Blue Note Mining Inc.
TSX VENTURE : BN

Blue Note Mining Inc.

October 23, 2007 17:35 ET

Blue Note Announces Equity Financing

MONTREAL, QUEBEC--(Marketwire - Oct. 23, 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) announced today that it has filed a preliminary short form prospectus in connection with a proposed marketed offering (the "Offering") of units (the "Units"). Each Unit will consist of one common share in the capital of the Company (the "Common Shares") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"), to be priced in the context of the market. Each Warrant shall be exercisable for one Common Share for a period of 24 months following the closing of the Offering.

The Company has retained Desjardins Securities Inc. as lead agent, and the syndicate will include Salman Partners Inc. (the "Agents"). The Offering is being made pursuant to a short form prospectus filed with the securities regulatory authorities in all of the provinces of Canada. A copy of the preliminary short form prospectus is available on SEDAR at www.sedar.com

The Agents will receive a cash fee equal to 6% of the gross proceeds raised from the Offering and non-assignable warrants (the "Broker Warrants") to acquire Units representing 6% of the Units issued pursuant to the Offering, entitling the holder thereof to acquire one Unit at the price of the Offering and on the same terms as set out in the Offering for a period of 24 months from the closing of the Offering.

In addition, the Agents have been granted an over-allotment option for up to 15% of the number of Units sold pursuant to the Offering exercisable at any time prior to 5:00 p.m. EST on the 30th day following closing of the Offering, which is expected to be on or about November 1, 2007.

The net proceeds of the Offering will be used for general working capital, administrative and operating costs and corporate growth. "The Company is taking advantage of high commodity prices to strengthen its balance sheet," said Michael Judson, Blue Note's President and Chief Executive Officer. "We need to be able to take advantage of opportunities."

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.

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