Blackstone Ventures Inc announced that it has agreed to terms on which Canadian Arrow Mines Limited 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 USD 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 USD 1,000,000 by December 31st 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 USD 250,000 plus the issuance of the USD 250,000 of units of Canadian Arrow.

Each Unit will be issued at a deemed issue price of USD 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 USD 0.10 for a period of two years.