Blackstone Closes $715,000 Private Placement

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/20/10 -- Blackstone Ventures Inc. (TSX VENTURE: BLV) ('Blackstone' or the 'Company') is pleased to announce that it has closed the private placement with Cliffs Natural Resources Inc. previously announced on December 14, 2010.

The Company issued 11,916,666 common shares at a price of $0.06 per share for total gross proceeds of $715,000. All of the common shares issued are subject to a four month hold period which expires on April 17, 2011.

The net proceeds of the private placement will be used to fund Scandinavian property payments and for general working capital.

For further information on Blackstone please visit the Blackstone website at www.blv.ca.

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

604-687-3929

604-682-3727 (FAX)
www.blv.ca