Montreal, QC, July 20, 2009 – Blue Note Mining Inc. (“Blue Note” or the “Corporation”) is pleased to report that Blue Note’s creditors approved the proposed plan of arrangement and reorganization submitted to them under the Companies’ Creditors Arrangement Act. At a meeting held on July 17, 2009, 95% of the votes registered by the Corporation’s creditors were in favour of the Plan. Blue Note is scheduled to seek approval of the Plan by the Quebec Superior Court on July 22, 2009.

Under the terms of the plan, the creditors will receive cash and new common shares of Blue Note under a shares-for-debt transaction. They also gain the right to appoint two directors to the Corporation’s board in addition to Blue Note’s current directors. The plan also provides for a one for 30 share consolidation of Blue Note’s shares. Blue Note will also seek to be listed on the TSX Venture Exchange upon sanctioning of the plan by the court.

Furthermore, Blue Note’s wholly owned subsidiary, Blue Note Caribou Mines Inc., has recently filed for bankruptcy which means that, upon sanctioning of the plan by the court, Blue Note will move forward with no more debt.