Xstrata Nickel finalizes sale of Norway projects to Blackstone Ventures

On April 10, 2007, Blackstone Ventures Inc. signed a final share purchase agreement to purchase 100% of the outstanding shares of Sulfidmalm A/S (a wholly owned subsidiary of Xstrata Nickel, a business unit of Falconbridge Limited) for a total of US$15.5 million. Sulfidmalm's main assets are the interest it holds in a number of projects in Norway all of which are under option and joint venture agreements with Blackstone. Blackstone will control 100% of the Norwegian projects replacing and superseding all requirements of the previous option and joint venture agreements. The agreement has been approved by the boards of Blackstone and Xstrata Nickel and is subject to final regulatory approval. Andrew Gabrielson of Fasken Martineau advised Xstrata Nickel in this agreement.