Blackthorn Resources Revised Mumbwa JV Agreement Signed

Blackthorn Resources said Monday that the revised Joint Venture agreement has been signed by both Blackthorn Resources and BHP Billiton.

The signing of the JV agreement marks the completion of a process that was first announced on August 5, 2008 when Blackthorn Resources informed the market that a "term sheet" summarising the key commercial terms and conditions of a revised agreement had been signed.

The revised agreement is in line with the "term sheet" conditions. It is comprehensive and brings positive benefits to both parties including:

* Additional time for extra drilling phase

* Additional concept study

* Potential for Blackthorn Resources to have up to 150% of its costs in the first three Phases reimbursed subject to BHP Billiton exercising its options to fully fund future phases of the project

Managing Director Scott Lowe said "A great deal of work has gone into finalising the detail of this revised JV agreement in the months since the "term sheet" was agreed. Signing a detailed, legally binding document is a positive demonstration of the continued commitment of both parties to this exciting project. While much work remains to be completed, early results and the interpretation of data have been very encouraging and we see real potential in this asset. Our business relationship with BHP Billiton is in good shape and we look forward to working together on assessing the economic viability, as well as the scope and scale of the Mumbwa Project".

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