Blackstone acquires Ursus diamond property

Vancouver — Blackstone Ventures (BLV-V) has inked a deal with 4763 NWT to acquire 100% interest in the Ursus diamond property in the Coronation Gulf area of Nunavut.

The 116,000-acre property is situated 45 km northwest of recent diamondiferous kimberlite discoveries made by Kennecott at the Annuri pipes and by De Beers at the Knife pipe. According to the agreement, Blackstone can acquire the property by paying staking costs of 60 per acre and exploration expenditures of $6 per acre over three years. The junior is also required to issue a total of 1.2 million units over a three year period, where each unit represents one common share and a one-year share purchase warrant. The property is subject to a 2% gross over-riding royalty and a 2% net smelter return royalty. One percent of each royalty can be purchased by Blackstone for $1 million at anytime.

Blackstone has also arranged a non-brokered private placement with $150,000 through the sale of 1.5 million units at a price of 10 per unit. Each unit consists of a common share and one half of a share purchase warrant. Each whole warrant can be converted into a common share for 15 for a period of 1 year.