Blackstone Amends Norbotten Option and Joint Venture Agreement
17 Novembro 2011 - 7:19PM
Marketwired
Blackstone Ventures Inc. (TSX VENTURE:BLV) ("Blackstone" or the
"Company") wishes to announce that it has signed an amended option
and joint venture agreement (the "Amended Agreement") with Konnex
Resources Inc. ("Konnex") with respect to Blackstone's Norbotten
iron-oxide-copper-gold (IOCG) project ("the Norbotten Project")
located in northern Sweden. (See also Blackstone News Release dated
July 19, 2011).
Under the terms of the original agreement (the "Norbotten
Agreement") Blackstone was the operator of the Norbotten Project
and Konnex could earn an initial 55% interest by funding $5.0
million in expenditures within four years. Upon completion of these
expenditures a joint venture would be formed between Konnex and
Blackstone. Konnex would have the option to increase its interest
in the project to 65% by sole funding the cost of a prefeasibility
study. Konnex would have an additional option to increase its
interest to 75% by sole funding the cost of a bankable feasibility
study.
Under the terms of the Amended Agreement, the amount now
required to earn the initial 55% interest in the Norbotten Project
has been reduced by $500,000 to $4.5 million over four years, and
the amount required to be spent by June 10, 2012 has been reduced
from $1.0 million to $500,000. Konnex is now the operator of the
Norbotten Project. All other material terms of the Norbotten
Agreement remain unchanged.
Underlying Agreement
Blackstone has renegotiated an underlying agreement with two
Swedish prospectors (the "Underlying Agreement") on properties
contained within the Norbotten Project. A 1,025,000 SEK
(approximately CDN$155,000) payment due on September 29, 2011 has
been replaced by three payments as follows:
September 29, 2011 - 150,000 SEK (approximately CDN$23,000)
(paid)
September 29, 2012 - 250,000 SEK (approximately CDN$38,000)
September 29, 2013 - 900,000 SEK (approximately CDN$137,000)
Under the terms of the Norbotten Agreement, Konnex is
responsible for all payments due to the Swedish prospectors. All
other material terms of the Underlying Agreement remain
unchanged.
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
604-687-3929www.blv.ca
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