Blackstone Ventures Inc. TSX VENTURE: BLV

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 26, 2008) - Blackstone Ventures Inc. (TSX VENTURE:BLV) announces today that it has signed a Letter of Intent with two prospectors to acquire an option to earn 100% interest in the Ukonpalo copper-gold property located in the eastern part of the world-class Kiruna district of northern Sweden. The property is host to a newly discovered Iron Oxide-Copper-Gold (IOCG) prospect and will form the core of Blackstone's new Norbotten IOCG project (PR April 28, 2008).

Norbotten Project

The Ukonpalo property is located within the central claim block (Kuusivaara nr 1) of the Blackstone's Norbotten IOCG project. The prospect consists of magnetite, chalcopyrite, pyrite and bornite mineralization hosted as veins and breccias at the contact of a large granite intrusion within a major northeast-trending fault zone. Mineralization is associated with strong potassic alteration which can be mapped up to 1.5 km away in mafic metavolcanics. Blackstone assays from the showing returned 2.4% Cu, 0.63 g/t Au, and 36.9% Fe (sample #BL02251).

The Norbotten project area is nearly entirely till-covered which has hampered historical exploration efforts. Available records at the Swedish Geological Survey indicate the project claims have not been drill-tested. The project area is within 70 kilometres of Boliden's giant Aitik Cu-Au Mine (proven reserves at January 1, 2007 of 526 million tonnes @ 0.28% Cu, 0.2 g/t Au, 2 g/t Ag, source: Bolidon 2007 Annual Report) and covers the southern extension of the Kolari IOCG district in Finland. The style of mineralization and alteration also shares similarities to the Olympic Dam IOCG region of Australia.

CEO for Blackstone, Dean MacEachern comments, "This past year the prospectors were awarded a top prize for this discovery in Sweden's annual mineral hunt competition, and we congratulate both Vesa Hiltunen and Per Krekula. Their discovery in this new under-explored part of Sweden attracted interest from major mining companies and junior explorers alike. We are very excited about this acquisition and look forward to advancing this newly discovered prospective region."

Terms of the Transaction

Blackstone can earn 100% interest in the Ukonpalo property with expenditures totaling 4.5 million Swedish Kroner (SEK) or about CDN $765,000 over a four year period, and payments to the prospectors totaling 2 million SEK or about $340,000 over four years. The prospectors also receive a Net Smelter Returns Royalty (NSR) of 2% on Ukonpalo and the surrounding Blackstone's Kuusivaara nr 1 claim, half of which can be purchased back for 6 million SEK (approximately $CDN 1 million). Upon signing of the Definitive Agreement, which is subject to Blackstone Nickel AB Board approval, the prospectors will receive a total cash payment in the amount of 350,000 SEK or about CDN $60,000.

Continuing Work

In the coming months, Blackstone plans an extensive trenching program and geophysical review, followed by drill testing later in 2008.

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 National Instrument 43-101.

About Blackstone

Blackstone is a mineral exploration company focused on base metals in Scandinavia. In addition to the Norbotten project, the Company has current exploration programs underway at the high grade Cu-Zn-Pb Uma and Jervas discoveries in northwestern Sweden. Blackstone also plans to outline as many as six preliminary NI 43-101 nickel resources in Sweden and Norway before year end.

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.

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