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Message: NR-Blue Note Mining Spins Out Mexico Assets to Amex Exploration

NR-Blue Note Mining Spins Out Mexico Assets to Amex Exploration

posted on Feb 08, 2010 04:30PM

Blue Note Mining Spins Out Mexico Assets to Amex Exploration

	    MONTREAL, Feb. 8 /CNW Telbec/ - Blue Note Mining Inc. ("Blue Note")
(BNT:TSXV) and Amex Exploration Inc. ("Amex") (AMX:TSXV) jointly announce that
they have entered into an agreement pursuant to which Amex has agreed to
acquire (the "Transaction") from Blue Note all of the outstanding shares (the
"Shares") of X-Ore International Inc., the subsidiary that holds mining assets
and conducts exploration activities in Mexico through its subsidiary Minerales
X-Ore SA de CV.
	    The consideration for the Transaction will be staggered cash payments
totaling $200,000 and the issuance of 7,000,000 Amex common shares and
1,000,000 common share purchase warrants of Amex to be exercisable over a
period of 24 months following their issuance. In addition, Amex has agreed to
assume all of X-Ore International and Minerales X-Ore SA de CV obligations and
liabilities.
	    Amex President and CEO, Dr Jacques Trottier, comments: "This transaction
represents a milestone in the development of Amex on the international scene.
We are very pleased to have been able to conclude this agreement with Blue
Note that gives Amex access to a portfolio of high quality projects all
located in the prolific Sierra Madre Gold-Silver Belt of Mexico. The flagship
of these properties is the Natora Project that consists of about 40,000
hectares of 'prime land' located right in the immediate vicinity of recently
started new gold mines such as Minefinder's Dolores Mine and Alamos's Mulatos
Mine. Amex management does believe that this particular project has the same
geological, structural and geochemical settings as its nearby neighbors and
will start an aggressive exploration program as soon as the transaction has
received final approvals."
	    While Blue Note's priority is pursuing the Croinor gold project
development, this transaction will create value with the advancement of the
very prospective Mexico assets. "This is an opportunity to unlock shareholder
value. Amex managers have a great reputation and track record as
explorationists in Latin America. We look forward to their continued success",
said Michael C. Judson, Blue Note's CEO.
	    Completion of the Transaction is subject to Amex being satisfied with its
due diligence and other customary conditions for a transaction of this nature
including the TSX Venture Exchange approval. The parties expect to finalize
the definitive agreement and to complete the Transaction by March 15, 2010.

	    About Blue Note Mining Inc.

	    Blue Note Mining is a mineral exploration and mining company
headquartered in Montreal with properties located in known gold regions of
Mexico and Canada, including the prolific Sierra Madre Gold Belt, the Val-d'Or
region of Quebec and northern New Brunswick. The company's shares trade on the
TSX Venture Exchange under the symbol BNT.

	    About Amex Exploration Inc.

	    Amex Exploration Inc. is a junior mining exploration company listed of
the TSX Venture Exchange whose primary objective is to develop and bring into
production viable gold and base metal deposits.

	    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.

	    "Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release."





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	    /For further information: Blue Note Mining Inc.: Glenn Massad, Vice
President, Investor Relations, (800) 937-3095 x230, gmassad@bluenotemining.ca;
www.bluenotemining.ca; Amex Exploration Inc.: Jacques Trottier, Chief
Executive Officer, (514) 866-8209/
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