Black Point Capital Announces Loan to Mistral Pharma.

MONTREAL -- Black Point Capital Inc. ("Black Point") (TSX Venture:BPL.P) announces today that it has agreed to provide to Mistral Pharma Inc. ("Mistral") a $225,000 secured loan to be used for working capital purposes. The loan is repayable at the latest twelve months after disbursement. In case of default, the loan will bear interest at the rate of 10% per year and becomes convertible in common shares of Mistral, at the option of Black Point. The closing of this loan is scheduled to take place on Monday November 1, 2004.

On October 6, 2004, Black Point announced that it had reached an agreement in principle with Mistral in connection with a qualifying transaction to be realized by way of an amalgamation between Black Point and Mistral. A detailed press release describing Mistral and the particulars of the amalgamation was published on October 6, 2004. Mistral is a drug delivery company specializing in the development of oral controlled-release products both generic and branded. The proposed Amalgamation will be completed concurrently with a financing for a minimum of $2.5 million and a maximum of $5 million. Canaccord Capital Corporation has agreed to act as agent for this proposed financing.

Mistral's Web site address is www.mistralpharma.com.

Black Point also announces that Mr. Robert Boisjoli will now act as Secretary-Treasurer of Black Point.

Completion of the qualifying transaction is subject to a number of conditions, including but not limited to, satisfactory reciprocal due diligence reviews by Black Point and Mistral, regulatory and TSX Venture Exchange acceptance, Black Point shareholders' approval, Mistral shareholders' approval and completion of the proposed public offering before January 31, 2005. The transaction cannot close until the required regulatory approvals pursuant to laws, regulations and applicable policies are obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

BLACK POINT CAPITAL INC. (TSX VENTURE:BPL.P)