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NR Blackrod 100%
Apr 12, 2010 11:09PM
CALGARY, ALBERTA--(Marketwire - March 29, 2010) - BlackPearl Resources Inc. ("BlackPearl" or the "Company") (TSX:PXX)(FIRST NORTH:PXXS) is pleased to announce that it has elected to exercise its right of first refusal and acquire the remaining 20% working interest in the Company's Blackrod SAGD project for $21 million. The acquisition will be funded from working capital.
Following the closing of the acquisition, BlackPearl will own 100% of the project and intends to commence construction of a SAGD pilot at Blackrod later this year.
The Company's previously announced capital program will be unaffected by the acquisition.