Canadian Arrow Mines Acquires Kenbridge Nickel Project from Blackstone Ventures

Blackstone Ventures Inc. (TSX VENTURE:BLV) has announced that it has agreed to terms on which Canadian Arrow Mines Ltd. 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 13^th, 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.