrules the previous negative decision by the County
Administrative Board and enables the company to initiate its
exploration program, including diamond drilling, of targets
identified in proximity to high grade boulders of copper-lead-zinc.
"The decision by the County Administration Board to not allow us
to execute exploration programs on permits which were validly
granted by the Mining Inspectorate has been worrisome for us as an
exploration company. Although part of the Uma project is within the
Vindelfjallen Nature Reserve, exploration for minerals is not
prohibited per se 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. With the ruling by the Environmental Court we are back
to a normal situation, where we can expect to be granted permission
to explore, including diamond drilling, within the restrictions
mandated by the Mineral Law and Environmental Regulations.
Blackstone has a significant land position within this highly
prospective area and has been waiting for the opportunity to drill
test some of the identified base and precious metal targets for
most of the last two years. Our intention is to drill test a number
of these targets this fall", says Blackstone's CEO, Dean
MacEachern.
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.
Exploration programs are being carried out under the direction
of Jari Paakki, P. Geo., Vice President of Exploration and Project
Development for Blackstone and a qualified person as defined by
National Instrument (NI) 43-101. 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.
About Blackstone
Blackstone is a mineral exploration company currently focused on
base and precious metals in Scandinavia. In addition to the Uma
project, the Company is currently conducting a drilling program at
its Norbotten Cu-Au discovery in northeastern Sweden. Blackstone's
primary assets are extensive nickel-copper holdings in Sweden and
Norway including six deposits with current NI 43-101-compliant
resources.
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.
Contacts: Blackstone Ventures Inc. Investor Relations
604-687-3929 www.blv.ca