Blue Note Mining Inc.
TSX VENTURE : BN

Blue Note Mining Inc.

October 24, 2007 11:18 ET

Blue Note Mining Inc. Prices Offering of Units

MONTREAL, QUEBEC--(Marketwire - Oct. 24, 2007) -

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY THE SECURITIES DESCRIBED HEREIN

Blue Note Mining Inc. (the "Company")(TSX VENTURE:BN) is pleased to announce that, further to its press release dated October 23, 2007, it has priced and sized its public offering (the "Offering") of units (the "Units"). The Company has entered into an agreement with a syndicate of agents led by Desjardins Securities Inc. and including Salman Partners Inc. (together, the "Underwriters") for the issuance of 71,500,000 Units at a price of $0.56 per Unit for aggregate gross proceeds of $40,040,000. The Offering price was determined by negotiation between the Company and the Underwriters.

The Agents will have an option, exercisable for a period of 30 days following the closing date of the Offering, to purchase from the Company that number of Units representing up to 15% of the Offering.

The Company previously filed a preliminary short form prospectus describing the Offering on October 23, 2007 with each of the securities commissions in Canada and anticipates filing a final short form prospectus with each of the securities commissions in Canada on October 29, 2007. The Company anticipates that the Offering will close on November 1, 2007. Closing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the applicable securities regulatory authorities.

The net proceeds from the Offering will be used to repurchase and repay certain debt obligations of the Company and general corporate purposes. A copy of the preliminary short form prospectus is available on SEDAR at www.sedar.com.

"We are pleased at the exceptionally strong response to our offering and the opportunity it presents to substantially strengthen the Company's balance sheet and its operating flexibility," said Michael Judson, Blue Note's President and Chief Executive Officer.

The Units, the common shares, the warrants and the common shares issuable upon exercise of the warrants have not been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and may not be offered or sold in the United States or to U.S. Persons (as defined in Regulation S under the 1933 Act) except in accordance with an exemption from the registration requirements of the 1933 Act and applicable state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Blue Note Mining is a Canadian mining company headquartered in Montreal with operations in Bathurst, New Brunswick. The company's shares trade on the TSX Venture Exchange under the symbol BN.

Forward-Looking Statements

This news release contains discussion of items that may constitute forward-looking statements within the meaning of securities laws that involve risks and uncertainties. Although the company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ materially from expectations include the effects of general economic conditions, actions by government authorities, uncertainties associated with contract negotiations, additional financing requirements, market acceptance of the Company's products and competitive pressures. These factors and others are more fully discussed in Company filings with Canadian securities regulatory authorities.

Shares outstanding: 287 Million

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information