Blackstone Ventures Completes Sale of Kenbridge Nickel Project to Canadian Arrow Mines Ltd.

Blackstone Ventures Inc. (TSX VENTURE:BLV) ("Blackstone" or the "Company") is
pleased to announce that it has agreed to terms on which Canadian Arrow Mines
Ltd. ("Canadian Arrow") will acquire a 100% undivided interest in Blackstone's
interest in the Kenbridge nickel project in Ontario. 


Pursuant to the terms of the original letter agreement dated September 13th,
2006 Canadian Arrow has issued to Blackstone 2,500,000 units in its capital
stock and incurred over $9,000,000 in exploration expenditures on the Kenbridge
property. Also pursuant to the agreement, Canadian Arrow was required to make a
final payment to Blackstone of $1,000,000 by December 31, 2012. Canadian Arrow
and Blackstone have now agreed that, subject to the necessary regulatory
approvals, such payment will be replaced with a cash payment in the amount of
$250,000 plus the issuance of the $250,000 of units ("Units") of Canadian Arrow.
Each Unit will be issued at a deemed issue price of $0.0776 and will consist of
one common share of Canadian Arrow and one common share purchase warrant. Each
warrant entitles Blackstone to purchase one additional common share at a price
of $0.10 for a period of two years.


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.