Blue Note Amends Previously Announced Private Placement

Last Update: 9/10/2009 12:33:00 PM

MONTREAL, Sep. 10, 2009 (Canada NewsWire via COMTEX) --
    
    
Shares Outstanding: 47 Million
    
Symbol & Exchange: BNT.V
    

Blue Note Mining Inc. ("Blue Note") reports that it has amended the terms of its private placement previously announced on September 2, 2009. Blue Note intends to raise up to 3,500,000 Flow-Through Units at $0.20 per unit consisting of one Flow-Through common share and one common share purchase warrant for gross proceeds of up to $700,000; and up to 2,500,000 Non Flow-Through Units at $0.20 consisting of one common share and one common share purchase warrant for gross proceeds of up to $500,000, for a total private placement of up to $1,200,000.

Each Non Flow-Through unit will consist of one common share along with a full common share purchase warrant, each warrant being exercisable at $0.25 expiring 2 years from closing. Each Flow-Through Unit will consist of one Flow Through common share along with a full common share purchase warrant, each warrant being exercisable at $0.26 expiring 2 years from closing.

Proceeds from the sale of the Flow-Through common shares will be used to fund exploration work on Blue Note's gold properties located in Northern New Brunswick. Blue Note has an option to acquire a 100% interest in the Williams Brook gold property which will be the focus of the planned work. Blue Note also holds a 100% interest in over 400 square kilometers of mineral claims in the region surrounding the Williams Brook property that are considered prospective for new gold discoveries. Proceeds from the sale of the Non Flow-Through units will be used for working capital purposes.

As previously announced, Blue Note made a gold discovery on its Williams Brook property in late 2008. Drill hole WB-08-11 returned 2.8 meters assaying 11.2 grams of gold per tonne including a half meter section assaying 24.1 grams of gold per tonne. The gold mineralization was intersected 15 meters vertical from surface.

Two types of gold mineralization were identified on the property. The highest gold values, including those found in hole WB-08-11, were found in quartz veins and heavily quartz-veined rhyolite. In addition, gold mineralization was found to be associated with disseminated pyrite in broad alteration zones that grade up to 0.91 grams per tonne over an estimated true width of 23.3 meters. Please consult Blue Note's press release of December 10, 2008 for more details.

Closing of the offering is subject to the receipt of standard regulatory approval of the TSX Venture Exchange. The securities to be issued are subject to a statutory hold period of four months and one day from closing.

Blue Note may pay commissions and finders' fees in conjunction with the offering.

Arthur Hamilton, P.Geo., Regional Exploration Manager, Blue Note Mining Inc. is a Qualified Person and has reviewed the technical information contained in this press release.

Blue Note Mining is a Canadian mineral exploration and mining company headquartered in Montreal. The company's shares trade on the TSX Venture Exchange under the symbol BNT.