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MONTREAL, Dec. 24 /CNW Telbec/ - Blue Note Mining Inc. (TSXV: BNT)
("Blue Note") and First Gold Exploration Inc. (TSXV: EFG) ("First
Gold") report that they have agreed to extend the term of the binding
agreement announced on July 19, 2010 (the "Agreement") providing for
the acquisition by Blue Note of all of First Gold's interests in the
Croinor gold project located near Val-d'Or, Quebec.


Under the terms of the Agreement, Blue Note has already made cash
payments totaling $100,000 to First Gold and, in consideration of an
additional payment of $25,000, Blue Note now has until March 31, 2011
to make a final payment of $2,250,000 to complete the transaction. In
addition, Blue Note shall issue 17.5 million common shares to be held
in escrow, for release at a rate of 500,000 shares per month over 35
months from the date of closing. The transaction includes First Gold's
71% ownership in the Matchi-Manitou property.


About Blue Note Mining


Blue Note Mining is a mineral exploration and mining company
headquartered in Montreal with properties located in known gold regions
of Canada, including the prolific Val-d'Or region of Quebec and
northern New Brunswick.


About First Gold Exploration


The goal of the Company is to create shareholder value by acquiring
promising projects that could be advanced to production stage in a
short period of time. This has been achieved with its interest in the
Croinor gold project, and the currently in progress Rare Metal
Pivert/Rose property, among other promising projects in the pipeline
including the Rare Earth, Rocky Mountain, British Columbia, properties.