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Gold/Mining/Energy : Blackstone Resources BLV-CDNX

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To: Tom Cat who started this subject	2/20/2001 10:41:34 AM
From: Buckey	of 373

Blackstone Resources Inc - News Release Int'l Tournigan reaches agreement with Blackstone Blackstone Resources Inc BZZ Shares issued 11,245,501 2001-02-19 close $0.09 Tuesday Feb 20 2001 News Release See International Tournigan Corporation (ITG) News Release Mr. Damien Reynold reports The company has reached an agreement with Blackstone Resources Inc. with respect to the $750,000 (U.S.) indebtedness of Fossores Ltd. to the company. The agreement calls for the assumption of the Fossores debt to Tournigan by Blackstone on the following terms: A three-year convertible debenture will be issued by Blackstone to the company in the face amount of $1.1-million, bearing interest of 5 per cent to be paid in cash or stock semi-annually. The debenture can be converted by either party during the second six months of the term or by the company solely during the second year, into a maximum of 1.5 million shares of Blackstone. During the third year of the term the company can convert at its sole discretion into shares of Blackstone with no limit on the amount of shares being issued. The debenture will be issued upon the following conditions being met: The company will have an opportunity to review an executed purchase agreement between Blackstone and Fossores and will be reasonably satisfied that its terms and conditions are no worse, from the company's reasonable perspective, than the terms and conditions of the letter of intent (LOI) dated June 26, 2000, between Blackstone and Fossores. Blackstone raising the funds needed to satisfy its obligation with Fossores to finance the first stage of the proposed feasibility study. In addition, the debenture can be issued as soon as practicable after satisfaction or waiver of conditions above in the preceding paragraph following receipt of approval from the applicable regulatory authorities.

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